Title 32, Title 32: Taxation and Finance

§ 901. Borrowing money The Treasurer shall not make a contract binding the State for money borrowed unless it is countersigned by the Secretary of State. (Amended 2007, No. 121 (Adj. Sess.), § 27.)

§ 902. Authorization to borrow money (a) Notwithstanding any other provision of law to the contrary, the State Treasurer, with notification to the Governor, on behalf of the State may borrow on the credit of the State for the purpose of raising funds to pay expenses of government…

§ 932. Claims against the State (a) A person who has a claim against the State, the payment of which is not otherwise specially provided for by law, may file a claim in Small Claims Court in accordance with 12 V.S.A. chapter 187. Notwithstanding 12 V.S.A. § 5531(a), judgments on …

§ 932a. Administrative reimbursement for property damages (a) In lieu of proceeding under section 932 of this title, a State employee who has a claim against the State for property damages may elect to file a claim under this section, provided the claim does not exceed $1,000.00.…

§ 933. Hearing (a) Notwithstanding 12 V.S.A. § 5535, claims to the Small Claims Court brought under this subchapter shall be decided by the court with no jury. An appeal from the decision of the Small Claims Court shall be in accordance with provisions of 12 V.S.A. § 5538. (b) Th…

§ 935. Payment of claims The amount paid under this subchapter shall be charged to the State agency responsible for the basis of the claim; otherwise, it shall be paid from the contingent fund.

§ 951. Applicability This subchapter shall apply to all bonds authorized by the General Assembly, provided that provisions in authorizing acts inconsistent with this subchapter shall control, except as provided in section 957 of this title. (Added 1959, No. 24, § 1, eff. March 10…

§ 951a. Debt service funds (a) Three governmental debt service funds are hereby established: (1) the General Obligation Bonds Debt Service Fund to fulfill debt service obligations of general obligation bonds from all funding sources; (2) the Transportation Infrastructure Bonds De…

§ 952. Denominations; how issued The bonds may be issued at one time or in series from time to time, in any form permitted by law. Except for zero coupon bonds or capital appreciation bonds designated as such by the State Treasurer, with the approval of the Governor, each series …

§ 953. Sales, record The State Treasurer, with the approval of the Governor, is hereby authorized to sell such bonds at such prices, in such amount, at such times, and in such manner, with or without advertising the same, as he or she shall determine to be for the best interests …

§ 954. Proceeds (a) The proceeds arising from the sale of bonds, inclusive of any premiums, shall be applied to the purposes for which they were authorized, and the purposes may be considered to include underwriters’ fees and amounts for reserves, but no purchasers of the bonds s…

§ 955. Anticipation of proceeds Pending the issue of said bonds, the State Treasurer, with the approval of the Governor, may use any available cash in the Treasury for the purposes for which the bonds were authorized and restore the same from the proceeds of said bonds. Also, the…

§ 956. Time available Unless otherwise specifically provided as to any particular appropriation to be raised by the issue of bonds, provisions of law relating to the lapse of unexpended appropriations shall not apply. (Added 1959, No. 24, § 6, eff. March 10, 1959.)

§ 957. Consolidation The bonds authorized by one or more acts of the General Assembly may in the discretion of the officers issuing the bonds be combined upon their issue into one or more consolidated issues. The particular bonds of the consolidated issue issued under each author…

§ 958. Expiration of office Any bonds or notes issued pursuant to this subchapter, if properly executed by the officers of the State in office on the date of the signing or on the date of imprinting of the facsimile signature, as the case may be, shall be valid and binding accord…

§ 960. Issuance of bonds Issuance of bonds authorized by the General Assembly for a given fiscal year may, in the discretion of the State Treasurer with the approval of the Governor, be issued in the months of May or June preceding that fiscal year, or at any time thereafter and …

§ 961. Refunding bonds (a) The State Treasurer, with the approval of the Governor, is hereby authorized to issue general obligation bonds in order to refund all or any portion of one or more issues of outstanding general obligation bonds at any time after the issuance of the bond…

§ 962. Private use compliance, notice, and approval Any entity receiving an appropriation financed with proceeds of tax-exempt bonds of the State shall notify and receive approval from the State Treasurer and the Secretary of Administration at least 90 days prior to finalizing an…

§ 972. Transportation Infrastructure Bonds (a) The Treasurer may issue bonds pursuant to this subchapter from time to time in amounts authorized by the General Assembly in its annual transportation bill. Bonds issued under this section shall be referred to as “Transportation Infr…

§ 973. Issuance of bonds (a) Transportation Infrastructure Bonds may be issued at one time or in a series from time to time in any form permitted by law, in such manner and on such terms and conditions as the State Treasurer may determine to be in the best interests of the State,…

§ 974. Security documents (a) The State Treasurer is authorized to secure bonds authorized under this subchapter by a trust agreement that pledges or assigns monies in the Transportation Infrastructure Bond Fund, by additional security, insurance, or other forms of credit enhance…

§ 975. Proceeds Proceeds from the sale of bonds may be expended for the authorized purposes of the bonds, including the expenses of preparing, issuing, and marketing the bonds; any notes issued under section 976 of this title; and amounts for any reserves. However, no purchasers …

§ 975a. Authority of Treasurer The Treasurer may fulfill debt service obligations of bonds issued under this subchapter as they fall due without further order or authority. All such fulfillments shall be accounted for as a payment or provision made from the Transportation Infrast…

§ 975b. Debt service appropriations The General Assembly shall appropriate in the annual appropriations bill the amount necessary from the appropriate funds to pay the debt service obligations of Transportation Infrastructure Bonds that are due in the fiscal year covered by the a…

§ 976. Anticipation of proceeds (a) Pending the issue of Transportation Infrastructure Bonds, the State Treasurer, with the approval of the Governor, may use any available cash in the Transportation Infrastructure Bond Fund for the purposes for which the bonds were authorized, an…

§ 977. Refunding bonds The State Treasurer, with the approval of the Governor, is hereby authorized to issue Transportation Infrastructure Bonds in order to refund all or any portion of outstanding transportation bonds at any time after the issuance of the bonds to be refunded pu…

§ 978. Pledge The General Assembly hereby pledges and covenants with holders of the bonds issued under this subchapter that the State will fulfill the terms of any agreement made with the holders of Transportation Infrastructure Bonds and will not in any way impair the rights or …

§ 979. Authorities In addition to the provisions of this subchapter, the following provisions of this title shall apply to Transportation Infrastructure Bonds: (1) sections 951a, 953, 956, 958, and 960; (2) subsection 954(c), except that transfers shall be made only among project…

§ 980. Authority to issue Transportation Infrastructure Bonds The State Treasurer is authorized to issue Transportation Infrastructure Bonds pursuant to section 972 of this title for the purpose of funding future appropriations only as approved by the General Assembly. (Added 200…

§ 981. Form of bonds or notes Notwithstanding any general or special law to the contrary, the State may issue bonds or notes in coupon form payable to the bearer, in registered form without coupons, or in book entry form. Bonds or notes other than those in book entry form shall b…

§ 982. Transfer agent The State Treasurer shall act as transfer agent or registrar for the exchange or transfer of registered bonds or notes or maintain the records so that bonds or notes in book entry form may be effected or contract with or otherwise designate a bank, trust com…

§ 983. Confidential registry The books of registry held by the State Treasurer or other designated registrar shall be confidential and the information contained in the books of registry shall not be available to the public. (Added 1983, No. 15, eff. March 29, 1983; amended 2021, …

§ 984. Additional powers The State Treasurer or his or her designee shall have such additional powers as are necessary to effectuate the purposes of this subchapter. (Added 1983, No. 15, eff. March 29, 1983.)

§ 985. Application This subchapter supersedes any existing general or special law of the State with respect to the matters contained under this subchapter as they apply to bonds or notes issued by the State, but shall not diminish or restrict any powers previously granted by law.…

§ 991. Definitions As used in this subchapter: (1) “Private activity bond” shall have the meaning ascribed to it in Section 141 of the Internal Revenue Code of 1986, as amended. The use of such term in this subchapter is for reference purposes only, and shall not imply that the S…

§ 992. Allocation; authority (a) The State of Vermont hereby elects, under Section 146 of the Internal Revenue Code of 1986, as amended, to establish its formula for allocating the State ceiling among the governmental units of a state having authority to issue “private activity b…

§ 993. Public approval, out-of-state issuers Notwithstanding any provision to the contrary in Title 9, the Governor, in consultation with the State Treasurer, shall have exclusive authority to grant any public approval required under Section 147(f)(2) of the Internal Revenue Code…

§ 994. Recommendation regarding private bond volume cap The Treasurer shall, in coordination with the Secretary of Administration, the Secretary of Commerce and Community Development, and any bond issuing authority of the State or instrumentality of the State that is eligible to …

§ 995. Agreements for the exemption of interest (a) It is hereby found and determined that proposed amendments to the Internal Revenue Code of 1986, including, particularly, 26 U.S.C. § 103, and the relevant regulations of the U.S. Treasury Department, require the State, municipa…

§ 996. Delegation authorized The legislative branch of a municipality or county, however defined, may delegate to the treasurer or chief fiscal officer of a municipal corporation the power to enter into any agreement, make any covenant, or take any other action described in secti…

§ 997. State covenant To the extent that an issuer has entered into an agreement, covenanted, or acted to assure that interest on its obligations is not included in the gross income of the recipients for federal income tax purposes pursuant to this chapter, the State will not lim…

§ 998. Loans and grants In the event the State Treasurer issues bonds the interest on which is not to be included in gross income for federal income tax purposes, to the extent that such funds are made available to any municipal corporation, any instrumentality thereof or of the …

§ 999. Interest remittance and payments The State Treasurer may remit to the U.S. Treasury Department or any other agency of the United States funds earned on investments as necessary in order to maintain the noninclusion of interest on the General Fund obligations and the Transp…