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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 053 : INDEBTEDNESS

Subchapter 001 : INDEBTEDNESS GENERALLY

(Cite as: 24 V.S.A. § 1758)
  • § 1758. Conduct of meetings

    (a) Meetings of voters in municipal corporations under this subchapter shall be conducted in the same manner as the annual city and town meetings are conducted. The qualifications of voters at such meetings shall be the same as the qualifications of voters at annual city and town meetings. The vote on the question of issuing bonds for such improvements shall be by Australian ballot. The form of the ballot to be used shall be substantially as follows:

              I. Shall the bonds of the  .......... of  .......... in an amount not to exceed  .......... be issued for the purpose of ....................?

              If in favor of the bond issue, make a cross (x) in this square [ ].

              If opposed to the bond issue, make a cross (x) in this square [ ].

         In the discretion of the legislative branch, the form of the ballot may also state the maximum rate of interest to be paid on the bonds, in which case the form of the ballot to be used shall be substantially as follows:

    I.                    Shall bonds of the  .......... of  .......... in an amount not to exceed .......... bearing

    interest not to exceed  .......... percent, be issued for the purpose of  ....................?

        If in favor of the bond issue, make a cross (x) in this square [ ].

        If opposed to the bond issue, make a cross (x) in this square [ ].

     (b) If a school board submits to its voters the proposition of incurring a bonded debt to pay for an improvement, the form of the ballot shall be as set forth in subsection (a) of this section, however:

    (1) If the entire costs of the improvement are not eligible for State construction aid pursuant to 16 V.S.A. chapter 123 because the costs exceed the maximum allowed by formula established by the State Board of Education, the ballot text set forth in subsection (a) shall be preceded by the following introductory sentences:

     

    The  .......... school board proposes to incur bonded indebtedness for the purpose of  .......... at the estimated total project cost of $  ........... It is estimated that  ........ percent of the project will not be eligible for  State school construction aid because its (unit costs and/or allowable space)  cause it to exceed the maximum cost for state participation under the State Board of Education's formula for school construction. Therefore, the  ...... percent of the project that is estimated to be ineligible under the formula shall be built at 100% school district cost without State participation. The cost of the portion of construction which is ineligible under the formula is $   ...........

    (2) The ballot may contain language conditioning commencement of the improvement by the school board on receipt of final approval by the State Board of Education for State construction aid under 16 V.S.A. § 3448(a)(5).

    (3) The warning and ballot shall contain the following set forth in bold-faced type:

    State funds may not be available at the time this project is otherwise eligible to receive State school construction aid. The district is responsible for all costs incurred in connection with any borrowing done in anticipation of State school construction aid.

    (c) A public informational hearing adhering to the requirements of 17 V.S.A. § 2680(g) shall be held to discuss the proposition of a school district incurring a bonded debt to pay for an improvement. At such hearing, the school board shall distribute to the participants a written estimate of the percentage of the costs of the improvement that will not be eligible for State school construction aid because its unit costs and/or allowable space cause it to exceed the maximum cost for State participation under the State Board of Education's formula for school construction. (Amended 1969, No. 58, § 3, eff. April 14, 1969; 1981, No. 239 (Adj. Sess.), § 29; 1995, No. 62, §§ 59, 61, eff. April 26, 1995; 1995, No. 185 (Adj. Sess.), §§ 7a, 79, eff. May 22, 1996; 1999, No. 29, § 54, eff. May 19, 1999; 2005, No. 147 (Adj. Sess.), § 44.)