reglab/housing_qa huggingface dataset:
24 V.S.A. § 4672
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4672. Withdrawal or transfer

§ 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may, subject to the terms of any contract between the Bank and its bondholders or any resolution of the Bank, be withdrawn at any time by the Bank and transferred to any other fund or account of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 21, eff. May 15, 1987.)
24 V.S.A. § 4673
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4673. Investment

§ 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 at par or at amortized value, as such term is defined by resolution of the Bank, if purchased at other than par. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 8, eff. Feb. 14, 1972.)
24 V.S.A. § 4674
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4674. Relation to bond sales

§ 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 outstanding and the bonds to be issued, provided, however, that the Bank may satisfy this requirement by depositing so much of the proceeds of the bonds to be issued, upon their issuance, as is needed to achieve the required debt service reserve. The Bank may at any time issue its bonds or notes for the purpose of increasing the amount in the Reserve Fund or the Revenue Bond Reserve Fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the Bank with respect to the fund. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 22, eff. May 15, 1987.)
24 V.S.A. § 4675
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4675. Annual appropriation

§ 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 certified by the Chair of the Bank to the Governor or to the Governor-Elect, as is necessary to restore such fund to an amount equal to the required debt service reserve. The Chair shall annually, on or before February 1, make and deliver to the Governor or to the Governor-Elect, his or her certificate stating the sum required to restore the fund to the amount aforesaid, and the Governor or Governor-Elect shall, on or before March 1, submit a request for appropriations for the sum so certified, and the sum so certified shall be appropriated and paid to the Bank during the then current State fiscal year. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 23, eff. May 15, 1987; 2011, No. 40, § 55b, eff. May 20, 2011.)
24 V.S.A. § 4676
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4676. General Fund

§ 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 reserve fund pursuant to section 4672 of this title from the Reserve Fund established pursuant to section 4671 of this title; (3) Monies received by the Bank as payments of principal of or interest on municipal bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or investment obligations of the Bank, or received as proceeds of sale of bonds or notes of the Bank, and required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein; (4) Any monies required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein; and (5) Any monies transferred thereto from any other fund or made available for the purpose of the Fund by the State or for the operating expenses of the Bank; provided, however, that no such deposit or transfer shall be required if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.   (b) Any monies in the General Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Reserve Fund established pursuant to section 4671 of this title, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank presently outstanding and any bonds or notes on a parity therewith, and any bonds or notes issued to refund such bonds or notes, all when they become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any monies in the General Fund may be used for the purchase of municipal bonds and for all other purposes of the Bank including payment of its operating expenses. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 24, eff. May 15, 1987.)
24 V.S.A. § 4677
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4677. Operating expenses

§ 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 for the operating expenses of the Bank by the annual budget then in effect with respect to that year or any amendment thereof in effect at the time of the payment. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4678
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4678. Special accounts

§ 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.)
24 V.S.A. § 4679
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4679. Additional accounts

§ 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 resolutions. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4680
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4680. Application of funds; excess

§ 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 notes provides otherwise, be applied to the payment or retirement of the bonds, notes, indebtedness, or liability, and to no other purpose. If in any fund or account there are any monies in excess of the amount required for payment, funding, or refunding, the monies may be removed from that fund or account but only to the extent that the monies or investments thereafter remaining in the fund or account are not less than the outstanding bonds, notes, indebtedness, or liability of the Bank to be paid, funded, or refunded and for which that fund or account was established or held. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4681
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4681. Revenue Bond Reserve Fund

§ 4681. Revenue Bond Reserve Fund|(a) The Bank shall establish and maintain a special fund called the "Vermont Municipal Bond Bank Revenue Bond Reserve Fund" in which there shall be deposited:  (1) all monies appropriated by the State for the purpose of such Fund; (2) all proceeds of bonds required to be deposited therein by terms of any contract between the Bank and its bondholders or any resolution of the Bank with respect to the proceeds of bonds; and (3) any other moneys or funds of the Bank which it determines to deposit therein; provided, however, that no such deposit shall be made if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.   (b) Monies in the Revenue Bond Reserve Fund shall be held and applied solely to the payment of the interest on and principal of bonds of the Bank as provided by resolution of the Bank as they become due and payable and for the retirement of bonds. Money may not be withdrawn from the Revenue Bond Reserve Fund if it reduces the amount in the Revenue Bond Reserve Fund to an amount less than the "required debt service reserve," as defined in this subsection, except for payment of interest then due and payable on bonds and the principal of bonds then maturing and payable and for retirement of bonds in accordance with the terms of any contract between the Bank and its bondholders and for which payments other monies of the Bank are not then available. As used in this subsection "required debt service reserve" means, as of any date of computation, the amount or amounts required to be on deposit in the Revenue Bond Reserve Fund as provided by resolution of the Bank. Required debt service reserve shall not be required by resolution of the Bank to exceed "maximum debt service reserve." As used in this subsection "maximum debt service reserve" means, as of any date of computation, the largest amount of money required by the terms of all contracts between the Bank and its bondholders to be raised in any succeeding calendar year for the payment of interest on and maturing principal of outstanding bonds and payments required by the terms of any contracts to sinking funds established for the payment or redemption of bonds, all calculated on the assumption that the bonds will cease to be outstanding after date of the computation by reason of the payment of the bonds at their respective maturities and the payments of the required monies to sinking funds and the application thereof in accordance with the terms of all contracts to the retirement of bonds.(c) Nothing contained in this section shall require the deposit of monies or funds in the Revenue Bond Reserve Fund which are required to be deposited in the Reserve Fund established pursuant to section 4671 of this chapter. (Added 1987, No. 55, § 25, eff. May 15, 1987.)
24 V.S.A. § 4682
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4682. Investment of Revenue Bond Reserve Fund

§ 4682. Investment of Revenue Bond Reserve Fund|(a) Monies at any time in the Revenue Bond 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 Revenue Bond Reserve Fund shall be valued at the lowest of the par value, cost to the Bank or market value of such investments. Valuation on any particular date shall include the amount of interest then earned or accrued to that date on any monies or investments in the Revenue Bond Reserve Fund. (Added 1987, No. 55, § 26, eff. May 15, 1987.)
24 V.S.A. § 4683
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4683. Revenue Fund

§ 4683. Revenue Fund|(a) The Bank shall establish and maintain a fund called the "Revenue 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 that the Bank shall transfer thereto pursuant to section 4672 of this title from the Revenue Bond Reserve Fund established pursuant to section 4681 of this title; (3) monies received by the Bank as payments of principal of or interest on municipal bonds or revenue bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or revenue bonds or investment obligations of the Bank, or received as proceeds of sale of bonds or notes of the Bank, and required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein; (4) any monies required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein; and (5) any monies transferred thereto from any other fund or made available for the purpose of the Fund by the State or for the operating expenses of the Bank; provided, however, that no such deposit or transfer shall be made if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.   (b) Any monies in the Revenue Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Revenue Bond Reserve Fund, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank as provided by resolution of the Bank when they become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any monies in the Revenue Fund may be used for the purchase of municipal bonds and revenue bonds and for all other purposes of the Bank including payment of its operating expenses. (Added 1987, No. 55, § 27, eff. May 15, 1987.)
24 V.S.A. § 4684
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4684. Revenue Fund operating expenses

§ 4684. Revenue Fund operating expenses|No amount may be paid out of the Revenue 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 for the operating expenses of the Bank by the annual budget then in effect with respect to that year or any amendment thereof in effect at the time of the payment. (Added 1987, No. 55, § 28, eff. May 15, 1987.)
24 V.S.A. § 4685
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4685. Special accounts in Revenue Fund

§ 4685. Special accounts in Revenue Fund|The Bank may establish in the Revenue Fund accounts, subaccounts, or special accounts which in its opinion are necessary, desirable, or convenient for its purposes. (Added 1987, No. 55, § 29, eff. May 15, 1987.)
24 V.S.A. § 4701
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4701. Rights of holders paramount

§ 4701. Rights of holders paramount|In order to carry out its purpose under this chapter of making loans to governmental units, by purchase of the municipal bonds or revenue bonds of those governmental units, and by receipt of its income from service charges and from payments of interest on the maturing principal of municipal bonds or revenue bonds purchased and held by it, and in order to produce revenues or income to the Bank sufficient at all times to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the Bank must at all times, and to the greatest extent possible, so plan to issue its bonds and notes and so lend money to governmental units by the purchase of municipal bonds or revenue bonds of governmental units so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the Bank or affecting other matters under this chapter. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 30, eff. May 15, 1987.)
24 V.S.A. § 4702
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4702. Default in payment

§ 4702. Default in payment|If the Bank defaults in the payment of principal or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty days, or if the Bank fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 per centum in aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the Office of the Clerk of the County of Washington and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes herein provided. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4703
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4703. Powers of trustee on default

§ 4703. Powers of trustee on default|A trustee appointed under section 4702 of this title may, and shall in his or her or its name, upon written request of the holders of 25 per centum in principal amount of the outstanding notes or bonds:  (1) By suit, action, or proceeding, enforce all rights of the noteholders or bondholders, including the right to require the Bank to collect rates, charges, and other fees and to collect interest and amortization payments on municipal bonds, revenue bonds, and notes held by it adequate to carry out any agreement as to, or pledge of, the rates, charges, and other fees and of the interest and amortization payments, and to require the Bank to carry out any other agreements with the holders of the notes or bonds and to perform its duties under this chapter; (2) Bring suit upon the notes or bonds; (3) By action or suit, require the Bank to account as if it were the trustee of an express trust for the holders of the notes or bonds; (4) By action or suit in equity, enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds; (5) Declare all the notes or bonds due and payable, and if all defaults are made good, then with the consent of the holders of 25 per centum of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences; (6) The trustee shall in addition to the foregoing have all the powers necessary for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 31, eff. May 15, 1987.)
24 V.S.A. § 4704
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4704. Superior Court jurisdiction

§ 4704. Superior Court jurisdiction|The Superior Courts have jurisdiction of any suit, action, or proceeding by a trustee on behalf of noteholders or bondholders. The venue of any suit, action, or proceeding shall be laid in the County of Washington. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)
24 V.S.A. § 4705
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4705. Notice on default

§ 4705. Notice on default|Before declaring the principal of notes or bonds due and payable, the trustee must first give 30 days' notice in writing to the Governor, the Bank, the State Treasurer, and the Attorney General of the State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4706
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4706. Personal liability

§ 4706. Personal liability|Neither the members of the Bank nor any person executing bonds or notes issued under this chapter are liable personally on the bonds or notes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4707
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4707. Exemption from execution and sale

§ 4707. Exemption from execution and sale|All property of the Bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against it nor may any judgment against the Bank be a charge or lien upon its property, but nothing herein contained shall apply to or limit the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the Bank on its revenues or other monies. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4708
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4708. Pledge of revenues; lien thereof

§ 4708. Pledge of revenues; lien thereof|Any pledge of revenues or other monies made by the Bank is binding from the time when the pledge is made. Revenues or other monies so pledged and thereafter received by the Bank shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the Bank, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4709
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4709. Federal insurance or guaranty

§ 4709. Federal insurance or guaranty|The Bank may obtain from any department or agency of the United States of America any available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part thereof, on any bonds or notes issued by the Bank, or on any municipal bonds or revenue bonds of governmental units purchased or held by the Bank, and notwithstanding any other provisions of this chapter may enter into any agreement or contract with respect to any insurance or guaranty except to the extent that it would in any way impair or interfere with the ability of the Bank to perform and fulfill the terms of any agreement made with the holders of the bonds or notes of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 2, eff. Feb. 14, 1972; 1987, No. 55, § 32, eff. May 15, 1987.)