Title 24, Title 24: Municipal and County Government

§ 1754. Validation All outstanding bonds and notes of a municipal corporation issued prior to June 1, 1935, are hereby declared legal and binding obligations in accordance with the terms thereof.

§ 1755. Submission to voters (a)(1) On a petition signed by at least ten percent of the voters of a municipal corporation the proposition of incurring a bonded debt to pay for public improvements shall be submitted to the qualified voters thereof at any annual or special meeting …

§ 1756. Notice of meeting; authorization (a)(1) The clerk of the municipal corporation shall cause notice of such meeting to be published in a newspaper of known circulation in such municipality once a week for three consecutive weeks on the same day of the week, the last publica…

§ 1757. Validation (a) Whenever the qualified voters of a municipal corporation, as defined in this subchapter, have voted by the requisite majority to authorize issuance of bonds to pay for any public improvement, and such proceedings are defective because of failure to comply w…

§ 1757a. Validation of consolidated water or sewer districts and bonds voted for construction (a) No action shall be brought directly or indirectly attacking, questioning, or in any manner contesting the legality of the formation, or the existence as a body corporate and politic,…

§ 1758. Conduct of meetings (a) Meetings of voters in municipal corporations under this subchapter shall be conducted in the same manner as the annual city and town meetings are conducted. The qualifications of voters at such meetings shall be the same as the qualifications of vo…

§ 1759. Denominations; payments; interest (a)(1) Any bond issued under this subchapter shall draw interest at a rate not to exceed the rate approved by the voters of the municipal corporation in accordance with section 1758 of this title, or if no rate is specified in the vote un…

§ 1760. Bonds validated—Over five percent Notwithstanding the interest rate limitation set forth in section 1759 of this title prior to April 14, 1969, if any municipal corporation has prior to that date authorized bonds to bear interest at a rate of interest in excess of five pe…

§ 1761. Higher rates If any municipal corporation has authorized bonds to bear interest at a rate of interest not in excess of six percent prior to March 5, 1970, and any of such bonds remain unsold on that date, the legislative branch of the municipal corporation may approve an …

§ 1762. Limits (a) A municipal corporation shall not incur an indebtedness for public improvements which, with its previously contracted indebtedness, shall, in the aggregate, exceed ten times the amount of the last grand list of such municipal corporation. Bonds or obligations g…

§ 1763. Specifications The legislative branch shall determine the rate of interest or the manner of determining the same, the date, the denominations, the time and place of payment, and the form of bonds and notes to be used by the municipal corporation. The legislative branch ma…

§ 1764. Taxes to meet interest and payments At the time of assessing the general tax levy, in addition to all other taxes, the legislative branch shall provide annually for the assessment and collection each year, until such bonds are paid, of a tax sufficient to pay the interest…

§ 1765. Advertisement (a)(1) Except as provided in section 4650 of this title, bonds issued under this subchapter shall be sold at par, premium, or discount, and accrued interest, after being advertised at least once not less than five nor more than 30 days before the date of sal…

§ 1766. Bonds; by whom signed Such bonds shall be signed by the mayor and treasurer of an incorporated city, by the treasurer and selectboard or trustees, as the case may be, of a town or village, by the treasurer and trustees or prudential committee, as the case may be, of an in…

§ 1767. Computation of amount (a)(1) In determining the amount of municipal indebtedness permitted by this subchapter, 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 n…

§ 1768. Form of bond and coupon The form of bond issued under this subchapter shall be substantially as follows: FORM OF BOND The (insert name of municipal corporation) in the county of _____ _____ and of Vermont promises to pay to the bearer hereof on the ________ day of _______…

§ 1771. Refunding bonds; authorization A municipal corporation that has outstanding and unpaid orders, notes, bonds, or coupons, lawfully issued, may issue other negotiable notes or bonds to pay or retire the same. Such bonds shall be signed, sold, made payable, and mature in the…

§ 1772. Refunding bonds; procedure and limitations (a) Such municipal corporation by its legislative branch, by resolution or ordinance, shall determine the necessity for issuing refunding bonds, the amount of legal outstanding indebtedness to be refunded, what amount of new bond…

§ 1773. Temporary loans (a) If a municipal corporation votes to issue bonds in accordance with law, the officers authorized to issue the same, upon resolution of the legislative branch of the municipal corporation, may make a temporary loan, in the name of such municipal corporat…

§ 1774. Record by treasurer The treasurer of each governmental unit as defined in section 4551(5) of this title shall keep a record of every obligation assumed by that unit. (Amended 1977, No. 155 (Adj. Sess.), § 2, eff. March 29, 1978; 1999, No. 71 (Adj. Sess.), § 2.)

§ 1775. Cancellation and record of old bonds When old notes, orders, or bonds are taken up, as provided in this subchapter, the treasurer of the municipal corporation shall keep a record of the same, and such old notes, orders, or bonds shall be cancelled.

§ 1776. Record All ordinances or resolutions required by this subchapter to be enacted by the legislative branch of a municipal corporation shall be duly recorded in the office of the clerk of such municipal corporation.

§ 1777. Regulations When a municipal corporation has established or provided a sinking fund for the retirement of a bond issue or other debt, the fund so established or provided shall be kept intact and separate from other monies at the disposal of such corporation, shall be acco…

§ 1778. Registered obligations; authority to issue A municipal corporation may issue registered bonds. If an original issue of bonds by such municipal corporation is registered, they shall be registered as hereinafter provided.

§ 1779. Registration on request A municipal corporation, at the written request, duly acknowledged, of the owner or holder of one or more bonds, promissory notes, or certificates of indebtedness issued by it and payable to bearer or to a person or corporation named, or bearer, ma…

§ 1780. Certificate of registration indorsed; when When it shall be determined by a municipal corporation to issue registered bonds, the legislative branch of the municipal corporation shall direct the treasurer of such municipal corporation to indorse upon the back of each of su…

§ 1781. Change of coupon bonds to registered bonds In case a municipal corporation shall have issued coupon bonds and the owner or holder thereof has requested that such bonds be changed to registered bonds as herein provided, then upon written request of such change, duly acknow…

§ 1782. Registered bonds; form of certificate In all cases where bonds are registered the following shall be the form of CERTIFICATE OF REGISTRATION It is hereby certified that upon the written request of the holder of the within bond, the coupons attached thereto, being ________…

§ 1783. Registered bonds; indorsement conclusive evidence of authority The indorsement of such certificate of registration upon any bond, note, or certificate by such treasurer shall be conclusive evidence that such treasurer was directed by the proper officers of the municipal c…

§ 1784. Registered bonds; treasurer to keep record The treasurer of every such municipal corporation shall keep a register showing the number, date, amount, rate of interest, time when payable, and the name of the registered holder of the bonds, notes, and certificates originally…

§ 1785. Registered bonds; conversion not to affect liability Such conversion shall in no respect or degree weaken or impair the obligation of such municipal corporation to pay such bond, note, or certificate so converted. (Amended 2017, No. 74, § 93.)

§ 1786. Borrowing to pay current expenses in anticipation of taxes (a) A municipal corporation, by its legislative branch, may borrow money by the issuance of its notes or orders for the purpose of paying current expenses of the municipal corporation. Such notes or orders, howeve…

§ 1786a. Borrowing for public improvements and capital assets (a) The voters of a municipality may authorize specific public improvements and the acquisition of capital assets and finance the same, temporarily or permanently, through debt instruments other than bonds for a term n…

§ 1787. Application of chapter; charters and special acts to control This chapter shall not affect rights allowed a municipal corporation by its charter provisions, nor any rights granted by special act of the Legislature. This chapter, except where inconsistent with such charter…

§ 1788. Existing powers continued; emergencies The existing power of a municipality to authorize public improvements by a majority vote in a meeting duly called and held and to finance the same temporarily by the issue of orders or notes, and to issue bonds therefor, is not repea…

§ 1789. Alternative financing of assets (a) A municipality, including a fire district, either singly or as a participant in an interlocal contract entered into under sections 4901 and 4902 of this title, may acquire personal property, fixtures, technology, and intellectual proper…

§ 1790. Emergency borrowing; all-hazard event or state of emergency The legislative body of a municipality may borrow money, in the name of the municipal corporation, by issuance of its notes or orders for the purpose of paying expenses of the municipal corporation or for public …

§ 1821. Definitions When used in this subchapter: (1) “Bond” means any bond or note issued by the municipal corporation and payable out of the net revenues from the operation of a public utility project. (2) “Cost of operation and maintenance” shall mean the expenses for operatio…

§ 1822. Powers; approval of voters (a) In addition to the powers it may now or hereafter have, a municipal corporation otherwise authorized to own, acquire, improve, control, operate, or manage a public utility or project and to issue bonds pursuant to this subchapter, may also, …

§ 1823. Payment exclusive; effect (a) The bonds issued and contracts entered into in connection therewith as authorized in section 1822 of this title and the interest thereon shall be payable solely and exclusively from net revenues derived from the public utility system or proje…

§ 1824. Specific provisions (a) Generally. Any pledge of net revenues or bond proceeds and earnings thereon made by a municipal corporation under this subchapter shall be binding from the time when the pledge is made. Net revenues or bond proceeds and earnings thereon to be pledg…

§ 1825. Construction Nothing contained in this subchapter shall be so construed as authorizing the establishment or operation of a public utility. The provisions of this subchapter shall apply only to a public utility authorized by a special act or under the general law. Bonds ma…

§ 1826. Actions barred (a) No action shall be brought directly or indirectly attacking, questioning, or in any manner contesting the legality or validity of municipal revenue bonds for public utility purposes, issued or unissued, voted by any municipality or by any other municipa…

§ 1827. Enforcement of bond obligations The municipal corporation shall have power by resolution of its legislative body, adopted in connection with the issuance of the bonds and subject to approval under 30 V.S.A. § 108 to confer upon any holder or holders of a specified amount …

§ 1828. Rights of holders Any holder or holders of bonds issued under this subchapter, including a trustee or trustees for holders of such bonds, shall have the right in addition to all other rights: (1) By extraordinary relief or other suit, action, or proceedings in any court o…

§ 1881. Form of bonds, notes, and certificates Notwithstanding any general or special law or charter provision to the contrary, a municipal corporation may issue bonds, notes, or certificates in coupon form payable to the bearer, in registered form without coupons, or in book ent…