reglab/housing_qa huggingface dataset:
24 V.S.A. § 1827
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1827. Enforcement of bond obligations

§ 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 or percentage of bonds, including a trustee or trustees for such holders, the right in the event of an "event of default" as defined in any contract with the holder or holders of such bonds or the trustee or trustees therefor:  (1) By suit, action, or proceedings in any court of competent jurisdiction to obtain the appointment of a receiver of the public utility system of the municipal corporation or any part or parts thereof. If such receiver be appointed he or she may enter and take possession of such public utility system of the municipal corporation or any part or parts thereof and operate and maintain the same, and collect and receive all revenues thereafter arising therefrom in the same manner as the municipal corporation itself might do and shall deposit such monies in a separate account or accounts and apply the same in accordance with the obligations of the municipal corporation as the court shall direct. All actions of receivers authorized under this section shall be subject to the same regulatory requirements applicable to the municipal utility. Provided, however, that notwithstanding the appointment of a receiver the municipal corporation shall retain the right subject to regulatory requirements to fix the rates, fees, and charges to be charged by the public utility system, the revenues from which are pledged to pay bonds and the interest thereon, and to receive from the receiver from time to time that portion of any revenues collected which shall be allocable to the municipal corporation on account of costs for public utility system maintenance, operation, repair, and regulation or other costs payable by the municipal corporation. (2) By suit, action, or proceedings in any court of competent jurisdiction to require the legislative body of the municipal corporation and the treasurer of the municipal corporation to account as if it, he, or she were the trustee of an express trust. Any such resolution shall constitute a contract between the municipal corporation and the holders of bonds of such issue. (Added 1989, No. 111, § 10, eff. June 22, 1989.)
24 V.S.A. § 1828
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1828. Rights of holders

§ 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 of competent jurisdiction to enforce his, her, or their rights against the municipal corporation, the legislative body, any other proper officer, agent, or employee of any of them, including the right to require the municipality, the legislative body, and any proper officer, agent, or employee of any of them, to the extent consistent with the reasonable operation of a public utility, to fix and collect rates and charges subject to State and federal regulatory approval, adequate to carry out any agreement as to, or pledge of revenues, and to require the municipal corporation, the legislative body and any officer, agent, or employee of any of them to carry out any other covenants or agreements and to perform its and their duties under this subchapter. (2) By action or suit to enjoin any acts or things which may be unlawful or a violation of the rights of such holder of bonds. (Added 1989, No. 111, § 11, eff. June 22, 1989.)
24 V.S.A. § 1881
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1881. Form of bonds, notes, and certificates

§ 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 entry form. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
24 V.S.A. § 1882
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1882. Signature

§ 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 municipal corporation or his or her deputy or in such other manner as the legislative branch of the municipal corporation shall determine, and the interest coupons thereon, if any, shall bear the facsimile signature of the treasurer of the municipal corporation. The date of issuance, place of payment, rate of interest, time of maturity, provisions with respect to redemption prior to maturity, at par or at a premium, and other particulars as to the form of such bonds, notes, or certificates within the limitations mentioned herein shall be determined by the legislative branch of the municipal corporation as it may deem for the best interest of the municipal corporation. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
24 V.S.A. § 1883
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1883. Transfer agent

§ 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 with or otherwise designate a bank, trust company, or other person to act as transfer agent or registrar for the bonds, notes, or certificates, or maintain the records so that bonds or notes in book entry form may be effected.  (2) Such bank, trust company, or other person, which may include the federal government or any of its agencies or instrumentalities, or any officer, agency, or instrumentality of the State, may be located or have its principal office inside or outside the State; provided, however, that any such transfer agent or registrar (other than the federal government or any of its agencies or instrumentalities) not domiciled in the State or having its principal business in the State, shall qualify and be authorized to do business in the State, or shall otherwise render itself amenable to personal service of process in the State and shall submit itself to personal jurisdiction in the courts of the State.   (b) Bonds, notes, or certificates in book entry form shall be effected by means of entries on the records of the treasurer of the municipal corporation or his or her designee which shall reflect the description of the issue, the principal amount, the interest rate, the maturity date, and the owner of the bonds, notes, or certificates and such other information as is deemed appropriate.(c) The treasurer of the municipal corporation or other designated person may effect conversion between book entry bonds, notes, or certificates and registered bonds, notes, or certificates for owners of bonds, notes, or certificates who request such a change. The treasurer of the municipal corporation or other designated transfer agent or registrar shall issue a confirmation of the transaction in the form of a written advice. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
24 V.S.A. § 1885
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1885. Application

§ 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 need not be resubmitted for a further vote or referendum for the purpose of authorizing the bonds, notes, or certificates in registered form or book entry form only. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
24 V.S.A. § 1886
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1886. Additional powers

§ 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 matters contained herein as they apply to the issuance of bonds, notes, or certificates but shall not diminish or restrict any powers heretofore granted by law. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
24 V.S.A. § 1887
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1887. Short title

§ 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.)
24 V.S.A. § 1893
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1893. Purpose

§ 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 tax base, or enhance the general economic vitality of the municipality, the region, or the State. (Added 1985, No. 87; amended 2005, No. 184 (Adj. Sess.), § 2b; 2007, No. 190 (Adj. Sess.), § 55, eff. June 6, 2008.)
24 V.S.A. § 1895
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1895. Original taxable value

§ 1895. Original taxable value|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 amount by which the total valuation as determined in accordance with 32 V.S.A. chapter 129 of all taxable real property located within the tax increment financing district has increased or decreased relative to the original taxable value. (Added 1985, No. 87; amended 2013, No. 80, § 5; 2013, No. 174 (Adj. Sess.), § 10, eff. June 4, 2014.)
24 V.S.A. § 1896
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1896. Tax increments

§ 1896. Tax increments|(a) In each year following the creation of the district, the listers or assessor shall include no 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 municipality and every other taxing district in which the tax increment financing district is situated; but the treasurer shall extend all rates so determined against the entire assessed valuation of real property for that year. In each year for which the assessed valuation exceeds the original taxable value, the municipality shall hold apart, rather than remit to the taxing districts, that proportion of all taxes paid that year on the real property in the district which the excess valuation bears to the total assessed valuation. The amount held apart each year is the "tax increment" for that year. No more than the percentages established pursuant to section 1894 of this subchapter of the municipal and State education tax increments received with respect to the district and committed for the payment for financing for improvements and related costs shall be segregated by the municipality in a special tax increment financing account and in its official books and records until all capital indebtedness of the district has been fully paid. The final payment shall be reported to the treasurer, who shall thereafter include the entire assessed valuation of the district in the assessed valuations upon which municipal and other tax rates are computed and extended and thereafter no taxes from the district shall be deposited in the district's tax increment financing account.(b) [Repealed.](c) Notwithstanding any charter provision or other provision, all property taxes assessed within a district shall be subject to the provision of subsection (a) of this section. Special assessments levied under chapters 76A or 87 of this title or under a municipal charter shall not be considered property taxes for the purpose of this section if the proceeds are used exclusively for operating expenses related to properties within the district, and not for improvements within the district, as defined in subdivision 1891(4) of this title.(d) Amounts held apart under subsection (a) of this section shall only be used for financing and related costs as defined in section 1891 of this subchapter. (Added 1985, No. 87; amended 1987, No. 204 (Adj. Sess.), § 2; 2005, No. 184 (Adj. Sess.), § 2d; 2007, No. 66, § 24, eff. July 1, 2006; 2007, No. 190 (Adj. Sess.), § 57, eff. June 6, 2008; 2013, No. 80, § 6; 2013, No. 174 (Adj. Sess.), § 11, eff. June 4, 2014; 2015, No. 57, § 63.)
24 V.S.A. § 1898
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1898. Powers supplemental; construction

§ 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 herein.(b) A municipality shall have power to issue from time to time general obligation bonds, revenue bonds, or revenue bonds also backed by the municipality's full faith and credit in its discretion to finance the undertaking of any improvements wholly or partly within such district. If revenue bonds are issued, such bonds shall be made payable, as to both principal and interest, solely from the income proceeds, revenues, tax increments, and funds of the municipality derived from or held in connection with its undertaking and carrying out of improvements under this chapter.(c) Bonds issued under the provisions of this chapter are declared to be issued for an essential public and governmental purpose.(d) Bonds issued under this section shall be authorized by resolution or ordinance of the local governing body and may be payable upon demand or mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in registered form, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium or payment, at such place or places, and be subject to such terms of redemption, such other characteristics, as may be provided by such resolution or trust indenture or mortgage issued pursuant thereto.(e) [Repealed.](f) Such bonds may be sold at not less than par at public or private sales held after notice published prior to such sale in a newspaper having a general circulation in the municipality.(g) In case any of the public officials of the municipality whose signatures appear on any bonds or coupons issued under this chapter shall cease to be such officials before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such officials had remained in office until such delivery. Any provisions of any law to the contrary notwithstanding, any bonds issued pursuant to this chapter shall be fully negotiable.(h) In any suit, action, or proceeding involving the validity or enforceability of any bond issued under this chapter or the security therefor, any such bond reciting in substance that it has been issued by the municipality in connection with an improvement, as herein defined, shall be conclusively deemed to have been issued for such purpose and such improvement shall be conclusively deemed to have been planned, located, and carried out in accordance with the provisions of this chapter.(i) [Repealed.]  (Added 1985, No. 87; amended 1987, No. 204 (Adj. Sess.), §§ 3-6; 2005, No. 184 (Adj. Sess.), § 2f; 2007, No. 190 (Adj. Sess.), § 59, eff. June 6, 2008; 2009, No. 54, § 37, eff. June 1, 2009; 2013, No. 80, § 8.)
24 V.S.A. § 1899
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1899. Bonds as legal investments

§ 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, insurance associations, and other persons carrying on an insurance business; and all executors, administrators, curators, trustees, and other fiduciaries, may legally invest any sinking funds, monies, or other funds belonging to them or within their control in any bonds or other obligations issued by a municipality pursuant to this chapter. It is the purpose of this section to authorize any persons, political subdivisions, and officers, public or private, to use any funds owned or controlled by them for the purchase of any such bonds or other obligations. Nothing contained in this section with regard to legal investments shall be construed as relieving any person of any duty of exercising reasonable care in selecting securities. (Added 1985, No. 87.)
24 V.S.A. § 1900
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1900. Distribution

§ 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 improvements and related costs in the district, equal portions of each increment may be retained for the following purposes: prepayment of principal and interest on the financing, placed in a special account required by section 1896 of this subchapter and used for future financing payments, or used for defeasance of the financing. Any remaining portion of the excess municipal tax increment shall be distributed to the city, town, or village budget, in proportion that each budget bears to the combined total of the budgets unless otherwise negotiated by the city, town, or village; and any remaining portion of the excess education tax increment shall be distributed to the Education Fund. (Added 1987, No. 204 (Adj. Sess.), § 7; amended 2005, No. 184 (Adj. Sess.), § 2g; 2007, No. 190 (Adj. Sess.), § 60, eff. June 6, 2008; 2013, No. 80, § 9.)
24 V.S.A. § 1901
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1901. Information reporting

§ 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 requirements of this section, including performance measures. (2) Throughout the year, as required by events:  (A) provide notification to the Vermont Economic Progress Council and the Department of Taxes regarding any tax increment financing debt obligations, public votes, or votes by the municipal legislative body immediately following such obligation or vote on a form prescribed by the Council, including copies of public notices, agendas, minutes, vote tally, and a copy of the information provided to the public in accordance with subsection 1894(i) of this subchapter; (B) submit any proposed substantial changes to be made to the approved tax increment district plan and approved financing plan to the Council for review, only after receiving approval for the substantial change through a vote of the municipal legislative body.  (3) Annually:  (A) Ensure that the tax increment financing district account required by section 1896 of this subchapter is subject to the annual audit prescribed in sections 1681 and 1690 of this title. Procedures must include verification of the original taxable value and annual and total municipal and education tax increments generated, expenditures for debt and related costs, and current balance. (B) On or before February 15 of each year, on a form prescribed by the Council, submit an annual report to the Vermont Economic Progress Council and the Department of Taxes, including the information required by subdivision (2) of this section if not already submitted during the year, all information required by subdivision (A) of this subdivision (3), and the information required by 32 V.S.A. § 5404a(i), including performance measures and any other information required by the Council or the Department of Taxes. (Added 2007, No. 190 (Adj. Sess.), § 62, eff. June 6, 2008; amended 2013, No. 80, § 10; 2013, No. 174 (Adj. Sess.), § 12, eff. June 4, 2014; 2015, No. 11, § 27; 2015, No. 57, § 62, eff. June 11, 2015.)
24 V.S.A. § 1903
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 53 - Indebtedness|§ 1903. Definitions

§ 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 utilities, transportation, public facilities and amenities, land and property acquisition and demolition, and site preparation. (3) "Legislative body" means the mayor and alderboard, the city council, the selectboard, or the president and trustees of an incorporated village, as appropriate. (4) "Municipality" means a city, town, or incorporated village. (5) "Original taxable value" means the total valuation as determined in accordance with 32 V.S.A. chapter 129 of all taxable real property located within the tax increment financing district as of the creation date as set forth in section 1904 of this subchapter, provided that no parcel within the district shall be divided or bisected by the district boundary. (6) "Related costs" means expenses incurred and paid by the municipality, exclusive of the actual cost of constructing and financing improvements, that are directly related to the creation and implementation of a municipal tax increment financing district, including reimbursement of sums previously advanced by the municipality for those purposes, direct municipal expenses such as departmental or personnel costs related to creating or administering the project, and audit costs allocable to the district. (Added 2017, No. 69, § J.7, eff. June 28, 2017.)