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2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 902. Authorization to borrow money

§ 902. Authorization to borrow money
(a) Notwithstanding any other provision of law to the contrary, the State Treasurer, with notification to the Governor, on behalf of the State may borrow on the credit of the State for the purpose of raising funds to pay expenses of government for which appropriations have been made but for which anticipated revenues have not been received, for the purpose of defraying accumulated State deficits, for the purposes authorized by section 955 of this title and for expenses of preparing, issuing, and marketing obligations issued for such purposes. To evidence such borrowing, the State Treasurer is authorized to issue notes or other similar obligations, which shall include notes commonly known as tax exempt commercial paper (notes) from time to time in such form and denominations and with such terms and provisions including the maturity date or dates, redemption provisions, and other provisions necessary or desirable as the State Treasurer shall determine. Such notes shall be non-interest bearing or bear interest at such rate or rates, which may be fixed or variable, as, in the judgment of the State Treasurer, may be sufficient or necessary to effect the issuance and sale or resale thereof in the manner determined by the State Treasurer. The State Treasurer is authorized to enter into such agreements with other persons as he or she deems necessary or appropriate in connection with the issuance, sale, and resale of such notes, including agreements providing liquidity or credit facilities in connection with such notes, and, at his or her discretion, to resell or retire any such notes purchased by the State prior to the stated maturity thereof.
(b) The State Treasurer shall pay the interest on, principal of and expenses of preparing, issuing, and marketing of such notes as the same fall due without further order or authority from the General Fund or from the Transportation or other applicable funds or from the proceeds of bonds or notes. The authority hereby granted is in addition to and not in limitation of any other authority. Such notes shall be sold at public or private sale with or without published notice, as the State Treasurer may determine to be in the best interests of the State. (Added 1993, No. 19, § 1, eff. May 11, 1993; amended 1995, No. 178 (Adj. Sess.), § 264.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 932. Claims against the State

§ 932. Claims against the State
(a) A person who has a claim against the State, the payment of which is not otherwise specially provided for by law, may file a claim in Small Claims Court in accordance with 12 V.S.A. chapter 187. Notwithstanding 12 V.S.A. § 5531(a), judgments on such claims shall not exceed $2,000.00.
(b) A claim under this section shall be filed within 18 months after the date the claim accrued, and shall not be filed until the claimant has exhausted any duly adopted administrative grievance procedure of the State agency or department against which the claim is made. If the agency or department has not issued a final determination within 90 days after the grievance was filed, then for purposes of a claim under this subchapter, the grievance claim shall be deemed granted. (Amended 1977, No. 94; 1997, No. 156 (Adj. Sess.), § 46, eff. April 29, 1998; 1999, No. 8, § 1.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 932a. Administrative reimbursement for property damages

§ 932a. Administrative reimbursement for property damages
(a) In lieu of proceeding under section 932 of this title, a State employee who has a claim against the State for property damages may elect to file a claim under this section, provided the claim does not exceed $1,000.00.
(b) The claim shall be:
(1) made in writing, under oath, stating the facts relating to the claim;
(2) filed with the agency, department, or other State entity that employs the claimant; and
(3) filed within one year after the date the claim accrued.
(c) The State entity with which the claim is filed may approve payment of a claim against the State for property damages sustained by the employee and payment of the claim shall be charged against that entity’s departmental appropriation.
(d) If a claim is approved under this section, the Commissioner of Finance and Management shall issue a warrant for the amount of the award, the acceptance of which shall be a full discharge of all claims against the State arising out of the matters involved in the award. If the claim is disapproved, the person may proceed to file the claim under section 932 of this title.
(e)(1) A State employee who incurs expenses for legal representation because of a criminal investigation conducted by law enforcement authorities regarding an act or omission within the scope of the employee’s duties, may present an administrative claim to the head of his or her employing agency, provided that the employee has not:
(A) been convicted of any criminal offense on account of the act or omission;
(B) been finally terminated by the employing agency; or
(C) resigned from employment due to the act or omission.
(2) If the agency head has not yet made a determination whether the employee will be terminated, or if the termination is appealed to the Vermont Labor Relations Board, the request may be held until such a determination has been made or the Board decides the case. An employee reinstated by the Board may present a claim.
(3) The agency head shall forward the request along with a recommendation to the Secretary of Administration, who may authorize administrative reimbursement from the Agency’s budget for reasonable and necessary expenses, not to exceed $5,000.00. Payment under this subsection may only be authorized upon a finding by the Secretary of Administration that the act or omission was within the scope of the employee’s duties. The decision to reimburse and the amount of reimbursement are matters fully within the Secretary’s discretion. The Secretary’s decision shall be final and there shall be no appeal or challenge of the decision. There shall be no other reimbursement of legal expenses for criminal representation except as authorized under 3 V.S.A. § 1104. (Added 1999, No. 8, § 2; amended 2001, No. 72, § 1; 2021, No. 105 (Adj. Sess.), § 464, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 933. Hearing

§ 933. Hearing
(a) Notwithstanding 12 V.S.A. § 5535, claims to the Small Claims Court brought under this subchapter shall be decided by the court with no jury. An appeal from the decision of the Small Claims Court shall be in accordance with provisions of 12 V.S.A. § 5538.
(b) The Small Claims Court shall decide a claim filed under this subchapter by an inmate of a correctional facility on the basis of affidavits of the parties and testimony by telephone; or the court may in its discretion request additional evidence to decide such claims.
(c) Upon award of damages by the Small Claims Court, the Commissioner of Finance and Management shall issue a warrant for the amount, the acceptance of which shall be a full discharge of all claims against the State arising out of the matters involved in the award. (Amended 1959, No. 328 (Adj. Sess.), § 8(b); 1981, No. 249 (Adj. Sess.), § 7; 1983, No. 195 (Adj. Sess.), § 5(b); 1997, No. 156 (Adj. Sess.), § 47, eff. April 29, 1998; 2021, No. 105 (Adj. Sess.), § 465, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 951. Applicability

§ 951. Applicability
This subchapter shall apply to all bonds authorized by the General Assembly, provided that provisions in authorizing acts inconsistent with this subchapter shall control, except as provided in section 957 of this title. (Added 1959, No. 24, § 1, eff. March 10, 1959; amended 2021, No. 105 (Adj. Sess.), § 466, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 951a. Debt service funds

§ 951a. Debt service funds
(a) Three governmental debt service funds are hereby established:
(1) the General Obligation Bonds Debt Service Fund to fulfill debt service obligations of general obligation bonds from all funding sources;
(2) the Transportation Infrastructure Bonds Debt Service Fund to fulfill debt service obligations of transportation infrastructure bonds funded primarily by the revenues of the Transportation Infrastructure Bond Fund; and
(3) other debt service funds to fulfill debt service obligations of other long-term debt funded by governmental fund dedicated revenue sources.
(b) Financial resources in each fund shall consist of appropriations by the General Assembly to fulfill debt service obligations, the transfer of funding sources by the General Assembly to fulfill future debt service obligations, bond proceeds raised to fund a permanent reserve required by a trust agreement entered into to secure bonds, transfers of appropriations effected pursuant to section 706 of this title, investment income earned on balances held in trust agreement accounts as required by a trust agreement, and such other amounts as directed by the General Assembly or that are specifically authorized by provisions of this title. Each debt service fund shall account for the accumulation of resources and the fulfillment of debt service obligations within the current fiscal year and the accumulation of resources for debt service obligations maturing in future fiscal years.
(c) Debt service obligations of general obligation bonds, transportation infrastructure bonds, or other authorized long-term obligations shall be fulfilled from the respective governmental debt service funds established in this section.
(d) As used in this section, “debt service obligations” of bonds include requirements to:
(1) pay principal and interest, sinking fund obligations, and redemption premiums;
(2) pay investment return on and the maturity value of capital appreciation bonds;
(3) provide for reserves required by a trust agreement entered into to secure bonds; and
(4) provide any additional security, insurance, or other form of credit enhancement required by a trust agreement entered into to secure bonds. (Added 2011, No. 63, § F.101, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 952. Denominations; how issued

§ 952. Denominations; how issued
The bonds may be issued at one time or in series from time to time, in any form permitted by law. Except for zero coupon bonds or capital appreciation bonds designated as such by the State Treasurer, with the approval of the Governor, each series shall be payable in substantially equal or diminishing amounts annually, the first of the annual payments to be made not later than five years after the date of the bonds and the last of the payments to be made not later than 20 years after the date. All bonds shall mature not later than 20 years after the date of the bonds. The principal, interest, investment returns, and maturity value of the bonds shall be payable in lawful money of the United States or of the country in which the bonds were sold and for the payments the full faith and credit of the State are hereby pledged. Bonds shall be signed by the State Treasurer or the State Treasurer’s deputy and countersigned by the manual or facsimile signature of the Secretary of State or the Secretary of State’s deputy, and shall bear the Seal of the State or a facsimile of the Seal of the State, and the interest coupons on the bonds shall bear the facsimile signature of the State Treasurer. Bonds shall be registered as provided by this subchapter. The date of issuance; place of payment; rate of interest, which may be fixed or variable; or the manner of determining the rate of interest, original stated value, investment returns or manner of determining the same, maturity value, time of maturity, provisions with respect to redemption prior to maturity, at par or at a premium, sinking fund and reserve requirements, and other particulars as to the form of the bonds, within the limitations mentioned under this section, shall be determined by the State Treasurer with the approval of the Governor as the State Treasurer may deem for the best interests of the State. Bonds shall contain on their face the statement that they are issued for the purposes mentioned in, under the authority of, and in conformity with the authorizing act, and that their form and other particulars and details have been duly determined by the State Treasurer, with the approval of the Governor; and the statement shall be conclusive evidence of the liability of the State to any bona fide holder, and the bonds so issued shall be the lawful obligations of the State. (Added 1959, No. 24, § 2, eff. March 10, 1959; amended 1979, No. 205 (Adj. Sess.), § 156, eff. May 9, 1980; 1985, No. 125 (Adj. Sess.), § 1, eff. April 18, 1986; 1989, No. 276 (Adj. Sess.), § 22, June 20, 1990; 1993, No. 19, § 2, eff. May 11, 1993; 2021, No. 105 (Adj. Sess.), § 467, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 953. Sales, record

§ 953. Sales, record
The State Treasurer, with the approval of the Governor, is hereby authorized to sell such bonds at such prices, in such amount, at such times, and in such manner, with or without advertising the same, as he or she shall determine to be for the best interests of the State, at public or private sale. The State Treasurer shall keep an accurate record of each and every bond when issued, the number and denomination of each bond when issued, when and where payable, to whom sold, and the rate of interest or the investment return thereon and shall keep an accurate record of all payments of interest, principal, investment return, and maturity value. Interest and the investment return on such bonds shall be exempt from taxation in this State. (Added 1959, No. 24, § 3, eff. March 10, 1959; amended 1989, No. 276 (Adj. Sess.), § 23, eff. June 20, 1990.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 955. Anticipation of proceeds

§ 955. Anticipation of proceeds
Pending the issue of said bonds, the State Treasurer, with the approval of the Governor, may use any available cash in the Treasury for the purposes for which the bonds were authorized and restore the same from the proceeds of said bonds. Also, the State Treasurer, with the approval of the Governor, may borrow upon notes of the State sums of money in anticipation of the proceeds of the bonds. Such notes shall be issued on such terms and at such times as they may determine. Each such note shall mature not more than two years from its date, provided that notes issued for a shorter period may be refunded from time to time by the issue of other such notes maturing within the required period of two years. The authority hereby granted is in addition to and not in limitation of any other authority. (Added 1959, No. 24, § 5, eff. March 10, 1959; amended 1993, No. 19, § 3, eff. May 11, 1993.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 956. Time available

§ 956. Time available
Unless otherwise specifically provided as to any particular appropriation to be raised by the issue of bonds, provisions of law relating to the lapse of unexpended appropriations shall not apply. (Added 1959, No. 24, § 6, eff. March 10, 1959.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 957. Consolidation

§ 957. Consolidation
The bonds authorized by one or more acts of the General Assembly may in the discretion of the officers issuing the bonds be combined upon their issue into one or more consolidated issues. The particular bonds of the consolidated issue issued under each authority may but need not be designated by number or otherwise. The bonds of the consolidated issues may be designated by titles as may be deemed appropriate by the officers, which shall be in substitution for any titles prescribed by the authorizing acts, and shall contain on their face the statement that they are issued for the purposes mentioned in, under the authority of, and in conformity with the authorizing acts instead of the statement prescribed above or in the authorizing act, and the statement shall be conclusive evidence of the liability of the State to any bona fide holder, and the bonds so issued shall be the lawful obligations of the State. (Added 1959, No. 24, § 7, eff. March 10, 1959; amended 2021, No. 105 (Adj. Sess.), § 469, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 958. Expiration of office

§ 958. Expiration of office
Any bonds or notes issued pursuant to this subchapter, if properly executed by the officers of the State in office on the date of the signing or on the date of imprinting of the facsimile signature, as the case may be, shall be valid and binding according to their terms, notwithstanding that before their delivery and payment, any or all executing officers shall have for any reason ceased to hold office. (Added 1959, No. 24, § 8, eff. March 10, 1959; amended 2021, No. 105 (Adj. Sess.), § 470, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 960. Issuance of bonds

§ 960. Issuance of bonds
Issuance of bonds authorized by the General Assembly for a given fiscal year may, in the discretion of the State Treasurer with the approval of the Governor, be issued in the months of May or June preceding that fiscal year, or at any time thereafter and until such authorization is rescinded by the General Assembly prior to the issuance of such bonds. (Added 1981, No. 233 (Adj. Sess.), § 14(c); amended 1999, No. 148 (Adj. Sess.), § 87, eff. May 24, 2000.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 961. Refunding bonds

§ 961. Refunding bonds
(a) The State Treasurer, with the approval of the Governor, is hereby authorized to issue general obligation bonds in order to refund all or any portion of one or more issues of outstanding general obligation bonds at any time after the issuance of the bonds to be refunded. The State Treasurer, with the approval of the Governor, is authorized to refinance outstanding certificates of participation or outstanding long-term lease purchase agreements through the issuance of general obligation bonds or notes of the State of Vermont or certificates of participation. To the extent available, any reduction in debt service coming from the refunding shall be used to offset General Fund debt service in the fiscal year of the reductions.
(b) The State Treasurer, prior to the issuance of refunding bonds, shall have authority to contract on behalf of the State with a bank or trust company authorized to do business in this State for the purpose of having the bank or trust company act as the escrow agent of the proceeds, inclusive of any premium, from the sale of the refunding bonds, together with all income derived from the investment of the proceeds, and any other monies to be provided by the State to effectuate the refunding.
(c) The proceeds, inclusive of any premium, from the sale of refunding bonds, immediately upon receipt, shall be placed in escrow with the escrow agent in accordance with the escrow contract. That portion of the proceeds required for the payment of the principal of and interest on or investment return or maturity value of the bonds to be refunded, including any redemption premiums, shall be irrevocably committed and pledged to that purpose and the holders of the bonds to be refunded shall have a lien upon the monies and investments held by the escrow holder. The pledge and lien provided for in this subsection shall become valid and binding upon the issuance of the refunding bonds and the monies and investments held by the escrow agent shall immediately be subject to the pledge and lien without any further act. The pledge and lien shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the State, irrespective of whether the parties have received notice. Neither the escrow contract, nor any other instrument relating to the pledges and liens, need be filed or recorded.
(d) The refunding bonds authorized by this section shall be issued in accordance with the provisions of this chapter, provided that installments on refunding bonds need not be payable in substantially equal or diminishing amounts and provided further that no notes may be issued in anticipation of the proceeds of the refunding bonds.
(e) [Repealed.] (Added 1985, No. 125 (Adj. Sess.), § 2, eff. April 18, 1986; amended 1989, No. 276 (Adj. Sess.), §§ 25, 28, eff. June 20, 1990; 1995, No. 185 (Adj. Sess.), § 65, eff. May 22, 1996; 2021, No. 105 (Adj. Sess.), § 471, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 962. Private use compliance, notice, and approval

§ 962. Private use compliance, notice, and approval
Any entity receiving an appropriation financed with proceeds of tax-exempt bonds of the State shall notify and receive approval from the State Treasurer and the Secretary of Administration at least 90 days prior to finalizing an agreement with a nonpublic or for-profit entity to rent, lease, sell, or otherwise dispose of property financed with those proceeds and also shall pay any cost related to compliance with the Internal Revenue Code of 1986, as amended, resulting from disposal of the property. This notification requirement shall not apply if the proceeds were included in the five percent allowance for private use prior to the issuance of bonds, or if the proceeds were provided, or the property was disposed of, as a grant or otherwise with no payment or repayment made or required to be made to the State or to the entity. (Added 2011, No. 104 (Adj. Sess.), § 35, eff. May 7, 2012.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 972. Transportation Infrastructure Bonds

§ 972. Transportation Infrastructure Bonds
(a) The Treasurer may issue bonds pursuant to this subchapter from time to time in amounts authorized by the General Assembly in its annual transportation bill. Bonds issued under this section shall be referred to as “Transportation Infrastructure Bonds.”
(b) As used in this subchapter, the term “debt service obligations” is as defined in section 951a of this title.
(c) Debt service obligations of the bonds shall be fulfilled or satisfied in accordance with the terms of any trust agreement pertaining to the bonds from the Transportation Infrastructure Bonds Debt Service Fund.
(d) Funds raised from bonds issued under this section may be used to pay for or fund:
(1) the rehabilitation, reconstruction, or replacement of State bridges and culverts;
(2) the rehabilitation, reconstruction, or replacement of municipal bridges and culverts;
(3) the rehabilitation, reconstruction, or replacement of State roads, railroads, airports, and necessary buildings that after such work, have an estimated minimum remaining useful life of 30 years or more; and
(4) a permanent reserve required by a trust agreement entered into to secure the bonds.
(e) Pursuant to section 953 of this title, interest and the investment return on the bonds shall be exempt from taxation in this State.
(f) Bonds issued under this section shall be legal investments for all persons without limit as to the amount held, regardless of whether they are acting for their own account or in a fiduciary capacity. The bonds shall likewise be legal investments for all public officials authorized to invest in public funds. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.103, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 973. Issuance of bonds

§ 973. Issuance of bonds
(a) Transportation Infrastructure Bonds may be issued at one time or in a series from time to time in any form permitted by law, in such manner and on such terms and conditions as the State Treasurer may determine to be in the best interests of the State, except that the State Treasurer shall determine the following with the approval of the Governor:
(1) date of issuance;
(2) place of payment;
(3) rate of interest (which may be fixed or variable) or the manner of determining such rate of interest;
(4) original stated value;
(5) investment returns or manner of determining the investment returns;
(6) maturity value, time of maturity, and provisions with respect to redemption prior to maturity;
(7) whether to issue the bonds at par, premium, or discount;
(8) sinking fund and reserve requirements;
(9) amount and manner of issuance; and
(10) other particulars as to the form of such bonds within the limitations of this subchapter.
(b) The State Treasurer shall determine the annual payment schedule for the bonds, including debt service and sinking fund payments, if any, as he or she may deem to be in the best interests of the State. However, any bond issued under this subchapter shall mature not later than 30 years after the date of issuance. Installments on the bonds need not be payable in substantially equal or diminishing amounts. The last bond payment shall be made not later than 30 years after the date of issuance.
(c) The State Treasurer may determine at the time of issuance to apply all or a portion of any net premium to the costs of issuance, other related financing costs, or the payment of the principal or interest to come due. If net premium is applied to costs of issuance, the amount of the premium shall not be included in the net proceeds of the issue. Net premium not applied to costs of issuance shall be included in the net proceeds of the issue and may be used for any of the authorized purposes of the bond proceeds.
(d) The debt service obligations of Transportation Infrastructure Bonds which require a cash payment shall be payable in lawful money of the United States or of the country in which the bonds are sold.
(e) Transportation Infrastructure Bonds shall be registered pursuant to section 981 of this title. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.104, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 974. Security documents

§ 974. Security documents
(a) The State Treasurer is authorized to secure bonds authorized under this subchapter by a trust agreement that pledges or assigns monies in the Transportation Infrastructure Bond Fund, by additional security, insurance, or other forms of credit enhancement that may be secured with the bonds on a parity or subordinate basis, or by both.
(b) Any trust agreement or credit enhancement agreement entered into pursuant to this section shall be valid and binding from the time of the agreement without any physical delivery or further act and without any filing or recording under the Uniform Commercial Code or otherwise, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise, irrespective of whether such parties have notice thereof.
(c) Any trust agreement or credit enhancement agreement may establish provisions defining defaults and establishing remedies and other matters relating to the rights and security of the holders of the bonds or other secured parties as determined by the State Treasurer, including provisions relating to the establishment of reserves; the issuance of additional or refunding bonds, whether or not secured on a parity basis; the application of receipts, monies, or funds pledged pursuant to the agreement; and other matters deemed necessary or desirable by the State Treasurer for the security of the bonds, and may also regulate the custody, investment, and application of monies.
(d) For payment of debt service obligations of Transportation Infrastructure Bonds, the full faith and credit of the State is hereby pledged. However, if pledging of full faith and credit of the State is not necessary to market a Transportation Infrastructure Bond in the best interests of the State, the Treasurer shall enter into an agreement that establishes that the full faith and credit of the State is not pledged for payment of debt service obligations of the bond. In determining whether to pledge the full faith and credit of the State, the State Treasurer shall consider the anticipated effect of such a pledge on the credit standing of the State, the marketability of the Transportation Infrastructure Bond, and other factors he or she deems appropriate. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.105, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 975. Proceeds

§ 975. Proceeds
Proceeds from the sale of bonds may be expended for the authorized purposes of the bonds, including the expenses of preparing, issuing, and marketing the bonds; any notes issued under section 976 of this title; and amounts for any reserves. However, no purchasers of the bonds shall be bound to see to the proper application of the proceeds thereof. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.106, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 975a. Authority of Treasurer

§ 975a. Authority of Treasurer
The Treasurer may fulfill debt service obligations of bonds issued under this subchapter as they fall due without further order or authority. All such fulfillments shall be accounted for as a payment or provision made from the Transportation Infrastructure Bonds Debt Service Fund. (Added 2011, No. 63, § F.107, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 975b. Debt service appropriations

§ 975b. Debt service appropriations
The General Assembly shall appropriate in the annual appropriations bill the amount necessary from the appropriate funds to pay the debt service obligations of Transportation Infrastructure Bonds that are due in the fiscal year covered by the appropriations bill. (Added 2011, No. 63, § F.108, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 976. Anticipation of proceeds

§ 976. Anticipation of proceeds
(a) Pending the issue of Transportation Infrastructure Bonds, the State Treasurer, with the approval of the Governor, may use any available cash in the Transportation Infrastructure Bond Fund for the purposes for which the bonds were authorized, and shall restore the borrowed funds from the proceeds of the bonds.
(b) The State Treasurer, with the approval of the Governor, may borrow upon notes of the State sums of money in anticipation of the proceeds of the bonds. Notes issued under this subsection shall be issued on such terms and at such times as the Treasurer and Governor may determine, and shall mature not more than three years from the date of issuance, provided that notes issued for a shorter period may be refunded from time to time by the issue of other such notes maturing within the required period of three years.
(c) The authority granted under this section is in addition to and not in limitation of any other authority. (Added 2009, No. 50, § 28.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 977. Refunding bonds

§ 977. Refunding bonds
The State Treasurer, with the approval of the Governor, is hereby authorized to issue Transportation Infrastructure Bonds in order to refund all or any portion of outstanding transportation bonds at any time after the issuance of the bonds to be refunded pursuant to subsections 961(b), (c), and (d) of this title. (Added 2009, No. 50, § 28.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 978. Pledge

§ 978. Pledge
The General Assembly hereby pledges and covenants with holders of the bonds issued under this subchapter that the State will fulfill the terms of any agreement made with the holders of Transportation Infrastructure Bonds and will not in any way impair the rights or remedies of the holders of the bonds until the bonds, interest, and all costs associated with the bonds are fully paid. (Added 2009, No. 50, § 28.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 979. Authorities

§ 979. Authorities
In addition to the provisions of this subchapter, the following provisions of this title shall apply to Transportation Infrastructure Bonds:
(1) sections 951a, 953, 956, 958, and 960;
(2) subsection 954(c), except that transfers shall be made only among projects to be funded with Transportation Infrastructure Bonds; and
(3) section 957, except that consolidation may be only among Transportation Infrastructure Bonds, and the bonds shall be the lawful obligation of the Transportation Infrastructure Bond Fund and not of the remaining revenues of the State unless the Treasurer has agreed to pledge the full faith and credit of the State pursuant to subsection 974(d) of this title. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.109, eff. June 2, 2011.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 980. Authority to issue Transportation Infrastructure Bonds

§ 980. Authority to issue Transportation Infrastructure Bonds
The State Treasurer is authorized to issue Transportation Infrastructure Bonds pursuant to section 972 of this title for the purpose of funding future appropriations only as approved by the General Assembly. (Added 2009, No. 50, § 28.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 981. Form of bonds or notes

§ 981. Form of bonds or notes
Notwithstanding any general or special law to the contrary, the State may issue bonds or notes in coupon form payable to the bearer, in registered form without coupons, or in book entry form. Bonds or notes other than those in book entry form shall be signed by the manual or facsimile signature of the State Treasurer or the State Treasurer’s deputy and countersigned by the manual or facsimile signature of the Secretary of State or the Secretary of State’s deputy, and the interest coupons on the bonds or notes, if any, shall bear the facsimile signature of the State Treasurer. The Seal of the State shall be affixed or imprinted on the bonds or notes. The date of issuance; place of payment; rate of interest, which may be fixed or variable, or manner of determining the rate of interest; original stated value; investment returns or manner of determining the same; maturity value; time of maturity; provisions with respect to redemption prior to maturity, at par or at a premium; sinking fund and reserve requirements; and other particulars as to the form of the bonds within the limitations mentioned under this section, shall be determined by the State Treasurer with the approval of the Governor as the State Treasurer may deem for the best interests of the State. (Added 1983, No. 15, eff. March 29, 1983; amended 1989, No. 276 (Adj. Sess.), § 26, eff. June 20, 1990; 1993, No. 19, § 4, eff. May 11, 1993; 2021, No. 105 (Adj. Sess.), § 472, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 982. Transfer agent

§ 982. Transfer agent
The State Treasurer shall act as transfer agent or registrar for the exchange or transfer of registered bonds or notes 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 or notes or maintain the records so that bonds or 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; 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. Bonds or notes in book entry form shall be effected by means of entries on the records of the State Treasurer or his or her designee which shall reflect the description of the issue, the principal amount, maturity value, the interest rate, investment returns, the maturity date, the owner of the bonds or notes, and such other information as is deemed appropriate. The State Treasurer or other designated person may effect conversions between book entry bonds or notes and registered bonds or 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. (Added 1983, No. 15, eff. March 29, 1983; amended 1989, No. 276 (Adj. Sess.), § 27, eff. June 20, 1990.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 983. Confidential registry

§ 983. Confidential registry
The books of registry held by the State Treasurer or other designated registrar shall be confidential and the information contained in the books of registry shall not be available to the public. (Added 1983, No. 15, eff. March 29, 1983; amended 2021, No. 105 (Adj. Sess.), § 473, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 985. Application

§ 985. Application
This subchapter supersedes any existing general or special law of the State with respect to the matters contained under this subchapter as they apply to bonds or notes issued by the State, but shall not diminish or restrict any powers previously granted by law. (Added 1983, No. 15, eff. March 29, 1983; amended 2021, No. 105 (Adj. Sess.), § 474, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 991. Definitions

§ 991. Definitions
As used in this subchapter:
(1) “Private activity bond” shall have the meaning ascribed to it in Section 141 of the Internal Revenue Code of 1986, as amended. The use of such term in this subchapter is for reference purposes only, and shall not imply that the State of Vermont agrees that any bond issued in accordance with such section is for a “private activity.”
(2) “Issuing authority” means any agency or governmental unit or instrumentality of the State, or any public corporation established by the State, authorized by law to issue private activity bonds, including municipal corporations. It shall include, without limiting the generality of the foregoing, the Vermont Economic Development Authority, the Vermont Housing Finance Agency, the Vermont Municipal Bond Bank, and the Vermont Student Assistance Corporation. (Added 1985, No. 25, § 1; amended 1987, No. 36, § 1, eff. Jan. 1, 1988; 1993, No. 89, § 3(a), eff. June 15, 1993.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 992. Allocation; authority

§ 992. Allocation; authority
(a) The State of Vermont hereby elects, under Section 146 of the Internal Revenue Code of 1986, as amended, to establish its formula for allocating the State ceiling among the governmental units of a state having authority to issue “private activity bonds” the interest on which is not included in gross income of recipients thereof for federal income tax purposes. The State allocation formula established under this subchapter shall apply to all private activity bonds that all issuing authorities may issue in any calendar year.
(b)(1) One hundred percent of Vermont’s federally allocated State ceiling on the volume of private activity bonds that may be issued in any calendar year is hereby allocated to the State. The Emergency Board established by chapter 3 of this title shall be the duly authorized agency of the State having the power to apportion the State’s private activity bond ceiling to and among the constituted issuing authorities empowered to issue such bonds. The Emergency Board shall exercise this power on or before January 31 in each calendar year by apportioning the ceiling among issuing authorities, reserving such portion as the Board deems appropriate in the form of a contingency allocation to be available to all issuing authorities at the discretion of the Emergency Board, pursuant to policies and guidelines established by the Board.
(2) The Board may delegate the power and authority granted to it under this section to the Governor, subject to the Board’s policies and guidelines, for any assignments or reallocations of any unused portion of the ceiling made after December 20 in any calendar year. All assignments or reallocations of the private activity bond ceiling made pursuant to this section shall be made in writing in accordance with Section 146 of the Internal Revenue Code of 1986. (Added 1985, No. 25, § 1; amended 1987, No. 36, § 2, eff. May 11, 1987; 2017, No. 74, § 135.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 993. Public approval, out-of-state issuers

§ 993. Public approval, out-of-state issuers
Notwithstanding any provision to the contrary in Title 9, the Governor, in consultation with the State Treasurer, shall have exclusive authority to grant any public approval required under Section 147(f)(2) of the Internal Revenue Code of 1986, as amended, pertaining to the proposed issuance of qualified private activity bonds when the purpose of the bonds is to finance or refinance purposes to be located within the State and the bonds are proposed by any issuers of qualified private activity bonds organized under the laws of a jurisdiction other than the State of Vermont. Approval shall not be withheld unless the Governor, in consultation with the State Treasurer, determines in good faith that the issuance is not financially sound. (Added 2011, No. 104 (Adj. Sess.), § 36, eff. May 7, 2012.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 994. Recommendation regarding private bond volume cap

§ 994. Recommendation regarding private bond volume cap
The Treasurer shall, in coordination with the Secretary of Administration, the Secretary of Commerce and Community Development, and any bond issuing authority of the State or instrumentality of the State that is eligible to issue private activity bonds:
(1) annually survey the expected need for private activity bond allocations and provide recommendations to the Emergency Board prior to its meetings;
(2) maintain guidelines for allocation of private activity bonding capacity designed to maximize the availability of tax-exempt financing among various sectors of the Vermont economy with a focus on economic development, housing, education, redevelopment, public works, energy, waste management, waste and recycling collection, transportation, and other activities that benefit the citizens of Vermont which guidelines should support efforts and entities that increase the number of good-paying jobs in the State, promote economic development, support affordable housing, and affordable access to postsecondary education and training, and encourage the use of Vermont’s human and natural resources in endeavors that maximize Vermont’s comparative economic advantages, and be flexible enough to include new and innovative uses of private activity bonds, consistent with federal regulations and the Internal Revenue Code;
(3) on or before December 1 of each year, shall make recommendations to the Emergency Board on the allocation, including any amounts reserved for contingency allocations, of the State’s private activity bond ceiling for the following calendar year to and among the constituted issuing authorities empowered to issue such bonds; and
(4) as required, or at the request of the Governor or the Emergency Board, make recommendations to the Governor or Emergency Board concerning assignments or reallocation of any unused portion of the ceiling subsequent to an allocation by the Emergency Board in a given year. (Added 2011, No. 110 (Adj. Sess.), § 1, eff. May 8, 2012; amended 2013, No. 1, § 98; 2021, No. 105 (Adj. Sess.), § 475, eff. July 1, 2022; 2023, No. 53, § 139, eff. June 8, 2023.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 995. Agreements for the exemption of interest

§ 995. Agreements for the exemption of interest
(a) It is hereby found and determined that proposed amendments to the Internal Revenue Code of 1986, including, particularly, 26 U.S.C. § 103, and the relevant regulations of the U.S. Treasury Department, require the State, municipal corporations, and agencies and instrumentalities thereof, collectively referred to as “Issuers,” to enter into agreements, make covenants with the holders of their respective obligations, or take other actions as a condition to the noninclusion of interest on their respective obligations in gross income of recipients for federal income tax purposes. It is hereby further found and determined that it is in the best interests of the issuers to leave no ambiguity as to whether the issuers have the authority to enter into such agreements, make the covenants, or take other actions.
(b) Issuers are hereby authorized and empowered to enter into any agreement, make any covenant, or take any other action required to assure that interest on their respective bonds is not included in gross income of the recipients for federal income tax purposes.
(c) Notwithstanding the provisions of 24 V.S.A. §§ 4648 and 1753 and section 954 of this title, or any other general, special, or local law to the contrary, issuers are hereby authorized to appropriate and pay to the U.S. Treasury Department, or any other agency of the United States, all or a portion of the income received by the issuers from the investment or reinvestment of the proceeds of their respective bonds, in the amount and to the extent necessary to assure that interest on their respective bonds is not included in gross income of the recipients for federal income tax purposes. (Added 1985, No. 125 (Adj. Sess.), § 4, eff. April 18, 1986; amended 1987, No. 36, § 3, eff. May 11, 1987; 2021, No. 105 (Adj. Sess.), § 476, eff. July 1, 2022.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 996. Delegation authorized

§ 996. Delegation authorized
The legislative branch of a municipality or county, however defined, may delegate to the treasurer or chief fiscal officer of a municipal corporation the power to enter into any agreement, make any covenant, or take any other action described in section 995 of this title. The State Treasurer may delegate to the treasurer or chief financial officer of any State instrumentality the power to enter into any agreement, make any covenant, or take any other action described in section 995 of this title. (Added 1985, No. 125 (Adj. Sess.), § 4, eff. April 18, 1986; amended 1987, No. 36, § 4, eff. May 11, 1987.)
2023 Vermont Statutes › Title 32 - Taxation and Finance › Chapter 13 - Debts and Claims › § 997. State covenant

§ 997. State covenant
To the extent that an issuer has entered into an agreement, covenanted, or acted to assure that interest on its obligations is not included in the gross income of the recipients for federal income tax purposes pursuant to this chapter, the State will not limit or alter the power to perform the agreement or covenant or take action or in any way impair the rights and remedies of any holders, until the bonds, together with the interest on the bonds, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders, are fully paid and discharged. Issuers are hereby authorized to include this pledge and agreement of the State in any agreement with the holders of their respective obligations. (Added 1985, No. 125 (Adj. Sess.), § 4, eff. April 18, 1986; amended 1987, No. 36, § 5, eff. May 11, 1987; 2021, No. 105 (Adj. Sess.), § 477, eff. July 1, 2022.)