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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 120 : SPECIAL ENVIRONMENTAL REVOLVING FUND

Subchapter 002 : Municipal Loans

(Cite as: 24 V.S.A. § 4761)
  • § 4761. Noncontestability

    No action at law or in equity shall be brought or maintained which directly or indirectly challenges, attacks or questions or in any manner contests the formation, or the existence as a body corporate and politic of any municipality whose bonds, notes or other instruments of debt issued and held by the bond bank on behalf of the state after six months from the date of issue; nor shall any action at law or in equity be brought or maintained which directly or indirectly challenges, attacks or questions or in any manner contests the legality or validity of bonds, notes or other instruments of debt, issued or unissued, voted by a municipality for the purpose of financing any project eligible for financing under any loan fund created under section 4753 of this chapter after six months from the date upon which such municipality met pursuant to warning and voted affirmatively to issue bonds, notes or other form of debt to finance in whole or in part any such eligible project, or upon vote of a question of rescission thereof, whichever occurs later. This section shall be construed liberally to effect the legislative purpose to validate and make certain the legal existence of all municipalities whose bonds, notes or other instruments of debt have been issued and are held by the bond bank on behalf of the state for any of the purposes stated in section 4753, and to bar every right to question in any manner the existence of any such municipality or the validity of any bond, note or other instrument of debt voted by it for such purposes, and to bar every remedy therefor notwithstanding any defects or irregularities, jurisdictional or otherwise, after expiration of the six-month period established in this section. (Added 1987, No. 75, § 1.)