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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 119 : MUNICIPAL BOND BANK

Subchapter 005 : SALE AND ISSUANCE OF BONDS AND NOTES

(Cite as: 24 V.S.A. § 4650)
  • § 4650. Interest rates

    Notwithstanding section 1759 of this title, or any other law applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, or purporting to regulate lenders every governmental unit may contract to pay interest on, or an interest cost per annum for, money borrowed from the bank and evidenced by its municipal bonds purchased by the bank notwithstanding any statutory limitation as to rate of interest per annum payable or as to annual interest cost to maturity of money borrowed by such governmental unit. Every governmental unit may contract with the bank with respect to the loan or purchase and the contract shall contain the terms and conditions of the loan or purchase. Every governmental unit may pay fees and charges required to be paid to the bank for its services. Notwithstanding sections 1759-1765 of this title or of any other law applicable to or constituting any limitation on the sale of municipal bonds or revenue bonds or notes, or purporting to regulate lenders any governmental unit may sell municipal bonds or revenue bonds or notes to the bank without limitations as to denomination and the municipal bonds or revenue bonds or notes may be fully registered, registrable as to principal or in bearer form, may bear interest at a rate or rates in accordance with this section, may be evidenced in that manner and may contain other provisions not inconsistent herewith, and may be sold to the bank without advertisement at a price of par and accrued interest, all as provided in the proceedings of the governing body of the governmental unit under which the municipal bonds or revenue bonds or notes are issued. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 17, eff. May 15, 1987; 1987, No. 203 (Adj. Sess.), § 20, eff. May 27, 1988.)