Bonded Indebtedness

V.S.A. tit. 24 Appendix, ch. 251, subch. 9

in effect

24 App. V.S.A. ch. 251, § 901 Bonding for water and sewer systems and light plant

901. Bonding for water and sewer systems and light plant The Village at an annual or special meeting called for that purpose, is hereby authorized and empowered to borrow money for any of the purposes herein mentioned, including the construction and establishment of a water system, sewer system, and light plant, and to issue notes and bonds therefor, and such notes or bonds shall be signed by the Board of Trustees and countersigned by the Treasurer of the Village, and payable at times and in a manner as the Board may direct. However, no vote to borrow, or for the issue of orders therefor, shall be taken at any meeting for which the purpose is not specified in the warrants. Before the orders shall issue, a record thereof shall be made in a book kept for that purpose by the Treasurer. Amended 2015, No. M-13 (Adj. Sess.), § 2, eff. Feb. 24, 2016.

24 App. V.S.A. ch. 251, § 902 Maximum bonded indebtedness

902. Maximum bonded indebtedness (a) The total amount of the bonded or other outstanding indebtedness of said Village at any one time, however, shall not exceed 10 percent of the assessed valuation of the property therein; and said Village may refund its outstanding legal indebtedness by issuing its notes or bonds therefor subject to the provision of this section. (b) This section shall not be construed to prevent the Village issuing its orders to borrow money to provide for current necessary expenses in any year; said orders, however, to be retired from the avails of taxes appropriated for the purpose by the Village that year.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24APPENDIX/251Fetched: 10/21/2026