Title 24, Title 24: Municipal and County Government

§ 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…

§ 1882. Signature Bonds, notes, or certificates other than those in book entry form shall be signed by the manual or facsimile signature of the treasurer of the municipal corporation or his or her deputy and countersigned by the manual or facsimile signature of the clerk of the m…

§ 1883. Transfer agent (a)(1) The treasurer of the municipal corporation shall act as transfer agent or registrar for the exchange or transfer of registered bonds, notes, or certificates or maintain the records so that bonds or notes in book entry form may be effected or contract…

§ 1885. Application The provisions of this subchapter shall be effective with respect to bonds, notes, or certificates which have heretofore been approved by referendum authorizing bonds in coupon and registered form, or in coupon form only, and such bonds, notes, or certificates…

§ 1886. Additional powers The treasurer of the municipal corporation or his or her designee shall have such additional powers as are necessary to effectuate the purposes of this act. This act supersedes any existing general or special law or charter provision with respect to the …

§ 1887. Short title The provisions of this subchapter shall be known as the “Vermont Municipal Bond Registration Act.” (Added 1983, No. 24, § 1, eff. April 6, 1983.)

§ 1891. Definitions As used in this subchapter: (1) “Municipality” means a city, town, or incorporated village. (2) “District” or “TIF” means a tax increment financing district. (3) “Legislative body” means the mayor and alderboard, the city council, the selectboard, and the pres…

§ 1892. Creation of district (a) Upon a finding that such action will serve the public purposes of this subchapter and subject to subsection (d) of this section, the legislative body of any municipality may create within its jurisdiction a special district to be known as a tax in…

§ 1893. Purpose The purpose of tax increment financing districts is to provide revenues for improvements that serve the district and related costs, which will stimulate development or redevelopment within the district, provide for employment opportunities, improve and broaden the…

§ 1894. Power and life of district (a) Incurring indebtedness. (1) A municipality approved under 32 V.S.A. § 5404a(h) may incur indebtedness against revenues of the tax increment financing district at any time during a period of up to five years following the creation of the dist…

§ 1895. Original taxable value (a) Certification. As of the date the district is created, the lister or assessor for the municipality shall certify the original taxable value and shall certify to the legislative body in each year thereafter during the life of the district the amo…

§ 1896. Tax increments (a) In each year following the creation of the district, the listers or assessor shall include not more than the original taxable value of the real property in the assessed valuation upon which the treasurer computes the rates of all taxes levied by the mun…

§ 1898. Powers supplemental; construction (a) The powers conferred by this subchapter are supplemental and alternative to other powers conferred by law, and this subchapter is intended as an independent and comprehensive conferral of powers to accomplish the purposes set forth he…

§ 1899. Bonds as legal investments All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking or investment business; all insurance companies, in…

§ 1900. Distribution In addition to all other provisions of this subchapter, with respect to any tax increment financing district, of the municipal and education tax increments received in any tax year that exceed the amounts committed for the payment of the financing for improve…

§ 1901. Information reporting Every municipality with an active tax increment financing district shall: (1) Develop a system, segregated for the tax increment financing district, to identify, collect, and maintain all data and information necessary to fulfill the reporting requir…

§ 1903. Definitions As used in this subchapter: (1) “District” or “TIF” means a tax increment financing district. (2) “Improvements” means the installation, new construction, or reconstruction of infrastructure to benefit a municipal tax increment financing district, including ut…

§ 1904. Municipal tax increment financing district (a) General authority. Notwithstanding any provision of subchapter 5 of this chapter or 32 V.S.A. § 5404a to the contrary, upon approval of the legislative body of any municipality, a municipality may create a municipal tax incre…

§ 1906. Definitions As used in this subchapter: (1) “Affordable housing” has the same meaning as in section 4303 of this title. (2) “Affordable housing development” means a housing development of which at least 15 percent of the units are affordable housing units. Affordable unit…

§ 1907. Purpose The purpose of the Community and Housing Infrastructure Program is to encourage the development of new primary residences for households of low and moderate income across both rural and urban areas of all Vermont counties that would not be created but for the infr…

§ 1908. Creation of housing infrastructure project and housing development site (a) The legislative body of a municipality may create within its jurisdiction a housing infrastructure project, which shall consist of improvements that stimulate the development of housing, and a hou…

§ 1909. Housing infrastructure agreement (a) The housing infrastructure agreement for a housing infrastructure project shall: (1) clearly identify the sponsor for the housing infrastructure project; (2) clearly identify the developer and the housing development for the housing de…

§ 1910. Housing infrastructure project application; Vermont Economic Progress Council (a) Application. A municipality, upon approval of its legislative body, may apply to the Vermont Economic Progress Council to use tax increment financing for a housing infrastructure project. (b…

§ 1910a. Indebtedness (a) A municipality approved for tax increment financing under section 1910 of this subchapter may incur indebtedness against revenues of the housing development site at any time during a period of up to five years following the creation of the housing develo…

§ 1910b. Original taxable value; tax increment (a) As of the date the housing development site is created, the lister or assessor for the municipality shall certify the original taxable value and shall certify to the legislative body in each year thereafter during the life of the…