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Searching 2017-2018 Session

The Vermont Statutes Online

Title 16 : Education

Chapter 009 : SCHOOL DISTRICTS

Subchapter 001A : GOVERNMENT OF SCHOOL DISTRICTS

(Cite as: 16 V.S.A. § 429)
  • § 429. Loans

    Notwithstanding subsection 4029(b) of this title, a school board may draw orders for loans without interest to the town's general fund and the town selectboard may draw orders for loans without interest to the school district fund, the loans to be secured by a note signed by both the selectboard and the school board that stipulates mutually agreeable terms and conditions. A note shall be payable not more than 90 days after its issuance and shall be payable on demand anytime within the 90-day term. The school board shall report all loans to the Agency pursuant to subsection 4029(f) of this title. For purposes of this section, "town" and "selectboard" shall have the same meaning as they have in 1 V.S.A. § 139. (Added 1969, No. 298 (Adj. Sess.), § 49; amended 2011, No. 129 (Adj. Sess.), § 3, eff. May 11, 2012; 2013, No. 92 (Adj. Sess.), § 302, eff. Feb. 14, 2014.)