reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1779. Registration on request

§ 1779. Registration on request
A municipal corporation, at the written request, duly acknowledged, of the owner or holder of one or more bonds, promissory notes, or certificates of indebtedness issued by it and payable to bearer or to a person or corporation named, or bearer, may change such bonds, notes, or certificates into registered obligations, payable only to the person or corporation whose name is properly indorsed thereon, as hereinafter provided.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1780. Certificate of registration indorsed; when

§ 1780. Certificate of registration indorsed; when
When it shall be determined by a municipal corporation to issue registered bonds, the legislative branch of the municipal corporation shall direct the treasurer of such municipal corporation to indorse upon the back of each of such bonds over his or her official signature a certificate of registration in substantially the form hereinafter provided, inserting in the appropriate places the date of such registration, the name and address of the registered holder, and his or her own signature as transfer agent. Thereafter such bond shall be transferable only upon the books of such municipality upon presentation to the treasurer thereof with a written assignment duly acknowledged or proved.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1781. Change of coupon bonds to registered bonds

§ 1781. Change of coupon bonds to registered bonds
In case a municipal corporation shall have issued coupon bonds and the owner or holder thereof has requested that such bonds be changed to registered bonds as herein provided, then upon written request of such change, duly acknowledged, the treasurer of such a municipal corporation, if directed by the city council of the city, selectboard of the town, school directors of the town school district, or other corresponding officers of the municipal corporation of which he or she is such treasurer, as the case may be, shall cut off and destroy the coupons on the bonds presented for registration and indorse upon the back of each of such bonds over his or her official signature a certificate of registration in substantially the form prescribed by section 1782 of this title, inserting in the appropriate places the date of such registration, the name and address of the registered holder, and his or her own signature as transfer agent. Thereafter such bond shall be transferable only upon the books of such municipality upon presentation to the treasurer thereof with a written assignment duly acknowledged or proved.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1782. Registered bonds; form of certificate

§ 1782. Registered bonds; form of certificate
In all cases where bonds are registered the following shall be the form of
CERTIFICATE OF REGISTRATION
It is hereby certified that upon the written request of the holder of the within bond, the coupons attached thereto, being ___________ in number, of ___________ each have been this day cut off and destroyed and that the within bond is hereby converted into a registered bond with the interest thereon payable _______________________________________ annually, and that such interest, as well as the principal, is payable to the registered holder thereof, his or her legal representatives, successors, or assigns at the time and place expressed on the face of such bond.
The within bond when registered is transferable only upon the books of the treasurer of _______________________________________ upon presentation to the treasurer with a written assignment duly acknowledged or proved.
Date _________________________________________ 20 ___________ .
Treasurer of _________________________________________
_________________________________________
Date of registration.
_________________________________________
Name and address of registered holder.
Signature of treasurer who acts as transfer agent. (Amended 2017, No. 74, § 90.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1783. Registered bonds; indorsement conclusive evidence of authority

§ 1783. Registered bonds; indorsement conclusive evidence of authority
The indorsement of such certificate of registration upon any bond, note, or certificate by such treasurer shall be conclusive evidence that such treasurer was directed by the proper officers of the municipal corporation of which he or she was treasurer to convert such bond into a registered obligation. (Amended 2017, No. 74, § 91.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1784. Registered bonds; treasurer to keep record

§ 1784. Registered bonds; treasurer to keep record
The treasurer of every such municipal corporation shall keep a register showing the number, date, amount, rate of interest, time when payable, and the name of the registered holder of the bonds, notes, and certificates originally registered or changed to registered obligations. (Amended 2017, No. 74, § 92.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1785. Registered bonds; conversion not to affect liability

§ 1785. Registered bonds; conversion not to affect liability
Such conversion shall in no respect or degree weaken or impair the obligation of such municipal corporation to pay such bond, note, or certificate so converted. (Amended 2017, No. 74, § 93.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1786. Borrowing to pay current expenses in anticipation of taxes

§ 1786. Borrowing to pay current expenses in anticipation of taxes
(a) A municipal corporation, by its legislative branch, may borrow money by the issuance of its notes or orders for the purpose of paying current expenses of the municipal corporation. Such notes or orders, however, must mature within one year from date.
(b) A municipal corporation may also borrow money in anticipation of taxes in an amount not to exceed ninety percent of the amount of taxes assessed for such year and may issue its notes or orders therefor to mature not more than one year from the date of the note or order.
(c) The assistant judges may borrow money in the name of the county in anticipation of taxes.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1786a. Borrowing for public improvements and capital assets

§ 1786a. Borrowing for public improvements and capital assets
(a) The voters of a municipality may authorize specific public improvements and the acquisition of capital assets and finance the same, temporarily or permanently, through debt instruments other than bonds for a term not to exceed the reasonably anticipated useful life of the improvements or assets as provided in this section.
(b) If the improvements or assets are to be financed for a term of five years or less, they shall be approved by the voters at an annual or special meeting duly warned for the purpose in accordance with the provisions of 17 V.S.A. chapter 55. However, the requirement of this subsection shall not apply to purchases made by selectboards under the provisions of 19 V.S.A. § 304(a)(3).
(c) If the improvements or assets are to be financed for a term of more than five years, the procedural provisions of sections 1755, 1756, and 1757 of this title shall apply. A vote on the question shall be held at a duly warned annual or special meeting and shall be by Australian ballot. The ballot shall be in substantially the following form:
“Shall the voters authorize (describe public improvement or acquisition) in an amount not to exceed ($ ........ ) to be financed over a period not to exceed (number of years).”
(d) Public improvements or assets approved under subsection (c) of this section may be financed for a period of five years or less.
(e) Debt instruments authorized under this section may be refunded in the manner provided in sections 1771 and 1772 of this title. (Added 1995, No. 2, § 1, eff. Feb. 23, 1995; amended 2001, No. 64, § 22, eff. June 16, 2001.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1787. Application of chapter; charters and special acts to control

§ 1787. Application of chapter; charters and special acts to control
This chapter shall not affect rights allowed a municipal corporation by its charter provisions, nor any rights granted by special act of the Legislature. This chapter, except where inconsistent with such charter or special act, shall apply to the method of exercising all such rights. (Amended 1989, No. 111, § 3, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1788. Existing powers continued; emergencies

§ 1788. Existing powers continued; emergencies
The existing power of a municipality to authorize public improvements by a majority vote in a meeting duly called and held and to finance the same temporarily by the issue of orders or notes, and to issue bonds therefor, is not repealed nor affected by the provisions of this subchapter. Such municipality may refund all or any portion of such temporary orders, notes, or bonds in the method provided by sections 1771 and 1772 of this title. Nevertheless, no public improvement which has been voted upon in the method provided by sections 1755 and 1756 of this title shall be voted upon in any such meeting, except in cases of emergency, in which the vote stating the emergency shall be conclusive evidence of its existence. The existing power of a municipality to refund obligations representing indebtedness accumulated in the ordinary administration of the affairs of such municipality, whether incurred for public improvements or for current expenses, and with or without vote of such municipality, is not repealed nor affected by the provisions of this subchapter, except that the method of such refunding shall be as provided in sections 1771 and 1772 of this title.
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1789. Alternative financing of assets

§ 1789. Alternative financing of assets
(a) A municipality, including a fire district, either singly or as a participant in an interlocal contract entered into under sections 4901 and 4902 of this title, may acquire personal property, fixtures, technology, and intellectual property by means of leases, lease-purchase agreements, installment sales agreements, and similar agreements wherein payment and performance on the part of the municipality is conditioned expressly upon the annual approval by the municipality of an appropriation sufficient to pay when next due rents, charges, and other payments accruing under such leases and agreements.
(b) The legislative body of the municipality shall enter into leases and agreements identified in subsection (a) of this section on behalf of the municipality and under such terms as it deems to be in the best interest of the municipality.
(c) The undertaking of a municipality to make payments under a lease or agreement identified in subsection (a) of this section shall not be a general or special obligation of the municipality, but shall be treated as a current operating expense. Payments made or to be made under such lease or agreement shall not be taken into account in calculating the debt limit of a municipality for any purpose. (Added 2007, No. 79, § 5, eff. June 9, 2007.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1821. Definitions

§ 1821. Definitions
When used in this subchapter:
(1) “Bond” means any bond or note issued by the municipal corporation and payable out of the net revenues from the operation of a public utility project.
(2) “Cost of operation and maintenance” shall mean the expenses for operation, maintenance, repairs, and ordinary replacements properly and directly attributable to the operation or ordinary maintenance of the public utility project.
(3) “Net revenues” shall mean revenues less cost of operation and maintenance.
(4) “Project” shall mean an undertaking for the acquisition, construction, reconstruction, improvement, financing, enlargement, extension, or betterment of any of the following public utility systems:
(A) Water systems or facilities as defined in chapter 89 of this title.
(B) Sewage disposal systems or facilities as defined in chapter 97 or 101 of this title.
(C) Systems or facilities for the generation, production, transmission, or distribution of gas (natural, artificial, or mixed) for lighting, heating, or power for public and private uses, as provided in 30 V.S.A. chapter 79 or by charter or special act.
(D) Systems or facilities for the generation, production, transmission, or distribution of electric energy, including the ownership, operation, and management of a municipal plant as defined in 30 V.S.A. § 2901 and other generation, production, transmission, and distribution facilities located within and without the State.
(E) Systems, facilities, and equipment for the collection, treatment, or disposal of solid waste, including sanitary landfills, and the generation, transmission, distribution, and sale of all products and forms of energy derived therefrom.
(5) “Revenues” mean all revenues, rates, fees, charges, rents, or other income and receipts received by the municipal corporation from any source, or accrued to the municipal corporation, or any department, board, or agency thereof, in connection with the management and operation of a public utility project or system, and shall also include any interest received on any monies or securities of the municipal corporation which are pledged to the payment of the municipal corporation’s bonds, and any federal or State grants-in-aid with respect to such project or system. (Amended 1989, No. 111, § 5, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1823. Payment exclusive; effect

§ 1823. Payment exclusive; effect
(a) The bonds issued and contracts entered into in connection therewith as authorized in section 1822 of this title and the interest thereon shall be payable solely and exclusively from net revenues derived from the public utility system or project and shall not constitute general indebtedness of the municipal corporation nor be an obligation or liability upon the municipal corporation to pay the same from any funds of the municipal corporation other than such net revenues. No holder or holders of any contracts entered into or bonds issued under this subchapter shall ever have the right to compel any exercise of the taxing power of the municipal corporation to pay such contracts or bonds, or the interest thereon. A statement referring to the limited nature of the contract or bond and reciting that it had been entered into or issued under this subchapter shall be made plainly to appear in or upon each contract or bond.
(b) The bonds or contracts authorized by this subchapter shall not be affected by the restrictions and limitations of subchapter 1 of this chapter relating thereto. (Amended 1989, No. 111, § 7, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1825. Construction

§ 1825. Construction
Nothing contained in this subchapter shall be so construed as authorizing the establishment or operation of a public utility. The provisions of this subchapter shall apply only to a public utility authorized by a special act or under the general law. Bonds may be issued hereunder for public utility projects of the municipal corporation notwithstanding that any other law may provide for the issuance of bonds for like purposes. This subchapter is remedial in nature and the powers hereby granted shall be liberally construed to effectuate the purposes hereof, and to this end the municipal corporation shall have powers necessary and prudent to carry out the purposes hereof in addition to the powers expressly conferred in this subchapter. (Amended 1989, No. 111, § 9, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1826. Actions barred

§ 1826. Actions barred
(a) No action shall be brought directly or indirectly attacking, questioning, or in any manner contesting the legality or validity of municipal revenue bonds for public utility purposes, issued or unissued, voted by any municipality or by any other municipal corporate entity, after six months from the date upon which voters in any such municipality or other municipal corporate entity met pursuant to warning and voted affirmatively to issue bonds to defray costs of municipal utility purposes 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 bonds issued or authorized by municipalities or other municipal corporate entities for public utility purposes, and to bar every right to question in any manner the validity of a bond voted by it for public utility 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, § 2, eff. April 18, 1975.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1827. Enforcement of bond obligations

§ 1827. Enforcement of bond obligations
The municipal corporation shall have power by resolution of its legislative body, adopted in connection with the issuance of the bonds and subject to approval under 30 V.S.A. § 108 to confer upon any holder or holders of a specified amount or percentage of bonds, including a trustee or trustees for such holders, the right in the event of an “event of default” as defined in any contract with the holder or holders of such bonds or the trustee or trustees therefor:
(1) By suit, action, or proceedings in any court of competent jurisdiction to obtain the appointment of a receiver of the public utility system of the municipal corporation or any part or parts thereof. If such receiver be appointed he or she may enter and take possession of such public utility system of the municipal corporation or any part or parts thereof and operate and maintain the same, and collect and receive all revenues thereafter arising therefrom in the same manner as the municipal corporation itself might do and shall deposit such monies in a separate account or accounts and apply the same in accordance with the obligations of the municipal corporation as the court shall direct. All actions of receivers authorized under this section shall be subject to the same regulatory requirements applicable to the municipal utility. Provided, however, that notwithstanding the appointment of a receiver the municipal corporation shall retain the right subject to regulatory requirements to fix the rates, fees, and charges to be charged by the public utility system, the revenues from which are pledged to pay bonds and the interest thereon, and to receive from the receiver from time to time that portion of any revenues collected which shall be allocable to the municipal corporation on account of costs for public utility system maintenance, operation, repair, and regulation or other costs payable by the municipal corporation.
(2) By suit, action, or proceedings in any court of competent jurisdiction to require the legislative body of the municipal corporation and the treasurer of the municipal corporation to account as if it, he, or she were the trustee of an express trust. Any such resolution shall constitute a contract between the municipal corporation and the holders of bonds of such issue. (Added 1989, No. 111, § 10, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1828. Rights of holders

§ 1828. Rights of holders
Any holder or holders of bonds issued under this subchapter, including a trustee or trustees for holders of such bonds, shall have the right in addition to all other rights:
(1) By extraordinary relief or other suit, action, or proceedings in any court of competent jurisdiction to enforce his, her, or their rights against the municipal corporation, the legislative body, any other proper officer, agent, or employee of any of them, including the right to require the municipality, the legislative body, and any proper officer, agent, or employee of any of them, to the extent consistent with the reasonable operation of a public utility, to fix and collect rates and charges subject to State and federal regulatory approval, adequate to carry out any agreement as to, or pledge of revenues, and to require the municipal corporation, the legislative body and any officer, agent, or employee of any of them to carry out any other covenants or agreements and to perform its and their duties under this subchapter.
(2) By action or suit to enjoin any acts or things which may be unlawful or a violation of the rights of such holder of bonds. (Added 1989, No. 111, § 11, eff. June 22, 1989.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1881. Form of bonds, notes, and certificates

§ 1881. Form of bonds, notes, and certificates
Notwithstanding any general or special law or charter provision to the contrary, a municipal corporation may issue bonds, notes, or certificates in coupon form payable to the bearer, in registered form without coupons, or in book entry form. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1882. Signature

§ 1882. Signature
Bonds, notes, or certificates other than those in book entry form shall be signed by the manual or facsimile signature of the treasurer of the municipal corporation or his or her deputy and countersigned by the manual or facsimile signature of the clerk of the municipal corporation or his or her deputy or in such other manner as the legislative branch of the municipal corporation shall determine, and the interest coupons thereon, if any, shall bear the facsimile signature of the treasurer of the municipal corporation. The date of issuance, place of payment, rate of interest, time of maturity, provisions with respect to redemption prior to maturity, at par or at a premium, and other particulars as to the form of such bonds, notes, or certificates within the limitations mentioned herein shall be determined by the legislative branch of the municipal corporation as it may deem for the best interest of the municipal corporation. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1883. Transfer agent

§ 1883. Transfer agent
(a)(1) The treasurer of the municipal corporation shall act as transfer agent or registrar for the exchange or transfer of registered bonds, notes, or certificates or maintain the records so that bonds or notes in book entry form may be effected or contract with or otherwise designate a bank, trust company, or other person to act as transfer agent or registrar for the bonds, notes, or certificates, or maintain the records so that bonds or notes in book entry form may be effected.
(2) Such bank, trust company, or other person, which may include the federal government or any of its agencies or instrumentalities, or any officer, agency, or instrumentality of the State, may be located or have its principal office inside or outside the State; provided, however, that any such transfer agent or registrar (other than the federal government or any of its agencies or instrumentalities) not domiciled in the State or having its principal business in the State, shall qualify and be authorized to do business in the State, or shall otherwise render itself amenable to personal service of process in the State and shall submit itself to personal jurisdiction in the courts of the State.
(b) Bonds, notes, or certificates in book entry form shall be effected by means of entries on the records of the treasurer of the municipal corporation or his or her designee which shall reflect the description of the issue, the principal amount, the interest rate, the maturity date, and the owner of the bonds, notes, or certificates and such other information as is deemed appropriate.
(c) The treasurer of the municipal corporation or other designated person may effect conversion between book entry bonds, notes, or certificates and registered bonds, notes, or certificates for owners of bonds, notes, or certificates who request such a change. The treasurer of the municipal corporation or other designated transfer agent or registrar shall issue a confirmation of the transaction in the form of a written advice. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1885. Application

§ 1885. Application
The provisions of this subchapter shall be effective with respect to bonds, notes, or certificates which have heretofore been approved by referendum authorizing bonds in coupon and registered form, or in coupon form only, and such bonds, notes, or certificates need not be resubmitted for a further vote or referendum for the purpose of authorizing the bonds, notes, or certificates in registered form or book entry form only. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1886. Additional powers

§ 1886. Additional powers
The treasurer of the municipal corporation or his or her designee shall have such additional powers as are necessary to effectuate the purposes of this act. This act supersedes any existing general or special law or charter provision with respect to the matters contained herein as they apply to the issuance of bonds, notes, or certificates but shall not diminish or restrict any powers heretofore granted by law. (Added 1983, No. 24, § 1, eff. April 6, 1983.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1893. Purpose

§ 1893. Purpose
The purpose of tax increment financing districts is to provide revenues for improvements that serve the district and related costs, which will stimulate development or redevelopment within the district, provide for employment opportunities, improve and broaden the tax base, or enhance the general economic vitality of the municipality, the region, or the State. (Added 1985, No. 87; amended 2005, No. 184 (Adj. Sess.), § 2b; 2007, No. 190 (Adj. Sess.), § 55, eff. June 6, 2008.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1895. Original taxable value

§ 1895. Original taxable value
(a) Certification. As of the date the district is created, the lister or assessor for the municipality shall certify the original taxable value and shall certify to the legislative body in each year thereafter during the life of the district the amount by which the total valuation as determined in accordance with 32 V.S.A. chapter 129 of all taxable real property located within the tax increment financing district has increased or decreased relative to the original taxable value.
(b) Boundary of the district. No adjustments to the physical boundary lines of a district shall be made after the approval of a tax increment financing district plan. (Added 1985, No. 87; amended 2013, No. 80, § 5; 2013, No. 174 (Adj. Sess.), § 10, eff. June 4, 2014; 2023, No. 72, § 34, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1896. Tax increments

§ 1896. Tax increments
(a) In each year following the creation of the district, the listers or assessor shall include not more than the original taxable value of the real property in the assessed valuation upon which the treasurer computes the rates of all taxes levied by the municipality and every other taxing district in which the tax increment financing district is situated; but the treasurer shall extend all rates so determined against the entire assessed valuation of real property for that year. In each year, the municipality shall hold apart, rather than remit to the taxing districts, that proportion of all taxes paid that year on the real property in the district that the excess valuation bears to the total assessed valuation. The amount held apart each year is the “tax increment” for that year. Not more than the percentages established pursuant to section 1894 of this subchapter of the municipal and State education tax increments received with respect to the district and committed for the payment for financing for improvements and related costs shall be segregated by the municipality in a special tax increment financing account and in its official books and records until all capital indebtedness of the district has been fully paid. The final payment shall be reported to the treasurer, who shall thereafter include the entire assessed valuation of the district in the assessed valuations upon which municipal and other tax rates are computed and extended and thereafter no taxes from the district shall be deposited in the district’s tax increment financing account.
(b) [Repealed.]
(c) Notwithstanding any charter provision or other provision, all property taxes assessed within a district shall be subject to the provision of subsection (a) of this section. Special assessments levied under chapters 76A or 87 of this title or under a municipal charter shall not be considered property taxes for the purpose of this section if the proceeds are used exclusively for operating expenses related to properties within the district, and not for improvements within the district, as defined in subdivision 1891(4) of this title.
(d) Amounts held apart under subsection (a) of this section shall only be used for financing and related costs as defined in section 1891 of this subchapter.
(e) In each year, a municipality shall remit not less than the aggregate tax due on the original taxable value to the Education Fund. (Added 1985, No. 87; amended 1987, No. 204 (Adj. Sess.), § 2; 2005, No. 184 (Adj. Sess.), § 2d; 2007, No. 66, § 24, eff. July 1, 2006; 2007, No. 190 (Adj. Sess.), § 57, eff. June 6, 2008; 2013, No. 80, § 6; 2013, No. 174 (Adj. Sess.), § 11, eff. June 4, 2014; 2015, No. 57, § 63; 2023, No. 72, § 35, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1898. Powers supplemental; construction

§ 1898. Powers supplemental; construction
(a) The powers conferred by this subchapter are supplemental and alternative to other powers conferred by law, and this subchapter is intended as an independent and comprehensive conferral of powers to accomplish the purposes set forth herein.
(b) A municipality shall have power to issue from time to time general obligation bonds, revenue bonds, or revenue bonds also backed by the municipality’s full faith and credit in its discretion to finance the undertaking of any improvements wholly or partly within such district. If revenue bonds are issued, such bonds shall be made payable, as to both principal and interest, solely from the income proceeds, revenues, tax increments, and funds of the municipality derived from or held in connection with its undertaking and carrying out of improvements under this chapter.
(c) Bonds issued under the provisions of this chapter are declared to be issued for an essential public and governmental purpose.
(d) Bonds issued under this section shall be authorized by resolution or ordinance of the local governing body and may be payable upon demand or mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in registered form, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium or payment, at such place or places, and be subject to such terms of redemption, such other characteristics, as may be provided by such resolution or trust indenture or mortgage issued pursuant thereto.
(e) [Repealed.]
(f) Such bonds may be sold at not less than par at public or private sales held after notice published prior to such sale in a newspaper having a general circulation in the municipality.
(g) In case any of the public officials of the municipality whose signatures appear on any bonds or coupons issued under this chapter shall cease to be such officials before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such officials had remained in office until such delivery. Any provisions of any law to the contrary notwithstanding, any bonds issued pursuant to this chapter shall be fully negotiable.
(h) In any suit, action, or proceeding involving the validity or enforceability of any bond issued under this chapter or the security therefor, any such bond reciting in substance that it has been issued by the municipality in connection with an improvement, as herein defined, shall be conclusively deemed to have been issued for such purpose and such improvement shall be conclusively deemed to have been planned, located, and carried out in accordance with the provisions of this chapter.
(i) [Repealed.] (Added 1985, No. 87; amended 1987, No. 204 (Adj. Sess.), §§ 3-6; 2005, No. 184 (Adj. Sess.), § 2f; 2007, No. 190 (Adj. Sess.), § 59, eff. June 6, 2008; 2009, No. 54, § 37, eff. June 1, 2009; 2013, No. 80, § 8.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1899. Bonds as legal investments

§ 1899. Bonds as legal investments
All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking or investment business; all insurance companies, insurance associations, and other persons carrying on an insurance business; and all executors, administrators, curators, 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 other obligations issued by a municipality pursuant to this chapter. It is the purpose of this section to authorize any persons, political subdivisions, and officers, public or private, to use any funds owned or controlled by them for the purchase of any such bonds or other obligations. Nothing contained in this section with regard to legal investments shall be construed as relieving any person of any duty of exercising reasonable care in selecting securities. (Added 1985, No. 87.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1900. Distribution

§ 1900. Distribution
In addition to all other provisions of this subchapter, with respect to any tax increment financing district, of the municipal and education tax increments received in any tax year that exceed the amounts committed for the payment of the financing for improvements and related costs in the district, equal portions of each increment may be retained for the following purposes: prepayment of principal and interest on the financing, placed in a special account required by section 1896 of this subchapter and used for future financing payments, or used for defeasance of the financing. Any remaining portion of the excess municipal tax increment shall be distributed to the city, town, or village budget, in proportion that each budget bears to the combined total of the budgets unless otherwise negotiated by the city, town, or village; and any remaining portion of the excess education tax increment shall be distributed to the Education Fund. (Added 1987, No. 204 (Adj. Sess.), § 7; amended 2005, No. 184 (Adj. Sess.), § 2g; 2007, No. 190 (Adj. Sess.), § 60, eff. June 6, 2008; 2013, No. 80, § 9.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1901. Information reporting

§ 1901. Information reporting
Every municipality with an active tax increment financing district shall:
(1) Develop a system, segregated for the tax increment financing district, to identify, collect, and maintain all data and information necessary to fulfill the reporting requirements of this section, including performance measures.
(2) Throughout the year, as required by events:
(A) provide notification to the Vermont Economic Progress Council and the Department of Taxes regarding any tax increment financing debt obligations, public votes, or votes by the municipal legislative body immediately following such obligation or vote on a form prescribed by the Council, including copies of public notices, agendas, minutes, vote tally, and a copy of the information provided to the public in accordance with subsection 1894(i) of this subchapter;
(B) submit any proposed substantial changes to be made to the approved tax increment district plan and approved financing plan to the Council for review, only after receiving approval for the substantial change through a vote of the municipal legislative body.
(3) Annually:
(A) Ensure that the tax increment financing district account required by section 1896 of this subchapter is subject to the annual audit prescribed in sections 1681 and 1690 of this title. Procedures must include verification of the original taxable value and annual and total municipal and education tax increments generated, expenditures for debt and related costs, and current balance.
(B) On or before February 15 of each year, on a form prescribed by the Council, submit an annual report to the Vermont Economic Progress Council and the Department of Taxes, including the information required by subdivision (2) of this section if not already submitted during the year, all information required by subdivision (A) of this subdivision (3), and the information required by 32 V.S.A. § 5404a(i), including performance measures and any other information required by the Council or the Department of Taxes. (Added 2007, No. 190 (Adj. Sess.), § 62, eff. June 6, 2008; amended 2013, No. 80, § 10; 2013, No. 174 (Adj. Sess.), § 12, eff. June 4, 2014; 2015, No. 11, § 27; 2015, No. 57, § 62, eff. June 11, 2015.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 53 - Indebtedness › § 1903. Definitions

§ 1903. Definitions
As used in this subchapter:
(1) “District” or “TIF” means a tax increment financing district.
(2) “Improvements” means the installation, new construction, or reconstruction of infrastructure to benefit a municipal tax increment financing district, including utilities, transportation, public facilities and amenities, land and property acquisition and demolition, and site preparation.
(3) “Legislative body” means the mayor and alderboard, the city council, the selectboard, or the president and trustees of an incorporated village, as appropriate.
(4) “Municipality” means a city, town, or incorporated village.
(5) “Original taxable value” means the total valuation as determined in accordance with 32 V.S.A. chapter 129 of all taxable real property located within the tax increment financing district as of the creation date as set forth in section 1904 of this subchapter, provided that no parcel within the district shall be divided or bisected by the district boundary.
(6) “Related costs” means expenses incurred and paid by the municipality, exclusive of the actual cost of constructing and financing improvements, that are directly related to the creation and implementation of a municipal tax increment financing district, including reimbursement of sums previously advanced by the municipality for those purposes, direct municipal expenses such as departmental or personnel costs related to creating or administering the project, and audit costs allocable to the district. (Added 2017, No. 69, § J.7, eff. June 28, 2017.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 54 - Communications Plant and Service › § 1911. Definitions

§ 1911. Definitions
The following terms when used in this chapter shall have the following meaning:
(1) “Acquire” shall mean to purchase, to acquire by eminent domain, to hire, to lease, to construct, to reconstruct, or to replace.
(2) “Communications plant” shall mean any and all parts of any communications system owned by the municipality, whether using wires, cables, fiber optics, wireless, other technologies, or a combination thereof, and used for the purpose of transporting or storing information, in whatever forms, directions, and media, together with any improvements thereto hereafter constructed or acquired, and all other facilities, equipment, and appurtenances necessary or appropriate to such system. However, the term “communications plant” and any regulatory implications or any restrictions under this chapter regarding either “communications plant” or “communications service” shall not apply to facilities or portions of any communications facilities intended for use by, and solely used by, the municipality and the municipality’s own officers and employees in the operation of municipal departments or systems of which such communications are merely an ancillary component.
(3) “Communications service” shall include ownership, operation, and utilization of a communications plant within or without the corporate limits of the municipality to transport or store information in any form and medium.
(4) “Improve” shall mean to acquire or construct any improvement, whether consisting of real or personal property.
(5) “Improvement” shall mean any extension, betterment, addition, alteration, reconstruction, and extraordinary repair, equipping, or reequipping of the communications plant of the municipality. (Added 2007, No. 79, § 4, eff. June 9, 2007.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 54 - Communications Plant and Service › § 1912. Communications plant; authority to acquire, construct, operate, improve, extend, and better

§ 1912. Communications plant; authority to acquire, construct, operate, improve, extend, and better
(a) A municipality is authorized and empowered to own, maintain, operate, improve, and extend, or otherwise acquire, and to sell, lease, or otherwise dispose of, in accordance with and in any situation or manner not prohibited by law, its communications plant for the furnishing of communications services within or without the corporate limits of the municipality, for public, domestic, commercial, and industrial use, and for the provision of communications service. For the aforesaid purposes, the municipality may hire, lease, purchase, own, hold, and acquire by contract, agreement, or eminent domain proceedings any buildings, land, rights-of-way, and any other real property necessary or convenient to the operation of the communications plant, and may use any public highway over which it may be necessary or desirable to pass with the poles and wire of the same, provided that the use of such public highway for the purpose of public travel is not thereby unnecessarily impaired. These powers may be exercised through a taking by eminent domain in the manner prescribed by law. All of the foregoing powers are in addition to and not in substitution for or in limitation of any other powers conferred by law.
(b) Before a municipality may sell any service using its communications plant subject to Public Utility Commission jurisdiction and for which a certificate of public good is required under 30 V.S.A. chapter 5 or 13, it shall obtain a certificate of public good for such service. Each such certificate of public good shall be nonexclusive and shall not contain terms or conditions more favorable than those imposed on existing certificate holders authorized to serve the municipality. (Added 2007, No. 79, § 4, eff. June 9, 2007.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 54 - Communications Plant and Service › § 1913. Communications plant; operation and regulation

§ 1913. Communications plant; operation and regulation
(a) A municipality shall operate its communications plant in accordance with the applicable State and federal law and regulation, and chapter 53 of this title, relating to municipal indebtedness, with regard to the financing, improvements, expansion, and disposal of the municipal communications plant and its operations. However, the powers conferred by such provisions of law shall be supplemental to, construed in harmony with, and not in restriction of, the powers conferred in this chapter.
(b) A municipality’s operation of any communications plant shall be supported solely by the revenues derived from the operation of such communications plant, except that portion which is used for its own municipal purposes.
(c) A municipality may finance any capital improvement related to its operation of such communications plant for the benefit of the people of the municipality in accordance with the provisions of chapter 53 of this title, provided that revenue-backed bonds shall be paid from net revenues derived from the operation of the communications plant.
(d) Any restriction regarding the maximum outstanding debt that may be issued in the form of general obligation bonds shall not restrict the issuance of any bonds issued by a municipality and payable out of the net revenues from the operation of a public utility project under chapter 53, subchapter 2 of this title.
(e) To the extent that a municipality constructs communication infrastructure with the intent of providing communications services, whether wholesale or retail, the municipality shall ensure that any and all losses from these businesses, or in the event these businesses are abandoned or curtailed, any and all costs associated with the investment in communications infrastructure, are not borne by the municipality’s taxpayers.
(f) Notwithstanding any other provision of law to the contrary, a municipality may enter into a public-private partnership for the purpose of exercising its authority under this subchapter regarding the provision of communications services. A municipality may contract with a private entity to operate and manage a communications plant owned by the municipality or may contract with a private entity to co-own, operate, or manage a communications plant. A communications plant that is the subject of a public-private partnership authorized by this subsection may be financed in whole or in part pursuant to this chapter and chapter 53, subchapter 2 of this title, provided the municipality first issues a request for proposals seeking an Internet service provider to serve or to assist with serving unserved and underserved locations targeted by the issuing municipality. The terms of such a partnership shall specify that the owner or owners of the communications plant, as applicable, shall be responsible for debt service. (Added 2007, No. 79, § 4, eff. June 9, 2007; amended 2019, No. 79, § 13, eff. June 20, 2019.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 54 - Communications Plant and Service › § 1914. Validation of bonds voted for communications construction

§ 1914. Validation of bonds voted for communications construction
No action shall be brought directly or indirectly attacking, questioning, or in any manner contesting the legality or validity of bonds, issued or unissued, voted by any municipality, after six months from the date upon which voters in such municipal entity met pursuant to warning and voting affirmatively to issue bonds to defray costs of communications improvements or upon vote of a question of rescission thereof, whichever occurs later. This section shall be liberally construed to effect the legislative purpose to validate and make certain the validity of bonds issued or authorized by municipalities for communications system purposes, and to bar every right to question in any manner the validity of bonds voted for such purposes, and to bar every remedy therefore, notwithstanding any defects or irregularities, jurisdictional, or otherwise, after the expiration of the six-month period. (Added 2007, No. 79, § 4, eff. June 9, 2007.)