Village Indebtedness

V.S.A. tit. 24 Appendix, ch. 247, subch. 14

in effect

24 App. V.S.A. ch. 247, § 1401 Incursion of debt

1401. Incursion of debt The Village shall not incur an indebtedness for public improvements which, with its previously contracted indebtedness, shall, in the aggregate exceed 10 times the amount of the last grand list of the corporation or the amounts authorized by the provisions of 24 V.S.A. chapter 53, subchapter 1 or any amendments thereto. Debt may be incurred and bonds issued pursuant to the provisions of the above noted subchapter, or any amendments thereto, for any improvements, but no bonds shall be issued for the purpose of providing funds for ordinary expenses of the Village, except as otherwise provided by the provisions of this charter or of the laws applicable to municipal corporations.

24 App. V.S.A. ch. 247, § 1402 Improvements for which debt may be issued

1402. Improvements for which debt may be issued An improvement shall include, apart from its ordinary meaning, the acquiring of land for municipal purposes, the construction of, extension of, additions to, or remodeling of buildings or other improvements thereto, also furnishings, equipment, or apparatus to be used for or in connection with any existing or new improvements, work, department, or other corporate purposes.

24 App. V.S.A. ch. 247, § 1403 Level of debt

1403. Level of debt In determining the amount of municipal indebtedness permitted, obligations created for current expenses, for a water supply or for electric lights, and temporary loans created in anticipation of the collection of taxes and necessary for meeting current expenses shall not be taken into account. Sinking funds and other monies set aside for the sole purpose of paying outstanding bonds shall be deducted.

24 App. V.S.A. ch. 247, § 1404 Temporary debt

1404. Temporary debt Temporary loans may be made and temporary notes issued in anticipation of money to be derived from the sale of bonds pursuant to the provisions of the above noted subchapter, or any amendments thereto.

24 App. V.S.A. ch. 247, § 1405 Revenue anticipation notes

1405. Revenue anticipation notes Pending the receipt of revenue in the form of grants in aid from any source, the trustees may, by resolution or ordinance, issue revenue anticipation notes in anticipation of the grants in aid to be received pursuant to the provisions of the above noted subchapter, or any amendments thereto.

24 App. V.S.A. ch. 247, § 1406 Public utility financing

1406. Public utility financing The Village may, by action of the Board of Trustees, in lieu of the issuance of bonds of levy of taxes and in addition to any other lawful means or methods of providing for the payment of indebtedness, have the power by and through the Board of Trustees to provide for and secure the payment of all or a part of the cost of any public utility pursuant to the provisions of 24 V.S.A. chapter 53, subchapter 2, or as hereafter amended.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24APPENDIX/247Fetched: 10/21/2026