The Vermont Statutes Online

Title 32 : Taxation and Finance

Chapter 013 : Debts and Claims

Subchapter 003 : State Bonds

• § 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.)