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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 119 : MUNICIPAL BOND BANK

Subchapter 001 : General Provisions

(Cite as: 24 V.S.A. § 4551)
  • § 4551. Definitions

    The following definitions shall apply throughout this chapter unless the context clearly requires otherwise:

    (1) "Bank" means the Vermont municipal bond bank established by section 4571 of this title.

    (2) "Bonds" means bonds of the bank issued under this chapter.

    (3) "County" means any county of the state.

    (4) "General fund" means the fund established under section 4676 of this title.

    (5) "Governmental unit" means any county, municipality or public body.

    (6) "Issue", when used in reference to bonds or notes, means the physical delivery thereof or the effectuation thereof in book entry form, in each case against payment therefor.

    (7) "Municipal bond" means a bond or note or evidence of debt constituting a general obligation of a governmental unit, but does not include any bond or note or evidence of debt issued by any other state or any public body or municipal corporation thereof.

    (8) "Municipality" means any city, town, village, town school district, incorporated school district, union school district, or other school district, fire district, consolidated sewer district, consolidated water district or solid waste district organized under the laws of the state, and also includes every municipal corporation identified in subdivision 1751(1) of this title.

    (9) "Notes" means any notes of the bank issued under this chapter.

    (10) "Public body" means any public body corporate and politic or any political subdivision of the state established under any law of the state which may issue its bonds or notes, whether heretofore or hereafter established.

    (11) "Reserve fund" means the Vermont municipal bond bank reserve fund established under section 4671 of this title.

    (12) "Revenues" means all fees, charges, moneys, profits, payments of principal of or interest on municipal bonds and revenue bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter.

    (13) "Revenue bond" means a bond or note or evidence of debt constituting an obligation of a governmental unit payable solely out of the earnings or profits derived, or to be derived, from the operation of a public utility, authorized and issued in accordance with subchapter 2 of chapter 53 of this title.

    (14) "Revenue bond reserve fund" means the Vermont municipal bond bank revenue bond reserve fund established under section 4681 of this title.

    (15) "Revenue fund" means the Vermont municipal bond bank revenue fund established under section 4683 of this title. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 4, Feb. 14, 1972; 1983, No. 12, § 1, eff. March 29, 1983; 1985, No. 127 (Adj. Sess.), § 1, eff. April 21, 1986; 1987, No. 55,§§ 1-4, eff. May 15, 1987; 1987, No. 75, § 3; 1989, No. 111, § 4, eff. June 22, 1989.)