reglab/housing_qa huggingface dataset:
32 V.S.A. § 973
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 973. Issuance of bonds

§ 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, except that the State Treasurer shall determine the following with the approval of the Governor:  (1) date of issuance; (2) place of payment; (3) rate of interest (which may be fixed or variable) or the manner of determining such rate of interest; (4) original stated value; (5) investment returns or manner of determining the investment returns; (6) maturity value, time of maturity, and provisions with respect to redemption prior to maturity; (7) whether to issue the bonds at par, premium, or discount; (8) sinking fund and reserve requirements; (9) amount and manner of issuance; and (10) other particulars as to the form of such bonds within the limitations of this subchapter.   (b) The State Treasurer shall determine the annual payment schedule for the bonds, including debt service and sinking fund payments, if any, as he or she may deem to be in the best interests of the State. However, any bond issued under this subchapter shall mature not later than 30 years after the date of issuance. Installments on the bonds need not be payable in substantially equal or diminishing amounts. The last bond payment shall be made not later than 30 years after the date of issuance.(c) The State Treasurer may determine at the time of issuance to apply all or a portion of any net premium to the costs of issuance, other related financing costs, or the payment of the principal or interest to come due. If net premium is applied to costs of issuance, the amount of the premium shall not be included in the net proceeds of the issue. Net premium not applied to costs of issuance shall be included in the net proceeds of the issue and may be used for any of the authorized purposes of the bond proceeds.(d) The debt service obligations of Transportation Infrastructure Bonds which require a cash payment shall be payable in lawful money of the United States or of the country in which the bonds are sold.(e) Transportation Infrastructure Bonds shall be registered pursuant to section 981 of this title. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.104, eff. June 2, 2011.)
32 V.S.A. § 974
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 974. Security documents

§ 974. Security documents|(a) The State Treasurer is authorized to secure bonds authorized under this subchapter by a trust agreement which pledges or assigns monies in the Transportation Infrastructure Bond Fund; by additional security, insurance, or other forms of credit enhancement which may be secured with the bonds on a parity or subordinate basis or by both.(b) Any trust agreement or credit enhancement agreement entered into pursuant to this section shall be valid and binding from the time of the agreement without any physical delivery or further act and without any filing or recording under the Uniform Commercial Code or otherwise, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise, irrespective of whether such parties have notice thereof.(c) Any trust agreement or credit enhancement agreement may establish provisions defining defaults and establishing remedies and other matters relating to the rights and security of the holders of the bonds or other secured parties as determined by the State Treasurer, including provisions relating to the establishment of reserves; the issuance of additional or refunding bonds, whether or not secured on a parity basis; the application of receipts, monies, or funds pledged pursuant to the agreement; and other matters deemed necessary or desirable by the State Treasurer for the security of the bonds, and may also regulate the custody, investment, and application of monies.(d) For payment of debt service obligations of Transportation Infrastructure Bonds, the full faith and credit of the State is hereby pledged. However, if pledging of full faith and credit of the State is not necessary to market a transportation infrastructure bond in the best interest of the State, the treasurer shall enter into an agreement which establishes that the full faith and credit of the State is not pledged for payment of debt service obligations of the bond. In determining whether to pledge the full faith and credit of the State, the State Treasurer shall consider the anticipated effect of such a pledge on the credit standing of the State, the marketability of the transportation infrastructure bond, and other factors he or she deems appropriate. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.105, eff. June 2, 2011.)
32 V.S.A. § 975
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 975. Proceeds

§ 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 of the bonds shall be bound to see to the proper application of the proceeds thereof. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.106, eff. June 2, 2011.)
32 V.S.A. § 975a
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 975a. Authority of Treasurer

§ 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 Infrastructure Bonds Debt Service Fund. (Added 2011, No. 63, § F.107, eff. June 2, 2011.)
32 V.S.A. § 975b
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 975b. Debt service appropriations

§ 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 which are due in the fiscal year covered by the appropriations bill. (Added 2011, No. 63, § F.108, eff. June 2, 2011.)
32 V.S.A. § 976
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 976. Anticipation of proceeds

§ 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, and shall restore the borrowed funds from the proceeds of the bonds.(b) The State Treasurer, with the approval of the Governor, may borrow upon notes of the State sums of money in anticipation of the proceeds of the bonds. Notes issued under this subsection shall be issued on such terms and at such times as the Treasurer and Governor may determine, and shall mature not more than three years from the date of issuance, provided that notes issued for a shorter period may be refunded from time to time by the issue of other such notes maturing within the required period of three years.(c) The authority granted under this section is in addition to and not in limitation of any other authority. (Added 2009, No. 50, § 28.)
32 V.S.A. § 977
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 977. Refunding bonds

§ 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 pursuant to subsections 961(b), (c), and (d) of this title. (Added 2009, No. 50, § 28.)
32 V.S.A. § 978
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 978. Pledge

§ 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 remedies of the holders of the bonds until the bonds, interest, and all costs associated with the bonds are fully paid. (Added 2009, No. 50, § 28.)
32 V.S.A. § 979
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 979. Authorities

§ 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 projects to be funded with Transportation Infrastructure Bonds; and (3) section 957, except that consolidation may be only among Transportation Infrastructure Bonds, and the bonds shall be the lawful obligation of the Transportation Infrastructure Bond Fund and not of the remaining revenues of the State unless the Treasurer has agreed to pledge the full faith and credit of the State pursuant to subsection 974(d) of this title. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.109, eff. June 2, 2011.)
32 V.S.A. § 980
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 980. Authority to issue Transportation Infrastructure Bonds

§ 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 2009, No. 50, § 28.)
32 V.S.A. § 981
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 981. Form of bonds or notes

§ 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 be signed by the manual or facsimile signature of the State Treasurer or his or her deputy and countersigned by the manual or facsimile signature of the Secretary of State or his or her deputy, and the interest coupons thereon, if any, shall bear the facsimile signature of the State Treasurer. The Seal of the State shall be affixed or imprinted on the bonds or notes. The date of issuance, place of payment, rate of interest (which may be fixed or variable) or manner of determining such rate of interest, original stated value, investment returns or manner of determining the same, maturity value, time of maturity, provisions with respect to redemption prior to maturity, at par or at a premium, sinking fund and reserve requirements, and other particulars as to the form of such bonds within the limitations mentioned herein, shall be determined by the State Treasurer with the approval of the Governor as he or she may deem for the best interest of the State. (Added 1983, No. 15, eff. March 29, 1983; amended 1989, No. 276 (Adj. Sess.), § 26, eff. June 20, 1990; 1993, No. 19, § 4, eff. May 11, 1993.)
32 V.S.A. § 982
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 982. Transfer agent

§ 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 company or other person to act as transfer agent or registrar for the bonds or notes or maintain the records so that bonds or notes in book entry form may be effected. 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. Bonds or notes in book entry form shall be effected by means of entries on the records of the State Treasurer or his or her designee which shall reflect the description of the issue, the principal amount, maturity value, the interest rate, investment returns, the maturity date, the owner of the bonds or notes, and such other information as is deemed appropriate. The State Treasurer or other designated person may effect conversions between book entry bonds or notes and registered bonds or notes for owners of bonds or notes who request such a change. The State Treasurer or other designated transfer agent or registrar shall issue a confirmation of the transaction in the form of a written advice. (Added 1983, No. 15, eff. March 29, 1983; amended 1989, No. 276 (Adj. Sess.), § 27, eff. June 20, 1990.)
32 V.S.A. § 983
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 983. Confidential registry

§ 983. Confidential registry|The books of registry held by the State Treasurer or other designated registrar shall be confidential and the information contained therein shall not be available to the public. (Added 1983, No. 15, eff. March 29, 1983.)
32 V.S.A. § 984
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 984. Additional powers

§ 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.)
32 V.S.A. § 985
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 985. Application

§ 985. Application|This subchapter supersedes any existing general or special law of the State with respect to the matters contained herein as they apply to bonds or notes issued by the State but shall not diminish or restrict any powers heretofore granted by law. (Added 1983, No. 15, eff. March 29, 1983.)
32 V.S.A. § 991
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 991. Definitions

§ 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 State of Vermont agrees that any bond issued in accordance with such section is for a "private activity." (2) "Issuing authority" means any agency or governmental unit or instrumentality of the State, or any public corporation established by the State, authorized by law to issue private activity bonds, including municipal corporations. It shall include, without limiting the generality of the foregoing, the Vermont Economic Development Authority, the Vermont Housing Finance Agency, the Vermont Municipal Bond Bank and the Vermont Student Assistance Corporation. (Added 1985, No. 25, § 1; amended 1987, No. 36, § 1, eff. Jan. 1, 1988; 1993, No. 89, § 3(a), eff. June 15, 1993.)
32 V.S.A. § 992
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 992. Allocation; authority

§ 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 bonds" the interest on which is not included in gross income of recipients thereof for federal income tax purposes. The State allocation formula established under this subchapter shall apply to all private activity bonds that all issuing authorities may issue in any calendar year.(b)(1) One hundred percent of Vermont's federally allocated State ceiling on the volume of private activity bonds that may be issued in any calendar year is hereby allocated to the State. The Emergency Board established by chapter 3 of this title shall be the duly authorized agency of the State having the power to apportion the State's private activity bond ceiling to and among the constituted issuing authorities empowered to issue such bonds. The Emergency Board shall exercise this power on or before January 31 in each calendar year by apportioning the ceiling among issuing authorities, reserving such portion as the Board deems appropriate in the form of a contingency allocation to be available to all issuing authorities at the discretion of the Emergency Board, pursuant to policies and guidelines established by the Board.  (2) The Board may delegate the power and authority granted to it under this section to the Governor, subject to the Board's policies and guidelines, for any assignments or reallocations of any unused portion of the ceiling made after December 20 in any calendar year. All assignments or reallocations of the private activity bond ceiling made pursuant to this section shall be made in writing in accordance with Section 146 of the Internal Revenue Code of 1986. (Added 1985, No. 25, § 1; amended 1987, No. 36, § 2, eff. May 11, 1987; 2017, No. 74, § 135.)
32 V.S.A. § 993
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 993. Public approval, out-of-state issuers

§ 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 of 1986, as amended, pertaining to the proposed issuance of qualified private activity bonds when the purpose of the bonds is to finance or refinance purposes to be located within the State and the bonds are proposed by any issuers of qualified private activity bonds organized under the laws of a jurisdiction other than the State of Vermont. Approval shall not be withheld unless the Governor, in consultation with the State Treasurer, determines in good faith that the issuance is not financially sound. (Added 2011, No. 104 (Adj. Sess.), § 36, eff. May 7, 2012.)
32 V.S.A. § 995
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 995. Agreements for the exemption of interest

§ 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, Section 103 thereof, and the regulations of the United States Treasury Department thereunder, require the State, municipal corporations, and agencies and instrumentalities thereof (hereinafter collectively referred to as "Issuers") to enter into agreements, make covenants with the holders of their respective obligations, or take other actions as a condition to the noninclusion of interest on their respective obligations in gross income of recipients thereof for federal income tax purposes. It is hereby further found and determined that it is in the best interest of such issuers to leave no ambiguity as to whether such issuers have the authority to enter into such agreements, make such covenants, or take such other actions.(b) Issuers are hereby authorized and empowered to enter into any agreement, make any covenant, or take any other action required to assure that interest on their respective bonds is not included in gross income of the recipients thereof for federal income tax purposes.(c) Notwithstanding the provisions of 24 V.S.A. § 1753, 24 V.S.A. § 4648, and 32 V.S.A. § 954, or any other general, special, or local law to the contrary, issuers are hereby authorized to appropriate and pay to the United States Treasury Department, or any other agency of the United States, all or a portion of the income received by such issuers from the investment or reinvestment of the proceeds of their respective bonds, in the amount and to the extent necessary to assure that interest on their respective bonds is not included in gross income of the recipients thereof for federal income tax purposes. (Added 1985, No. 125 (Adj. Sess.), § 4, eff. April 18, 1986; amended 1987, no. 36, § 3, eff. May 11, 1987.)
32 V.S.A. § 996
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 996. Delegation authorized

§ 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 section 995 of this title. The State Treasurer may delegate to the treasurer or chief financial officer of any State instrumentality the power to enter into any agreement, make any covenant, or take any other action described in section 995 of this title. (Added 1985, No. 125 (Adj. Sess.), § 4, eff. April 18, 1986; amended 1987, No. 36, § 4, eff. May 11, 1987.)
32 V.S.A. § 997
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 997. State covenant

§ 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 gross income of the recipients thereof for federal income tax purposes pursuant to this chapter, the State will not limit or alter the power to perform such agreement or covenant or take such action or in any way impair the rights and remedies of any such holders, until such bonds, together with the interest thereon, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged. Issuers are hereby authorized to include this pledge and agreement of the State in any agreement with the holders of their respective obligations. (Added 1985, No. 125 (Adj. Sess.), § 4, eff. April 18, 1986; amended 1987, No. 36, § 5, eff. May 11, 1987.)
32 V.S.A. § 998
2021 Vermont Statutes|Title 32 - Taxation and Finance|Chapter 13 - Debts and Claims|§ 998. Loans and grants

§ 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 State, or to any other person, the State Treasurer may require the recipients of the funds to enter into agreements regulating the use and investments of funds made available to them, requiring them to account to the State for the investment of such funds, and requiring them to pay to the State earnings on such funds which the State is required to rebate to the federal government. Recipients are authorized to enter into such agreements with the State which shall be valid and enforceable against them. (Added 1987, No. 36, § 6, eff. May 11, 1987.)