reglab/housing_qa huggingface dataset:
24 V.S.A. § 4621
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4621. Form of obligation; faith and credit

§ 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 faith and credit of the State but all such bonds and notes, unless funded or refunded by bonds or notes of the Bank, are payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note other than bonds or notes issued in book entry form must contain on its face a statement to the effect that the Bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the Bank and that the State is not obligated to pay the principal or interest and that neither the faith and credit nor the taxing power of the State is pledged to the payment of the principal of or the interest on the bonds or notes.(b) The State does pledge to and agree with the holders of the bonds or notes issued under this chapter, that the State will not limit or restrict the rights hereby vested in the Bank to purchase, acquire, hold, sell, or dispose of municipal bonds, revenue bonds, or other investments or to make loans to governmental units or to establish and collect such fees or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of operation of the Bank, and to fulfill the terms of any agreement made with the holders of its bonds or notes or in any way impair the rights or remedies of the holders of those bonds or notes until the bonds and notes, together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the holders, are fully met, paid, and discharged. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1983, No. 12, § 2, eff. March 29, 1983; 1987, No. 55, § 13, eff. May 15, 1987.)
24 V.S.A. § 4622
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4622. Negotiability of bonds or notes

§ 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 the meaning of and for all the purposes of said Uniform Commercial Code, subject only to the provisions of the notes and bonds for registration or for their issuance in book entry form. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1983, No. 12, § 3, eff. March 29, 1983.)
24 V.S.A. § 4623
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4623. Bonds or notes as legal investment

§ 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, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, 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 notes issued under this chapter, and these bonds or notes are authorized security for any and all public deposits. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4624
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4624. Tax exemption

§ 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 issued by a body corporate and public of this State and for an essential public and governmental purpose and those bonds and notes, and the interest thereon and the income therefrom, and all fees, charges, funds, revenues, income, and other monies pledged or available to pay or secure the payment of those bonds or notes, or interest thereon, are exempt from taxation except for transfer inheritance and estate taxes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4641
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4641. Loans to governmental units

§ 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 otherwise assist governmental units as provided in this chapter. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 5, Feb. 14, 1972; 1987, No. 55, § 14, eff. May 15, 1987.)
24 V.S.A. § 4642
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4642. Amount and purpose; general obligation

§ 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 principal of, or interest or redemption premiums on, any bonds or notes issued by it whether the bonds or notes or interest to be funded or refunded have or have not become due; (3) The establishment or increase of reserves to secure or to pay bonds or notes or interest thereon and all other costs or expenses of the Bank incident to and necessary or convenient to carry out its corporate purposes and powers.   (b) Except as otherwise provided in this chapter or by the Bank, every issue of bonds or notes shall be general obligations payable out of any revenues or funds of the Bank, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds. Any bonds or notes may be additionally secured by a pledge of any grant or contributions from the United States of America or the State or any governmental unit or any person, firm, or corporation or a pledge of any income or revenues, funds, or monies of the Bank from any source whatsoever. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4643
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4643. Form of issuance

§ 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 maximum rate, be in such denomination or denominations, be issued in coupon form payable to bearer, in registered form or in book entry form, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable from such sources in such medium of payment at such place or places within or without the State, and be subject to such terms of redemption, with or without premium, as the resolution provides.(b) The State Treasurer may, at the direction of the Bank, act as transfer agent or registrar for the exchange or transfer of registered bonds and notes or maintain records so that bonds and notes in book entry form may be effected and the Bank may contract with or otherwise designate a bank, trust company, or other person to maintain records so that bonds and 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. Bonds and notes in book entry form shall be effected by means of entries on the records of the State Treasurer or other designated person that shall reflect the description of the issue, the principal amount, the interest rate, the maturity date, and the owner of the bonds or notes and such other information as is deemed appropriate. The State Treasurer or other designated person may effect conversion between book entry bonds and notes and registered bonds and 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.(c) [Repealed.]  (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1983. No. 12, § 4, eff. March 29, 1983; 2015, No. 29, § 15.)
24 V.S.A. § 4644
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4644. Sale price

§ 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.)
24 V.S.A. § 4645
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4645. Administrative consent or conditions not required

§ 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 conditions or things than those specifically required by this chapter. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4646
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4646. Approval of Governor and Treasurer

§ 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 on the Governor and the State Treasurer shall be exercised with due regard for the rights of the holders of bonds of the Bank at any time outstanding, and nothing in, or done pursuant to, this section shall in any way limit, restrict, or alter the obligation or powers of the Bank or any director, officer, or representative of the Bank to carry out and perform in every detail each and every covenant, agreement, or contract at any time made or entered into by or on behalf of the Bank with respect to its bonds or for the benefit, protection, or security of the holders thereof. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4647
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4647. Payment or refunding of notes

§ 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 with any contract between the Bank and the holders of the notes. Unless provided otherwise in any contract between the Bank and the holders of notes, and unless the notes are otherwise paid, funded, or refunded, the proceeds of any bonds of the Bank issued among other things, to fund any outstanding notes, shall be held, used, and applied by the Bank to the payment and retirement of the principal of the notes and the interest due and payable thereon. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4649
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4649. Purchase and disposition of own obligations

§ 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 or notes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4650
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4650. Interest rates

§ 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 issuance of bonds or notes, or purporting to regulate lenders every governmental unit may contract to pay interest on, or an interest cost per annum for, money borrowed from the Bank and evidenced by its municipal bonds purchased by the Bank notwithstanding any statutory limitation as to rate of interest per annum payable or as to annual interest cost to maturity of money borrowed by such governmental unit. Every governmental unit may contract with the Bank with respect to the loan or purchase and the contract shall contain the terms and conditions of the loan or purchase. Every governmental unit may pay fees and charges required to be paid to the Bank for its services. Notwithstanding sections 1759-1765 of this title or of any other law applicable to or constituting any limitation on the sale of municipal bonds or revenue bonds or notes, or purporting to regulate lenders any governmental unit may sell municipal bonds or revenue bonds or notes to the Bank without limitations as to denomination and the municipal bonds or revenue bonds or notes may be fully registered, registrable as to principal or in bearer form, may bear interest at a rate or rates in accordance with this section, may be evidenced in that manner and may contain other provisions not inconsistent herewith, and may be sold to the Bank without advertisement at a price of par and accrued interest, all as provided in the proceedings of the governing body of the governmental unit under which the municipal bonds or revenue bonds or notes are issued. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 17, eff. May 15, 1987; 1987, No. 203 (Adj. Sess.), § 20, eff. May 27, 1988.)
24 V.S.A. § 4651
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4651. Exchange of coupon bonds

§ 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 denominations, all according to the proceedings authorizing their issuance, provided the bonds in changed form or denominations are exchanged for the surrendered bonds in the same aggregate principal amounts and in a manner that no overlapping interest is paid, and the bonds in changed form or denominations bear interest at the same rate or rates and mature on the same date or dates as the bonds for which they are exchanged. When any exchange is made under this section the bonds surrendered by the holders at the time of the exchange shall be cancelled. The exchange may be made only at the request of the holders of the bonds to be surrendered. The governmental unit may require all expenses incurred in connection with the exchange to be paid by the holders. If any of the officers whose signatures appear on the bonds or coupons cease to be officers before the delivery of the bonds, their signatures shall be valid for all purposes, as if they had remained in office. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4652
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4652. Waiver of defenses; rights of holder

§ 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 municipal bonds or revenue bonds owned or held by the Bank when payable, all defenses to nonpayment are waived; and further, with respect to municipal bonds, upon nonpayment and demand on that governmental unit for payment, if funds are not available in its treasury to make payment, the governing body of that governmental unit shall forthwith assess a tax on the grand list of the governmental unit, sufficient to make payment with 12 percent interest thereon, and cause the tax to be collected within 60 days; and further, with respect to revenue bonds, upon nonpayment and demand on that governmental unit for payment, such governmental unit shall make payment together with interest thereon of 12 percent, which shall be due and payable within 60 days; and further, notwithstanding any other law, including any law under which the municipal bonds or revenue bonds were issued by that governmental unit, the Bank upon nonpayment is constituted a holder or owner of the municipal bonds or revenue bonds as being in default. Also notwithstanding any other law as to time or duration of default or percentage of holders or owners of bonds entitled to exercise rights of holders or owners of bonds in default, or to invoke any remedies or powers thereof or of any trustee in connection therewith or of any board, body, agency, or commission of the State having jurisdiction in the matter or circumstance, the Bank may thereupon avail itself of all other remedies, rights, and provisions of law applicable in that circumstance, and the failure to exercise or exert any rights or remedies within any time or period provided by law may not be raised as a defense by the governmental unit. All of the bonds of the issue of municipal bonds or revenue bonds of a governmental unit on which there is nonpayment, are for all of the purposes of this section deemed to be due and payable and unpaid. The Bank may carry out the provisions of this section and exercise all of the rights and remedies and provisions of law provided or referred to in this section. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 15, § 18, eff. May 15, 1987.)
24 V.S.A. § 4653
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4653. Bond anticipation notes

§ 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 anticipation notes, the Bank may purchase and the governmental unit may issue bond anticipation notes and may renew them from time to time provided that the bond anticipation notes, including renewals thereof, mature in such amounts and in such years not exceeding five years from the date of the original issuance as is agreed between the Bank and the governmental unit. In connection with the transaction and purchase of bond anticipation notes, the Bank may by agreement with the governmental unit impose any terms, conditions, and limitations as in its opinion are proper and for the purposes and security of the Bank and the holders of its bonds or notes. The failure of any governmental unit to comply with that agreement constitutes a failure of the governmental unit to pay principal of and interest on the bond anticipation notes under section 4652 of this title, and the Bank shall thereupon enforce all such rights, remedies, and provisions of law as it has under this section or are elsewhere provided. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4654
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4654. Marketability; certification

§ 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 in book entry form pursuant to section 1881 of this title. All municipal bonds and revenue bonds at any time purchased by the Bank must upon delivery to the Bank be accompanied by an approving opinion of bond counsel. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 6, eff. Feb. 14, 1972; 1987, No. 55, § 19, eff. May 15, 1987.)
24 V.S.A. § 4655
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4655. Presumption of validity

§ 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, execution, or delivery by the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
24 V.S.A. § 4671
2021 Vermont Statutes|Title 24 - Municipal and County Government|Chapter 119 - Municipal Bond Bank|§ 4671. Reserve fund

§ 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 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 monies or funds of the Bank that it determines to deposit therein.   (b) Monies in the Reserve Fund shall be held and applied solely to the payment of the interest on and principal of presently outstanding bonds of the Bank and any bonds issued on a parity therewith and any bonds issued to refund such bonds, all as they become due and payable and for the retirement of bonds. Money may not be withdrawn if it reduces the amount in the 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 the 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 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." As used in this subsection "maximum debt service" 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 moneys to sinking funds and the application thereof in accordance with the terms of all contracts to the retirement of bonds. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 7, eff. Feb. 14, 1972; 1987, No. 55, § 20, eff. May 15, 1987.)