reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 118 - Conservation Commissions › § 4505. Powers and duties of conservation commissions

§ 4505. Powers and duties of conservation commissions
Any conservation commission created under this chapter may:
(1) make an inventory and conduct continuing studies of the natural resources of the municipality including:
(A) air, surface and ground waters, and pollution thereof;
(B) soils and their capabilities;
(C) mineral and other earth resources;
(D) streams, lakes, ponds, wetlands, and floodplains;
(E) unique or fragile biologic sites;
(F) scenic and recreational resources;
(G) plant and animal life, especially the rare and endangered species;
(H) prime agricultural and forest land, and other open lands;
(2) make and maintain an inventory of lands within the municipality which have historic, educational, cultural, scientific, architectural, or archaeological values in which the public has an interest;
(3) recommend to the legislative body of the municipality the purchase or the receipt of gifts of land or rights thereto, or other property, for the purposes of this chapter;
(4) receive appropriations for operating expenses including clerical help by appropriation through the budget of the legislative body;
(5) receive money, grants, or private gifts from any source, for the purposes of this chapter. Grants and gifts received by the trustee of public funds shall be carried in a conservation fund from year to year to be expended only for purposes of this chapter;
(6) receive gifts of land or other property for the purposes of this chapter, by consent of the legislative body or by the affirmative vote of the municipality;
(7) administer the lands, properties, and other rights which have been acquired by the municipality for the purposes of this chapter;
(8) assist the local planning commission or zoning board of adjustment or the District Environmental Commission, by providing advisory environmental evaluations where pertinent to applications made to those bodies, for permits for development;
(9) cooperate with the local legislative body, planning commission, zoning board of adjustment, road committee, or other municipal or private organizations on matters affecting the local environment or the natural resources of the municipality;
(10) prepare, collect, publish, advertise, and distribute relevant books, maps, and other documents and maintain communication with similar organizations; and encourage through educational activities the public understanding of local natural resources and conservation needs;
(11) make a brief annual report to the municipality of its finances and transactions for the year just passed, and its plans and prospects for the ensuing year. (Added 1977, No. 250 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 118 - Conservation Commissions › § 4506. Disposition of property

§ 4506. Disposition of property
Land, rights, or other property acquired by a municipality under this chapter shall not be sold or diverted to uses other than conservation or recreation except after approval by an affirmative vote of the voters of the town at the annual meeting. (Added 1977, No. 250 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4551. Definitions

§ 4551. Definitions
As used in this chapter:
(1) “Bank” means the Vermont Bond Bank established by section 4571 of this title.
(2) “Bonds” means bonds of the Bank issued under this chapter.
(3) “County” means any county of the State.
(4) “General Fund” means the fund established under section 4676 of this title.
(5) “Governmental unit” means any county, municipality, or public body.
(6) “Issue,” when used in reference to bonds or notes, means the physical delivery thereof or the effectuation thereof in book entry form, in each case against payment therefor.
(7) “Municipal bond” means a bond or note or evidence of debt or financing arrangement of a governmental unit, including a bond, note, or evidence of debt, constituting a general obligation of a governmental unit, but does not include any bond or note or evidence of debt issued by any other state or any public body or municipal corporation thereof.
(8) “Municipality” means any city, town, village, town school district, incorporated school district, union school district, or other school district, fire district, consolidated sewer district, consolidated water district, or solid waste district organized under the laws of the State, and also includes every municipal corporation identified in subdivision 1751(1) of this title.
(9) “Notes” means any notes of the Bank issued under this chapter.
(10) “Public body” means any public body corporate and politic or any political subdivision of the State established under any law of the State.
(11) “Reserve Fund” means the Vermont Bond Bank Reserve fund established under section 4671 of this title.
(12) “Revenues” means all fees, charges, monies, profits, payments of principal of or interest on municipal bonds and revenue bonds and other investments, gifts, grants, contributions, appropriations, and all other income derived or to be derived by the Bank under this chapter.
(13) “Revenue bond” means a bond or note or evidence of debt constituting an obligation or financing arrangement of a governmental unit authorized under laws of the State and payable solely from revenues derived from the financed asset, enterprise funds, or other specified revenues and the earnings thereon.
(14) “Revenue Bond Reserve Fund” means the Vermont Bond Bank Revenue Bond Reserve Fund established under section 4681 of this title.
(15) “Revenue Fund” means the Vermont Bond Bank Revenue Fund established under section 4683 of this title. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 4, Feb. 14, 1972; 1983, No. 12, § 1, eff. March 29, 1983; 1985, No. 127 (Adj. Sess.), § 1, eff. April 21, 1986; 1987, No. 55, §§ 1-4, eff. May 15, 1987; 1987, No. 75, § 3; 1989, No. 111, § 4, eff. June 22, 1989; 2023, No. 72, § 24, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4552. Law governing

§ 4552. Law governing
It is the intent of the General Assembly that in the event of any conflict or inconsistency in the provisions of this chapter and any other laws pertaining to matters established in this chapter or provided for or in any rules adopted under this chapter or other laws, to the extent of such conflict or inconsistency, the provisions of this chapter shall be enforced and the provisions of the other laws and rules adopted pursuant to this chapter shall be of no effect. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4553. Liberal construction

§ 4553. Liberal construction
This chapter shall be construed liberally to effectuate the legislative intent and the purposes of the chapter as complete and independent authority for the performance of each and every act and thing authorized by this chapter and all powers granted by this chapter shall be broadly interpreted to effectuate that intent and purposes and not as a limitation of powers. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4554. Administration expenses

§ 4554. Administration expenses
All expenses incurred in carrying out this chapter are payable solely from revenues or funds provided under this chapter and nothing in this chapter authorizes the Bank to incur any indebtedness or liability on behalf of or payable by the State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4556. Cooperation by government agencies; cost

§ 4556. Cooperation by government agencies; cost
All officers, departments, boards, agencies, divisions, and commissions of the State must render any services to the Bank as are within the area of their respective governmental functions as fixed by law and as may be requested by the Bank and must comply promptly with any reasonable request by the Bank as to the making of any study or review as to desirability, need, cost, or expense with respect to any public project, purpose or improvement, or the financial feasibility thereof or the financial or fiscal responsibility or ability in connection therewith of any governmental unit making application for loan to the Bank and for the purchase by the Bank of municipal bonds or revenue bonds to be issued by that governmental unit. The cost and expense of any services requested by the Bank shall, at the request of the officer, department, board, agency, division, or commission rendering the service, be paid for by the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 6, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4571. Establishment

§ 4571. Establishment
There is hereby established a body corporate and politic, with corporate succession, to be known as the “Vermont Bond Bank.” The Bank is hereby constituted as an instrumentality exercising public and essential governmental functions, and the exercise by the Bank of the powers conferred by this chapter are deemed to be an essential governmental function of the State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 2023, No. 72, § 25, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4571a. Reports

§ 4571a. Reports
The Vermont Bond Bank shall prepare and submit, consistent with 2 V.S.A. § 20(a), a report on activities for the preceding calendar year, pursuant to section 4594 of this title. (Added 2003, No. 122 (Adj. Sess.), § 294i; amended 2023, No. 72, § 26, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4572. Membership; vacancies

§ 4572. Membership; vacancies
The Bank established by section 4571 of this title shall consist of the following five directors: the State Treasurer, or his or her designee, who shall be a director ex officio, and four directors appointed by the Governor with the advice and consent of the Senate for terms of two years. The four directors appointed by the Governor must be residents of the State and must be qualified voters therein for at least one year next preceding the time of appointment. The Governor shall first appoint two directors to serve until February 1, 1971 and two directors to serve until February 1, 1972. Each director shall hold office for the term of his or her appointment and until his or her successor shall have been appointed and qualified. A director shall be eligible for reappointment. Any vacancy in a directorship occurring other than by expiration of term shall be filled in the same manner as the original appointment, except that the advice and consent of the Senate shall not be required if it is not in session, but for the unexpired term only. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; 2011, No. 40, § 52, eff. May 20, 2011.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4573. Removal from office; oath

§ 4573. Removal from office; oath
Each director may be removed from office by the Governor, for cause, after a public hearing, and may be suspended by the Governor pending the completion of the hearing. Each director before entering upon his or her duties shall take and subscribe an oath to perform the duties of his or her office faithfully, impartially, and justly to the best of his or her ability. A record of the oath shall be filed in the Office of the Secretary of State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4574. Officers; quorum

§ 4574. Officers; quorum
The directors shall elect one of their number as chair. The directors shall elect a secretary and a treasurer who need not be directors, and the same person may be elected to serve both as secretary and treasurer. The powers of the Bank are vested in the directors thereof and three directors of the Bank shall constitute a quorum. Action may be taken and motions and resolutions adopted by the Bank at any meeting thereof by the affirmative vote of at least three directors of the Bank. A vacancy in the directorship of the Bank shall not impair the right of a quorum to exercise all the powers and perform all the duties of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 1, eff. Feb. 14, 1972.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4575. Bonding of members

§ 4575. Bonding of members
Before the issuance of any bonds or notes under this chapter, each director of the Bank shall execute a surety bond in the penal sum of $25,000.00 and the treasurer of the Bank shall execute a surety bond in the penal sum of $50,000.00. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of the director or treasurer, to be executed by a surety company authorized to transact business in the State of Vermont as surety and to be approved by the Attorney General and filed in the office of the Secretary of State. After the issuance of any bonds or notes by the Bank each director of the Bank shall maintain his or her surety bond in force. All costs of the surety bonds shall be borne by the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4576. Compensation; expenses

§ 4576. Compensation; expenses
The directors of the Bank shall receive a per diem compensation in the amount of $30.00 for each day devoted to official duties and reimbursement for actual expenses necessarily incurred in the discharge of their duties. Notwithstanding any other law, an officer or employee of the State shall not be deemed to forfeit his or her office or employment or any benefits thereof by reason of his or her acceptance of the office of director of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1979, No. 59, § 18, eff. July 1, 1979.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4577. Staff

§ 4577. Staff
The Bank may employ such officers, agents, and employees as it may require and determine their qualifications, terms of office, duties, and compensation all without regard to 3 V.S.A. chapter 13. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4592. Supplementary powers

§ 4592. Supplementary powers
The Bank, in addition to any other powers granted in this chapter, has the following powers:
(1) In connection with any loan to a governmental unit, to consider the need, desirability, or eligibility of the loan, the ability of the governmental unit to secure borrowed money from other sources and the costs thereof, and the particular public improvement or purpose to be financed by the municipal bonds or revenue bonds to be purchased by the Bank.
(2) To charge for its costs and services in review or consideration of any proposed loan to a governmental unit or purchase of municipal bonds or revenue bonds of a governmental unit, and to charge therefor whether or not the loan is made or the municipal bonds or revenue bonds are purchased.
(3) To establish any terms and provisions with respect to any loan to governmental units through the purchase of municipal bonds or revenue bonds by the Bank, including date and maturities of the bonds, provisions as to redemption or payment prior to maturity, and any other matters that are necessary, desirable, or advisable in the judgment of the Bank.
(4) To conduct examinations and hearings and to hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to carry out this chapter.
(5) To issue subpoenas requiring the attendance of witnesses and the production of books and papers pertinent to any hearing before the Bank, or before one or more of the directors of the Bank appointed by it to conduct the hearing.
(6) To apply to any court, having territorial jurisdiction of the offense, to have punished for contempt any witness who refuses to obey a subpoena, or who refuses to be sworn or affirmed to testify, or who is guilty of any contempt after summons to appear.
(7) To procure insurance against any losses in connection with its property, operations, or assets in such amounts and from such insurers as it deems desirable.
(8) To the extent permitted under its contracts with the holders of bonds or notes of the Bank, to consent to any modification of the rate of interest, time, and payment of any installment of principal or interest, security, or any other term of bond or note, contract, or agreement of any kind to which the Bank is a party.
(9) To issue its bonds or notes that are secured by neither the Reserve Fund nor the Revenue Bond Reserve Fund, but which may be secured by such other funds and accounts as may be authorized by the Bank from time to time.
(10) To issue bonds, other forms of indebtedness, or other financing obligations or arrangements for projects relating to renewable energy, energy efficiency, climate adaptation, and projects that otherwise result in the reduction of greenhouse gas emissions. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, §§ 10, 11, eff. May 15, 1987; 2009, No. 45, § 15k, eff. May 27, 2009; 2023, No. 72, § 27, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4593. Prohibited acts

§ 4593. Prohibited acts
Under this chapter, a bank may not:
(1) make loans of money to any person, firm, or corporation other than a government or a governmental agency or subdivision, or purchase securities issued by any person, firm, or corporation other than a governmental unit or for investment except as provided in this chapter;
(2) emit bills of credit, or accept deposits of money for time or demand deposit, or administer trust, or engage in any form or manner in, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association;
(3) be or constitute a bank or trust company within the jurisdiction or under the control of the Department of Financial Regulation of the State, or the Commissioner thereof, or the Comptroller of the Currency of the United States of America or the Department of the Treasury thereof; or
(4) be or constitute a bank, banker, or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law, of the United States of America or of this State or of any other state. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4594. Annual report; audit

§ 4594. Annual report; audit
On or before the last day of February in each year, the Bank shall make a report of its activities for the preceding calendar year to the Governor and to the General Assembly. Each report shall set forth a complete operating and financial statement covering its operations during the year. The Bank shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants and the cost thereof shall be considered an expense of the Bank and a copy thereof shall be filed with the State Treasurer. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this subsection. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 2013, No. 142 (Adj. Sess.), § 39.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4595. Annual budget

§ 4595. Annual budget
(a) On or before December 1 in each year, the Bank shall adopt an annual budget for the succeeding year. The budget shall set forth the general categories of expected expenditures and the amount on account of each and shall include a provision or reserve for contingencies or over expenditures as well as any additional material as the Bank may determine. Copies of the annual budget certified by the Chair of the Bank shall be promptly filed with the State Treasurer and the Director of Budget and Management and the annual budget shall not be effective until it is so filed.
(b) If for any reason the Bank does not adopt the annual budget on or before December 1, the budget for the preceding year shall be in effect for that year until the annual budget for the year is adopted.
(c) The Bank may at any time adopt an amended annual budget for the current calendar year, but the amended annual budget may not supersede any prior budget until it is approved by the State Treasurer as reasonable and necessary, and filed as required in the case of the annual budget. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4596. Care and custody of bonds

§ 4596. Care and custody of bonds
The Bank may enter into agreements or contracts with any bank, trust companies, banking or financial institutions within or without the State as may be necessary, desirable, or convenient in the opinion of the Bank for rendering services to the Bank in connection with the care, custody, or safekeeping of municipal bonds, revenue bonds, or other investments held or owned by the Bank and services in connection with the payment or collection of amounts payable as to principal or interest, and for services in connection with the delivery to the Bank of municipal bonds, revenue bonds, or other investments purchased by it or sold by it, and to pay the cost of those services. The Bank may also, in connection with any of the services to be rendered by any banks, trust companies, or banking or financial institutions as to the custody and safekeeping of any of its municipal bonds, revenue bonds, or investments, require security in the form of collateral bonds, surety agreements, or security agreements in such form and amount as, in the opinion of the Bank, is necessary or desirable for the purpose of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 12, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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 that constitute general obligation bonds supported by the full faith and credit of the municipality, 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 municipal bonds that do not constitute general obligation bonds supported by the full faith and credit of the municipality and 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; 2023, No. 72, § 28, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont 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.)