reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1571. Accounts; reports

§ 1571. Accounts; reports
(a) The town treasurer shall keep an account of monies, bonds, notes, and evidences of debt paid or delivered to him or her, and of monies paid out by him or her for the town and the town school district, which accounts shall at all times be open to the inspection of persons interested.
(b) Monies received by the town treasurer on behalf of the town may be invested and reinvested by the treasurer with the approval of the legislative body.
(c) The town treasurer shall file quarterly reports with the legislative body regarding his or her actions set forth in subsections (a) and (b) of this section.
(d) The town treasurer shall annually, on or before June 30, complete and provide to the selectboard a copy of the document made available by the Auditor of Accounts pursuant to 32 V.S.A. § 163(11) regarding internal financial controls. (Amended 1981, No. 239 (Adj. Sess.), § 5; 2011, No. 155 (Adj. Sess.), § 27.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1573. Assistant treasurer

§ 1573. Assistant treasurer
A town or city treasurer may appoint an assistant town or city treasurer and may revoke any such appointment at any time. The town or city treasurer shall be responsible for the acts and omissions of any assistant appointed by him or her. If after written request from the selectboard to appoint an assistant treasurer, the town or city treasurer fails for ten days to do so, the selectboard may appoint an assistant treasurer and may revoke such appointment at any time. An assistant treasurer, during the temporary absence or disability of the treasurer, shall perform the duties of treasurer. The appointment and revocation of assistant treasurer shall be recorded in the office of the town or city clerk. (Amended 1959, No. 183, § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1574. Record of taxes voted

§ 1574. Record of taxes voted
The treasurer shall keep a record showing the amount of taxes voted for the support of highways, schools, special departments, if any, and for general town purposes. Such record shall be based upon an inspection of the town and town district tax bills, when placed with the treasurer by the selectboard under the provisions of 32 V.S.A. § 4791. When such taxes are collected by a tax collector, such record may be based upon the collector’s tax receipt.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1576. Town treasurer; record of orders

§ 1576. Town treasurer; record of orders
The treasurer shall pay orders drawn on him or her by officials authorized by law to draw such orders. If he or she does not pay such orders, on demand, the holder thereof may recover the amount from the town, with interest from the time of such demand. The treasurer shall keep a record of such orders not paid on demand in a book kept for that purpose. In the event, however, where there are insufficient funds on hand for the payment of any such order, the treasurer shall forthwith notify the selectboard and the officer drawing the same.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1578. Settlement with auditors and successor

§ 1578. Settlement with auditors and successor
The treasurer shall settle with the auditors five days previous to each annual town meeting, and at such other times as the selectboard may require and whenever he or she retires from office. At the close of his or her term of office he or she shall immediately pay over to his or her successor the funds in his or her hands belonging to the town and the town school district and at the same time deliver to his or her successor all official books and papers in his or her possession.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1579. Collector’s receipt

§ 1579. Collector’s receipt
The town and town school district treasurer shall endorse upon the receipt given by the collector of taxes and lodged with such treasurer all payments thereon made by such collector and such abatements thereof as may be made by the board for the abatement of taxes.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1580. Account with collector

§ 1580. Account with collector
The town and town school district treasurer shall keep with the collector of taxes a separate account of each annual tax bill by endorsing thereon his or her payments and the abatement allowed by the board for abatement of taxes with the date of each endorsement.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1582. Outstanding orders; notice to stop interest

§ 1582. Outstanding orders; notice to stop interest
When a municipality has outstanding interest bearing orders due and payable, the treasurer may give notice that such orders will be paid on presentation at his or her office on or before a day certain named in such notice, and that after such day such orders shall cease to draw interest.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1583. Outstanding orders; publication of notice

§ 1583. Outstanding orders; publication of notice
Such notice shall be given personally or by publication in a newspaper published in the county, or if none is published in the county, in a newspaper published in an adjoining county, at least three weeks successively, the last publication to be at least 15 days before the day named in such notice. (Amended 2017, No. 74, § 84.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1584. Outstanding orders; no interest after day of notice

§ 1584. Outstanding orders; no interest after day of notice
When such notice has been given, by publication as set forth in section 1583 of this subchapter or by written notice signed by the treasurer and delivered to the holder of any such order, such order shall not draw interest after the day named in the notice, unless the treasurer fails to pay such order on presentation according to the terms of the notice. (Amended 2017, No. 74, § 85.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1621. Orders for land damages or damages for injuries

§ 1621. Orders for land damages or damages for injuries
The selectboard may draw orders on the town treasurer for damages for lands or property taken or improved for a highway or other public use, or for damages settled by agreement or awarded for injuries sustained from the insufficiency of a highway.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1622. Town orders; record

§ 1622. Town orders; record
(a)(1) The chair of the selectboard shall keep or cause to be kept a single record of all orders drawn by the board showing the number, date, to whom payable, for what purpose, and the amount of each order.
(2) All other officers authorized by law to draw orders upon the town treasurer shall keep or cause to be kept a like record.
(b) Such records shall be submitted to the town auditors annually on or before February 1.
(c) If the records of orders named in this section are made by an assistant clerk, the assistant clerk shall not be the town treasurer or the spouse of the town treasurer or any person acting in the capacity of clerk for the town treasurer. (Amended 2017, No. 130 (Adj. Sess.), § 13.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1623. Signing orders

§ 1623. Signing orders
(a) The selectboard may do either of the following:
(1) Authorize one or more members of the board to examine and allow claims against the town for town expenses and draw orders for such claims to the party entitled to payment.
(A) Orders shall state definitely the purpose for which each is drawn and shall serve as full authority to the treasurer to make the payments.
(B) The selectboard shall be provided with a record of orders drawn under this subdivision (1) whenever orders are signed by less than a majority of the board.
(2) Submit to the town treasurer a certified copy of those portions of the selectboard minutes, properly signed by the clerk and chair or by a majority of the board, showing to whom and for what purpose each payment is to be made by the treasurer. The certified copy of the minutes shall serve as full authority to the treasurer to make the approved payments.
(b) This section shall apply to all municipal public bodies authorized by law to draw orders on the municipal treasurer. (Added 1995, No. 110 (Adj. Sess.), § 1; amended 2017, No. 130 (Adj. Sess.), § 13.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1652. Records of overseers of the poor

§ 1652. Records of overseers of the poor
Effective October 1, 1968, the office of overseer of the poor is abolished. On that day or as soon thereafter as possible the overseer of the poor shall turn all records of the office over to the town clerk of his or her town, who shall thereafter keep them until authorized by law to dispose of them. (Added 1967, No. 147, § 37, eff. Oct. 1, 1968.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1681. Auditors; duties; meeting

§ 1681. Auditors; duties; meeting
(a)(1) Town auditors shall meet at least 25 days before each annual town meeting to examine and adjust the accounts of all town officers and all other persons authorized by law to draw orders on the town treasurer.
(2) Such auditing shall include the account that the treasurer is required to keep with the collector, the tax accounts of the collector, trust accounts where the town or any town officer, as such officer, is trustee or where the town is sole beneficiary, accounts relating to the town indebtedness, and accounts of any special funds in the care of any town official.
(b) Notice of such meeting shall be given by posting or publication ten days in advance of such meeting. (Amended 1991, No. 176 (Adj. Sess.), § 1; 1997, No. 83 (Adj. Sess.), § 4; 2011, No. 129 (Adj. Sess.), § 29, eff. July 1, 2013.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1682. Report; distribution

§ 1682. Report; distribution
(a)(1) The auditors shall report their findings in writing and cause the same to be mailed or otherwise distributed to the voters of the town at least ten days before the annual meeting.
(2) At a duly warned annual or special meeting, the voters of the town may vote to provide notice of the availability of the auditors’ report to the voters of the town in lieu of mailing or otherwise distributing the report itself. If the voters of the town vote to provide notice of availability, they must specify how notice of availability shall be given, and such notice of availability shall be provided to the voters of the town at least 30 days before the annual meeting.
(3) Upon request, the auditors shall mail or distribute a copy of the full report to a voter or resident of the town.
(4) When the auditors mail or distribute the report or provide notice of the availability of the report to the voters of the town, they shall at the same time deliver to the town clerk the copies required by section 1173 of this title and shall place all surplus copies in the custody of the town clerk before the first Tuesday in March.
(5) As used in this subsection, the term “resident” shall be defined as the term is defined in 17 V.S.A. § 2122(b).
(b) If a town has voted to eliminate the office of auditor, the findings of the public accountant employed in accordance with 17 V.S.A. § 2651b shall be mailed or otherwise distributed by the selectboard in the same manner that findings are required to be distributed by auditors. (Amended 1979, No. 200 (Adj. Sess.), § 119; 1997, No. 83 (Adj. Sess.), § 5; 2003, No. 126 (Adj. Sess.), § 2, eff. July 1, 2005; 2015, No. 30, § 38, eff. May 26, 2015.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1683. Contents of report; municipal fiscal years

§ 1683. Contents of report; municipal fiscal years
(a) The report shall show a detailed statement of the financial condition of such town for its fiscal year, a classified summary of receipts and expenditures, a list of all outstanding orders and payables more than 30 days past due, and show deficit, if any, pursuant to section 1523 of this title and such other information as the municipality shall direct. Individuals who are exempt from penalty, fees, and interest by virtue of 32 V.S.A. § 4609 shall not be listed or identified in any such report, provided that they notify or cause to be notified in writing the municipal or district treasurer that they should not be so listed or identified.
(b) The fiscal year of all school districts, charter provisions notwithstanding, shall end on June 30.
(c) The fiscal year of other municipalities shall end on December 31, unless the municipality votes at an annual or special meeting duly warned for that purpose to have a different fiscal year, in which case the fiscal year so voted shall remain in effect until amended.
(d) [Repealed.] (Amended 1961, No. 219, § 2, eff. July 13, 1961; 1965, No. 23, § 2; 1969, No. 301 (Adj. Sess.), § 1, subsec. (a), eff. July 1, 1971, subsec. (c), eff. April 9, 1970; 1971, No. 8, § 1, eff. Feb. 25, 1971; 1989, No. 202 (Adj. Sess.), § 2; 1991, No. 110, § 4, eff. June 28, 1991; 1997, No. 83 (Adj. Sess.), § 6; 2011, No. 129 (Adj. Sess.), § 30, eff. July 1, 2013; 2015, No. 30, § 39, eff. May 26, 2015.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1684. Trust assets; indebtedness

§ 1684. Trust assets; indebtedness
The auditors shall make a detailed statement showing:
(1) the condition of all trust funds in which the town is interested and a list of the assets of such funds, including the account of receipts and disbursements for the preceding year;
(2) what bonds of the town are outstanding and the rate of interest and the amount thereof; and
(3) what interest-bearing notes or orders of the town are outstanding and the serial number, date, amount, payee, and rate of interest of each and the total amount thereof. (Amended 2017, No. 130 (Adj. Sess.), § 13.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1686. Penalty

§ 1686. Penalty
(a) At any time in their discretion, town auditors may, and if requested by the selectboard, shall, examine and adjust the accounts of any town officer authorized by law to receive or disburse money belonging to the town.
(b) If the town has voted to eliminate the office of auditor, the public accountant employed by the selectboard shall perform the duties of the town auditors under subsection (a) of this section upon request of the selectboard.
(c)(1) If, after at least five business days following his or her receipt by certified mail of a written request by the auditors or public accountant that is approved and signed by the legislative body, a town officer willfully refuses or neglects to submit his or her books, accounts, vouchers, or tax bills to the auditors or the public accountant, or to furnish all necessary information in relation thereto, that town officer shall be ineligible to reelection for the year ensuing and be subject to the penalties otherwise prescribed by law.
(2) A town officer who violates subdivision (1) of this subsection (c) shall be personally liable to the town for a civil penalty in the amount of $100.00 per day until he or she submits or furnishes the requested materials or information. A town may bring an action in the Civil Division of the Superior Court to enforce this subdivision.
(d) As used in this section, the term “town officer” shall not include an officer subject to the provisions of 16 V.S.A. § 323. (Amended 1997, No. 83 (Adj. Sess.), § 7; 2011, No. 129 (Adj. Sess.), § 31, eff. July 1, 2013; 2011, No. 155 (Adj. Sess.), § 28; 2017, No. 27, § 4, eff. May 10, 2017.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1687. Notice of orders

§ 1687. Notice of orders
A bank, trust company, or individual in this State holding orders or other evidences of indebtedness of a municipal corporation shall annually, on or before January 5, send written notice to the chair of the board of auditors of such corporation, stating the amount of such orders or other evidences of indebtedness and the balance due thereon as of December 31 next preceding, unless the holder of any such indebtedness is requested by such auditor to send such notice at some other date to conform to the fiscal year of such municipality.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1688. Notice of deposits

§ 1688. Notice of deposits
A bank or trust company in this State having on deposit funds of a municipal corporation shall annually, on or before January 5, send written notice to the chair of the board of auditors of such corporation, stating the balance on deposit to the credit of such corporation on December 31 next preceding, unless the holder of such funds is requested by such auditor to send such notice at some other date to conform to the fiscal year of such municipality.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1689. Penalty for failure to send notice

§ 1689. Penalty for failure to send notice
A bank, trust company, or individual who violates a provision of section 1687 or 1688 of this subchapter shall be fined not less than $10.00 nor more than $25.00. (Amended 2017, No. 74, § 87.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1690. Certified or public accountant to audit town accounts; warning; form

§ 1690. Certified or public accountant to audit town accounts; warning; form
(a) The legislative body of a city, town, or incorporated village may upon its own motion contract with a public accountant, licensed in this State, to perform an annual financial audit of all funds of the town; or upon petition in writing of legal voters equal to five percent of the legal voters of the town or village, the legislative body shall insert in the warning for any annual meeting, or in the warning for a special meeting, which shall be called upon such petition, an article in substantially the following form:
“To see if the [city, town, or village] will vote to instruct the [legislative body] to employ a certified public accountant or public accountant licensed in this State, to perform an annual financial audit of all funds of the [city, town, or village].”
(b) Audits performed by a public accountant under this section shall be conducted in accordance with generally accepted government auditing standards, including the issuance of a report on internal control over financial reporting that shall be provided to recipients of the financial statements. When there are material weaknesses or significant deficiencies found in the internal control over financial reporting or the auditor’s or public accountant’s opinion is qualified, adverse, or disclaimed:
(1) the auditor or public accountant shall present the findings or opinion to the legislative body of the town and explain those material weaknesses or significant deficiencies or his or her opinion at a meeting duly warned for the purpose;
(2) after the audit report is delivered to the legislative body of a municipality, the notice for the next meeting of the legislative body shall also notify the voters of the availability of the audit report and the accompanying report on internal control over financial reporting;
(3) the next published annual report of the town shall include a summary of material weaknesses or significant deficiencies found in the internal controls over financial reporting or a statement that the audit report sets forth an opinion that is qualified, adverse, or disclaimed; and
(4) the legislative body shall post the audit report and the accompanying report on internal control over financial reporting on the municipality’s website, if the municipality has a website. (Amended 1985, No. 196 (Adj. Sess.), § 14; 2009, No. 95 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 51 - Finances; Accounts and Audits › § 1691. Terms of employment

§ 1691. Terms of employment
At an annual or special meeting warned as provided in section 1690 of this title, a town or incorporated village may authorize the employment of a certified public accountant or a public accountant and fix the terms of such employment. Nothing herein shall be construed to relieve a town or incorporated village of the duty to elect town or village auditors as provided by law.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1751. Definitions

§ 1751. Definitions
As used in this chapter:
(1) “Municipal corporation” shall include a city, town, village, town school district, graded school district, or other incorporated, union, or unified school district or any entity providing educational services which is eligible to receive State aid under 16 V.S.A. chapter 123, a fire district, a union municipal district created under an intermunicipal agreement entered into and approved as provided in subchapter 3 of chapter 121 of this title, a regional mass transportation authority created under chapter 127 of this title, a local housing authority created under section 4003 of this title, a consolidated water or sewer district created under chapter 91 or chapter 105 of this title, or the unified towns and gores of Essex County.
(2) “Legislative branch” shall mean the mayor and board of aldermen of a city, the selectboard of a town, the trustees of a village, the board of school directors of a school district, the trustees or prudential committee of a graded school or fire district, and the Board of Governors of the unified towns and gores of Essex County, and, with respect to other municipal corporations, the governing body designated by statute.
(3) “Improvement” shall include, apart from its ordinary signification:
(A) The acquiring of land for municipal purposes, the construction of, extension of, additions to, or remodeling of buildings or other improvements thereto, also furnishings, equipment, or apparatus to be used for or in connection with any existing or new improvement, work, department, or other corporate purpose, and also shall include the purchase or acquisition of other capital assets, including licenses and permits, in connection with any existing or new improvement benefiting the municipal corporation, and all costs incurred by the municipality in connection with the construction or acquisition of the improvement and the financing thereof, including capitalized interest, underwriters discount, the funding of reserves, and the payment of contributions to establish eligibility and participation with respect to loans made from any State revolving fund, to the extent such payment is consistent with federal law.
(B) Pursuant to subchapter 2 of chapter 87 of this title, projects relating to renewable energy, as defined in 30 V.S.A. § 8002(17), or to eligible energy efficiency projects undertaken by owners of real property within the boundaries of the town, city, or incorporated village. Energy efficiency projects shall be those that are eligible under section 3267 of this title. (Amended 1989, No. 111, § 1, eff. June 22, 1989; 1997, No. 62, § 61, eff. June 26, 1997; 2007, No. 4, § 2; 2009, No. 45, § 15f, eff. May 27, 2009; 2013, No. 161 (Adj. Sess.), § 72.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1752a. Privately owned municipality-supported libraries

§ 1752a. Privately owned municipality-supported libraries
By a majority vote of those present and voting at an annual or special meeting warned for the purpose, a municipality may issue municipal bonds under this chapter for the cost of capital improvements to any privately owned municipality-supported library situated within the municipality for use of residents of the municipality; and such improvements shall be considered “improvements” for the purposes of this chapter. (Added 1987, No. 56, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1753. Use of bond proceeds

§ 1753. Use of bond proceeds
(a) If after bonds have been issued and no expenditure of the proceeds has been made for the purpose or purposes for which the debt was incurred, or if a balance remains after the completion of the project or projects for which the debt was authorized, a municipal corporation by a majority of the voters present and voting on the question at a meeting or meetings of such municipal corporation held for that purpose, may authorize the expenditure of the proceeds or portion thereof for any purpose or purposes for which bonds may be issued; provided, however, that if the proceeds obtained from the issuance of bonds or any balance thereof, is not appropriated as aforesaid, then the same shall be used to pay the principal of the loan as it matures.
(b) The warning calling the meeting provided in this section shall state the amount of the proceeds and the purpose for which they are to be used, and shall fix the place where and the date on which the meeting shall be held and the hours of opening and closing of the polls. Notice of the meeting shall conform to section 1756 of this title, and the conduct of the meeting and the qualifications of voters shall conform to section 1758 of this title. (Added 1969, No. 104, eff. April 19, 1969.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1755. Submission to voters

§ 1755. Submission to voters
(a)(1) On a petition signed by at least ten percent of the voters of a municipal corporation the proposition of incurring a bonded debt to pay for public improvements shall be submitted to the qualified voters thereof at any annual or special meeting to be held for that purpose, or, when the legislative branch of a municipal corporation at a regular or special meeting called for such purpose shall determine by resolution passed by a vote of a majority of those members present and voting, that the public interest or necessity demands improvements, and that the cost of the same will be too great to be paid out of the ordinary annual income and revenue, by vote of a majority of those members present and voting, it may order the submission of the proposition of incurring a bonded debt to pay for public improvements to the qualified voters of such municipal corporation at a meeting to be held for that purpose.
(2) The warning calling the meeting shall state the object and purpose for which the indebtedness is proposed to be incurred, the estimated cost of the improvements, and the amount of bonds proposed to be issued, and shall fix the place where and the date on which the meeting shall be held and the hours of opening and closing the polls.
(b) A municipal corporation may not submit to the voters more than twice in any one-year period the proposition of incurring a bonded debt to pay for the same or a similar public improvement, except that a proposition voted on for the first time at an annual meeting that is reconsidered may be voted on in the subsequent annual meeting. (Amended 1969, No. 58, § 2, eff. April 14, 1969; 1971, No. 89, § 1; 1973, No. 235 (Adj. Sess.), § 3; 2017, No. 50, § 53.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1756. Notice of meeting; authorization

§ 1756. Notice of meeting; authorization
(a)(1) The clerk of the municipal corporation shall cause notice of such meeting to be published in a newspaper of known circulation in such municipality once a week for three consecutive weeks on the same day of the week, the last publication to be not less than five nor more than ten days before such meeting.
(2) Notice of such meeting shall also be posted in five public places within such municipality for two weeks immediately preceding such meeting.
(b) When a majority of all the voters present and voting on the question at such meeting vote to authorize the issuance of bonds for said public improvements, the legislative branch shall be authorized to make such public improvements and issue bonds as hereinafter provided. Blank and defective ballots shall not be counted in determining the question. (Amended 1969, No. 193 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1757. Validation

§ 1757. Validation
(a) Whenever the qualified voters of a municipal corporation, as defined in this subchapter, have voted by the requisite majority to authorize issuance of bonds to pay for any public improvement, and such proceedings are defective because of failure to comply with any of the statutory requirements therefor, although the required length of notice and notice of the purpose of such meeting has been had, such omissions may be cured by a resolution of such legislative branch by a vote of two-thirds of all its members at a regular or a special meeting called for that purpose, stating that the defect was the result of oversight, inadvertence, or mistake of law or fact.
(b) When such omission has been so supplied by such resolution, all bonds or other financing within the terms of the action of the qualified voters shall be as valid as if the statutory requirement had been complied with.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1757a. Validation of consolidated water or sewer districts and bonds voted for construction

§ 1757a. Validation of consolidated water or sewer districts and bonds voted for construction
(a) No action shall be brought directly or indirectly attacking, questioning, or in any manner contesting the legality of the formation, or the existence as a body corporate and politic, of any consolidated water or sewer district created pursuant to chapter 91 or 105, respectively, of this title, after six months from the date of the recording in the office of the Secretary of State of the certificate required by section 3342 or 3673 of this title, as the case may be; nor shall any action be brought directly or indirectly attacking, questioning, or in any manner contesting the legality or validity of bonds, issued or unissued, voted by any such district or by any other municipal corporate entity, after six months from the date upon which voters in any such district or other municipal corporate entity met pursuant to warning and voted affirmatively to issue bonds to defray costs of sewer or water improvements or upon vote of a question of recission thereof whichever occurs later.
(b) This section shall be liberally construed to effect the legislative purpose to validate and make certain the legal existence of all consolidated water or sewer districts in this State and the validity of bonds issued or authorized by consolidated or other municipal corporate entities for water or sewer purposes, and to bar every right to question in any manner the existence of any such district or other municipal corporate entity or the validity of a bond voted by it for water or sewer purposes, and to bar every remedy therefor notwithstanding any defects or irregularities, jurisdictional or otherwise, after expiration of the six-month period. (Added 1975, No. 57, § 1, eff. April 18, 1975.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1758. Conduct of meetings

§ 1758. Conduct of meetings
(a) Meetings of voters in municipal corporations under this subchapter shall be conducted in the same manner as the annual city and town meetings are conducted. The qualifications of voters at such meetings shall be the same as the qualifications of voters at annual city and town meetings. The vote on the question of issuing bonds for such improvements shall be by Australian ballot. The form of the ballot to be used shall be substantially as follows:
(b) If a school board submits to its voters the proposition of incurring a bonded debt to pay for an improvement, the form of the ballot shall be as set forth in subsection (a) of this section, however:
(1) If the entire costs of the improvement are not eligible for State construction aid pursuant to 16 V.S.A. chapter 123 because the costs exceed the maximum allowed by formula established by the State Board of Education, the ballot text set forth in subsection (a) shall be preceded by the following introductory sentences:
(2) The ballot may contain language conditioning commencement of the improvement by the school board on receipt of final approval by the State Board of Education for State construction aid under 16 V.S.A. § 3448(a)(5).
(3) The warning and ballot shall contain the following set forth in bold-faced type:
State funds may not be available at the time this project is otherwise eligible to receive State school construction aid. The district is responsible for all costs incurred in connection with any borrowing done in anticipation of State school construction aid.
(c) A public informational hearing adhering to the requirements of 17 V.S.A. § 2680(g) shall be held to discuss the proposition of a school district incurring a bonded debt to pay for an improvement. At such hearing, the school board shall distribute to the participants a written estimate of the percentage of the costs of the improvement that will not be eligible for State school construction aid because its unit costs or allowable space, or both, cause it to exceed the maximum cost for State participation under the State Board of Education’s formula for school construction. (Amended 1969, No. 58, § 3, eff. April 14, 1969; 1981, No. 239 (Adj. Sess.), § 29; 1995, No. 62, §§ 59, 61, eff. April 26, 1995; 1995, No. 185 (Adj. Sess.), §§ 7a, 79, eff. May 22, 1996; 1999, No. 29, § 54, eff. May 19, 1999; 2005, No. 147 (Adj. Sess.), § 44; 2017, No. 74, § 88.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1759. Denominations; payments; interest

§ 1759. Denominations; payments; interest
(a)(1) Any bond issued under this subchapter shall draw interest at a rate not to exceed the rate approved by the voters of the municipal corporation in accordance with section 1758 of this title, or if no rate is specified in the vote under that section, at a rate approved by the legislative branch of the municipal corporation, such interest to be payable semiannually. Such bonds or bond shall be payable serially, the first payment to be deferred not later than from one to five years after the issuance of the bonds and subsequent payments to be continued annually in equal or diminishing amounts so that the entire debt will be paid in not more than 20 years from the date of issue.
(2) In the case of bonds issued for the purchase or development of a municipal forest, the first payment may be deferred not more than 30 years from the date of issuance thereof. Thereafter such bonds or bond shall be payable annually in equal or diminishing amounts so that the entire debt will be paid in not more than 60 years from the date of issue.
(3) In the case of bonds issued for any capital project that has a useful life of at least 30 years, the entire debt will be paid in not more than 30 years from the date of issue.
(b) General obligation bonds authorized under this subchapter for the purpose of financing the improvement, construction, acquisition, repair, renovation, and replacement of a municipal plant as defined in 30 V.S.A. § 2901 shall be paid serially, the first payment to be deferred not later than from one to five years after the issuance of the bonds, and subsequent payments to be continued annually so that the entire debt will be paid over a term equal to the useful life of the financed improvements, but not more than 40 years from the date of issue, and may be so arranged that beginning with the first year in which principal is payable, the amount of principal and interest in any year shall be as nearly equal as is practicable according to the denomination in which such bonds are issued, notwithstanding other permissible payment schedules authorized by this section. (Amended 1963, No. 136; 1969, No. 58, § 1, eff. April 14, 1969; 1969, No. 177 (Adj. Sess.), § 1, eff. March 5, 1970; 1979, No. 138 (Adj. Sess.); 1985, No. 123 (Adj. Sess.), eff. April 18, 1986; 2007, No. 75, § 41; 2013, No. 50, § E.131.2.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1760. Bonds validated—Over five percent

§ 1760. Bonds validated—Over five percent
Notwithstanding the interest rate limitation set forth in section 1759 of this title prior to April 14, 1969, if any municipal corporation has prior to that date authorized bonds to bear interest at a rate of interest in excess of five percent, but not more than six percent, the authorization so voted is hereby ratified and confirmed and declared to be legal and valid, and such municipal corporation may issue such bonds at a rate of interest not exceeding the rate stated in the vote authorizing the issuance of the bonds. (Added 1969, No. 58, § 4, eff. April 14, 1969.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1761. Higher rates

§ 1761. Higher rates
If any municipal corporation has authorized bonds to bear interest at a rate of interest not in excess of six percent prior to March 5, 1970, and any of such bonds remain unsold on that date, the legislative branch of the municipal corporation may approve an increase in the rate of interest of such authorized but unsold bonds and the increase in such rate of interest is hereby declared to be legal and valid, and such municipal corporation may issue such bonds which shall bear interest at the rate of interest approved by the legislative branch which increased rate of interest is declared to be legal and valid. (Added 1969, No. 177 (Adj. Sess.), § 2, eff. March 5, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1762. Limits

§ 1762. Limits
(a) A municipal corporation shall not incur an indebtedness for public improvements which, with its previously contracted indebtedness, shall, in the aggregate, exceed ten times the amount of the last grand list of such municipal corporation. Bonds or obligations given or created in excess of the limit authorized by this subchapter and contrary to its provisions shall be void.
(b) However, the provisions of this subchapter as to the debt limit shall not apply to bonds issued under section 1752 or 1754 of this title, relating to the ordinary expenses of a municipality. (Amended 2011, No. 155 (Adj. Sess.), § 10.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1763. Specifications

§ 1763. Specifications
The legislative branch shall determine the rate of interest or the manner of determining the same, the date, the denominations, the time and place of payment, and the form of bonds and notes to be used by the municipal corporation. The legislative branch may provide that the bonds be sold on bids fixing the rate of interest or the manner of determining the same from time to time for the period during which said bonds or notes shall remain outstanding, and if so sold, the accepted bid shall fix the rate of interest the bonds are to bear or the manner by which such rate of interest shall be determined periodically. When bonds are to be registered they shall be registered as provided by this chapter. (Amended 1985, No. 125 (Adj. Sess.), § 3, eff. April 18, 1986.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1764. Taxes to meet interest and payments

§ 1764. Taxes to meet interest and payments
At the time of assessing the general tax levy, in addition to all other taxes, the legislative branch shall provide annually for the assessment and collection each year, until such bonds are paid, of a tax sufficient to pay the interest on such bonds and such part of the principal as shall become due prior to the time the taxes are due in the next following year.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1765. Advertisement

§ 1765. Advertisement
(a)(1) Except as provided in section 4650 of this title, bonds issued under this subchapter shall be sold at par, premium, or discount, and accrued interest, after being advertised at least once not less than five nor more than 30 days before the date of sale in a newspaper published in the county or within 50 miles of the municipal corporation issuing the bonds and, in case of issues exceeding $1,000,000.00, also in some financial paper published in Boston, Massachusetts, or New York, New York.
(2) The advertisement shall state the amounts, date, and denominations of the bonds, dates of maturity, rate of interest, or that the bidding shall be based thereon, and the time and place where the bonds are to be sold.
(b)(1) The legislative branch may reject any and all bids.
(2) In case all bids are so rejected, they may advertise and call for new bids in the manner hereinbefore provided, or in case, after the bonds have been advertised for sale as provided in this subchapter, no bids have been received, or all bids have been rejected and the whole or any part of the bonds remain unsold, those unsold may, within 60 days from the date of the public sale, be sold by the legislative branch at private sale at not less than par and accrued interest.
(c) If no bids are received at the public sale, the legislative branch may at any time advertise and call for new bids or may sell the unsold bonds at private sale in the manner hereinbefore provided and may award the bonds bearing a rate of interest not in excess of the maximum rate provided in section 1759 of this title, notwithstanding any limit imposed by the voters at the meeting at which the bonds were authorized. (Amended 1969, No. 58, § 5, eff. April 14, 1969; 1989, No. 111, § 2, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1766. Bonds; by whom signed

§ 1766. Bonds; by whom signed
Such bonds shall be signed by the mayor and treasurer of an incorporated city, by the treasurer and selectboard or trustees, as the case may be, of a town or village, by the treasurer and trustees or prudential committee, as the case may be, of an incorporated school district, lighting or fire district, and by the treasurer and board of school directors of a town school district. The coupons to such bonds shall be signed by or bear the facsimile signature of the treasurer. When such municipal corporation has a corporate seal, such seal shall be affixed to such bonds, otherwise such bonds need not be sealed.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1767. Computation of amount

§ 1767. Computation of amount
(a)(1) In determining the amount of municipal indebtedness permitted by this subchapter, obligations created for current expenses, for a water supply or for electric lights, and temporary loans created in anticipation of the collection of taxes and necessary for meeting current expenses shall not be taken into account.
(2) Sinking funds and other monies set aside for the sole purpose of paying outstanding bonds shall be deducted.
(b) The provisions of this section and of section 1762 of this title shall not apply when the charter of a municipal corporation or special act otherwise limits its indebtedness.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1771. Refunding bonds; authorization

§ 1771. Refunding bonds; authorization
A municipal corporation that has outstanding and unpaid orders, notes, bonds, or coupons, lawfully issued, may issue other negotiable notes or bonds to pay or retire the same. Such bonds shall be signed, sold, made payable, and mature in the same manner as an original issue of bonds of a municipal corporation is signed, sold, made payable, and mature, as provided in this subchapter.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1772. Refunding bonds; procedure and limitations

§ 1772. Refunding bonds; procedure and limitations
(a) Such municipal corporation by its legislative branch, by resolution or ordinance, shall determine the necessity for issuing refunding bonds, the amount of legal outstanding indebtedness to be refunded, what amount of new bonds shall be issued, at what time and place they shall be payable, the rate of interest thereon, or that the rate of interest shown by the accepted bid shall determine the rate of interest thereon, and when payable, the form of bond, which shall be substantially in the form provided in this subchapter, and whether the bonds shall be registered or have interest coupons attached. Such new bonds shall not be used or sold except to provide means for paying or retiring such outstanding indebtedness in accordance with the provisions of subsection (b) of this section.
(b) A municipal corporation by its legislative branch, by resolution or ordinance, may issue refunding bonds for the purpose of paying any of its bonds or notes at maturity or upon acceleration or redemption. The refunding bonds may be issued at such time prior to the maturity or redemption of the refunded bonds as the municipality deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such reserves for debt service or other capital or current expenses from the proceeds of the refunding bonds, as may be required by the resolutions under which bonds are issued. (Amended 1983, No. 24, § 2, eff. April 6, 1983; 2017, No. 74, § 89.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1774. Record by treasurer

§ 1774. Record by treasurer
The treasurer of each governmental unit as defined in section 4551(5) of this title shall keep a record of every obligation assumed by that unit. (Amended 1977, No. 155 (Adj. Sess.), § 2, eff. March 29, 1978; 1999, No. 71 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1775. Cancellation and record of old bonds

§ 1775. Cancellation and record of old bonds
When old notes, orders, or bonds are taken up, as provided in this subchapter, the treasurer of the municipal corporation shall keep a record of the same, and such old notes, orders, or bonds shall be cancelled.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1777. Regulations

§ 1777. Regulations
When a municipal corporation has established or provided a sinking fund for the retirement of a bond issue or other debt, the fund so established or provided shall be kept intact and separate from other monies at the disposal of such corporation, shall be accounted for as a pledged asset for the purpose of retiring such obligations, and shall not be appropriated or used for the current expenses of such corporation.