Title 24, Title 24: Municipal and County Government

§ 4554. Administration expenses All expenses incurred in carrying out this chapter are payable solely from revenues or funds provided under this chapter and nothing in this chapter authorizes the Bank to incur any indebtedness or liability on behalf of or payable by the State. (A…

§ 4555. Duties of State Treasurer (a) The State Treasurer may receive from the United States of America or any department or agency thereof any amounts of money as and when appropriated, allocated, granted, turned over, or in any way provided for the purposes of the Bank or this …

§ 4556. Cooperation by government agencies; cost All officers, departments, boards, agencies, divisions, and commissions of the State must render any services to the Bank as are within the area of their respective governmental functions as fixed by law and as may be requested by …

§ 4571. Establishment There is hereby established a body corporate and politic, with corporate succession, to be known as the “Vermont Bond Bank.” The Bank is hereby constituted as an instrumentality exercising public and essential governmental functions, and the exercise by the …

§ 4571a. Reports The Vermont Bond Bank shall prepare and submit, consistent with 2 V.S.A. § 20(a), a report on activities for the preceding calendar year, pursuant to section 4594 of this title. (Added 2003, No. 122 (Adj. Sess.), § 294i; amended 2023, No. 72, § 26, eff. June 19, …

§ 4572. Membership; vacancies The Bank established by section 4571 of this title shall consist of the following five directors: the State Treasurer, or his or her designee, who shall be a director ex officio, and four directors appointed by the Governor with the advice and consen…

§ 4573. Removal from office; oath Each director may be removed from office by the Governor, for cause, after a public hearing, and may be suspended by the Governor pending the completion of the hearing. Each director before entering upon his or her duties shall take and subscribe…

§ 4574. Officers; quorum The directors shall elect one of their number as chair. The directors shall elect a secretary and a treasurer who need not be directors, and the same person may be elected to serve both as secretary and treasurer. The powers of the Bank are vested in the …

§ 4575. Bonding of members Before the issuance of any bonds or notes under this chapter, each director of the Bank shall execute a surety bond in the penal sum of $25,000.00 and the treasurer of the Bank shall execute a surety bond in the penal sum of $50,000.00. Each surety bond…

§ 4576. Compensation; expenses The directors of the Bank shall receive a per diem compensation in the amount of $30.00 for each day devoted to official duties and reimbursement for actual expenses necessarily incurred in the discharge of their duties. Notwithstanding any other la…

§ 4577. Staff The Bank may employ such officers, agents, and employees as it may require and determine their qualifications, terms of office, duties, and compensation all without regard to 3 V.S.A. chapter 13. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)

§ 4591. General powers The Bank has the following powers for carrying out the purposes of this chapter: (1) to sue and be sued; (2) to adopt an official seal and alter it at pleasure; (3) to make and enforce rules for the conduct of its business and for use of its services and fa…

§ 4592. Supplementary powers The Bank, in addition to any other powers granted in this chapter, has the following powers: (1) In connection with any loan to a governmental unit, to consider the need, desirability, or eligibility of the loan, the ability of the governmental unit t…

§ 4593. Prohibited acts Under this chapter, a bank may not: (1) make loans of money to any person, firm, or corporation other than a government or a governmental agency or subdivision, or purchase securities issued by any person, firm, or corporation other than a governmental uni…

§ 4594. Annual report; audit On or before the last day of February in each year, the Bank shall make a report of its activities for the preceding calendar year to the Governor and to the General Assembly. Each report shall set forth a complete operating and financial statement co…

§ 4595. Annual budget (a) On or before December 1 in each year, the Bank shall adopt an annual budget for the succeeding year. The budget shall set forth the general categories of expected expenditures and the amount on account of each and shall include a provision or reserve for…

§ 4596. Care and custody of bonds The Bank may enter into agreements or contracts with any bank, trust companies, banking or financial institutions within or without the State as may be necessary, desirable, or convenient in the opinion of the Bank for rendering services to the B…

§ 4621. Form of obligation; faith and credit (a) Bonds and notes issued under this chapter are not in any way a debt or liability of the State and do not create or constitute any indebtedness, liability or obligation of the State nor are they or do they constitute a pledge of the…

§ 4622. Negotiability of bonds or notes Whether or not the notes and bonds are of such form and character as to be negotiable instruments under the terms of the Uniform Commercial Code 9A V.S.A. § 1-101 et seq., the notes and bonds are hereby made negotiable instruments within th…

§ 4623. Bonds or notes as legal investment Notwithstanding any other law, the State and all public officers, governmental units, and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, invest…

§ 4624. Tax exemption All property of the Bank is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes and special assessments of the State or any subdivision thereof. All bonds or notes issued under this chapter are is…

§ 4641. Loans to governmental units The Bank, for the purpose of this chapter, may lend money to governmental units through the purchase by the Bank of municipal bonds or revenue bonds of governmental units. The Bank, under this chapter, may issue its bonds and notes and may othe…

§ 4642. Amount and purpose; general obligation (a) The Bank may issue its bonds or notes in such principal amounts as it shall deem necessary to provide funds for any purposes under this chapter, including: (1) The making of loans; (2) The payment, funding or refunding of the pri…

§ 4643. Form of issuance (a) Bonds or notes of the Bank shall be authorized by resolution of the Bank and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates of interest per annum or within such …

§ 4644. Sale price Bonds or notes of the Bank may be sold at public or private sale at such price as the Bank determines. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)

§ 4645. Administrative consent or conditions not required Bonds or notes may be issued under this chapter without obtaining the consent of any department, division, commission, board, bureau, or agency of the State, and without any other proceeding or the happening of any other c…

§ 4646. Approval of Governor and Treasurer No resolution or other action of the Bank providing for the issuance of bonds may be adopted or otherwise made effective without the prior approval in writing of the Governor and the State Treasurer. The powers conferred by this section …

§ 4647. Payment or refunding of notes The Bank may from time to time issue its notes under this chapter and pay and retire or fund or refund the notes from proceeds of bonds or of other notes, or from any other funds or monies of the Bank available for that purpose in accordance …

§ 4648. Terms of agreement with bond or noteholder In any resolution of the Bank authorizing, or relating to the issuance of any bonds or notes, the Bank, in order to secure the payment of the bonds or notes and in addition to its other powers, may covenant and contract with the …

§ 4649. Purchase and disposition of own obligations The Bank may purchase bonds or notes of the Bank out of any of its funds or money available therefor. The Bank may hold, cancel, or resell the bonds or notes subject to and in accordance with agreements with holders of its bonds…

§ 4650. Interest rates Notwithstanding section 1759 of this title, or any other law applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issua…

§ 4651. Exchange of coupon bonds The governing body of the governmental unit may provide for the exchange of coupon bonds for fully registered bonds and of fully registered bonds for coupon bonds and for the exchange of the bonds after issuance for bonds of larger or smaller deno…

§ 4652. Waiver of defenses; rights of holder On the sale and issuance of any municipal bonds or revenue bonds to the Bank by any governmental unit, that governmental unit is deemed to agree that on the failure of that governmental unit to pay interest or principal on any of the m…

§ 4653. Bond anticipation notes Notwithstanding any law applicable to any governmental unit as to the period for temporary financing of any public improvement or purpose by issuance of its notes in anticipation of the issuance of permanent bonds or as to the renewal of bond antic…

§ 4654. Marketability; certification All municipal bonds, revenue bonds, or other investments of monies of the Bank provided for under this chapter must at all times be purchased in negotiable form, subject to provision for any registration in the name of the Bank or for issuance…

§ 4655. Presumption of validity After issuance, all bonds or notes of the Bank shall be conclusively presumed to be fully authorized and issued by all the laws of this State, and any person or governmental unit shall be stopped from questioning their authorization, sale, issuance…

§ 4671. Reserve fund (a) The Bank shall establish and maintain a special fund called the “Vermont Municipal Bond Bank Reserve Fund” in which there shall be deposited: (1) All monies appropriated by the State for the purpose of the Fund; (2) All proceeds of bonds required to be de…

§ 4672. Withdrawal or transfer Monies in the Reserve Fund or the Revenue Bond Reserve Fund at any time in excess of such fund’s required debt service reserve, whether by reason of investment or otherwise, may, subject to the terms of any contract between the Bank and its bondhold…

§ 4673. Investment (a) Monies at any time in the Reserve Fund may be invested in the same manner as permitted for investment of funds belonging to the State or held in the Treasury. (b) For purposes of valuation, investments in the Reserve Fund shall be valued at par if purchased…

§ 4674. Relation to bond sales Notwithstanding any other provision of this chapter, bonds shall not be issued by the Bank unless there is in the Reserve Fund or Revenue Bond Reserve Fund, as applicable to such bonds, the required debt service reserve for all bonds then issued and…

§ 4675. Annual appropriation In order to assure the maintenance of the required debt service reserve in each reserve fund established pursuant to this chapter, there shall be appropriated annually and paid to the Bank for deposit in each reserve fund, such sum as shall be certifi…

§ 4676. General Fund (a) The Bank shall establish and maintain a fund called the “General Fund” in which there shall be deposited: (1) fees received or charges made by the Bank for use of its services or facilities; (2) any monies which the Bank shall transfer thereto from the re…

§ 4677. Operating expenses No amount may be paid out of the General Fund or from any account therein, which account the Bank may establish therein for the purpose of payment of its operating expenses, for operating expenses of the Bank in any year in excess of the amount provided…

§ 4678. Special accounts The Bank may establish in the General Fund accounts, subaccounts or special accounts that in its opinion are necessary, desirable, or convenient for its purposes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)

§ 4679. Additional accounts The Bank may establish additional reserves or other funds or accounts as may be, in its discretion, necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutio…

§ 4680. Application of funds; excess Money or investments in any fund or account of the Bank established or held for any bonds, notes, indebtedness, or liability to be paid, funded, or refunded by issuance of bonds or notes shall, unless the resolution authorizing the bonds or no…