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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 Appendix : Municipal Charters

Chapter 005 : CITY OF MONTPELIER

Subchapter 011 : INDEBTEDNESS; SINKING FUND; BONDS AND NOTES FOR IMPROVEMENTS

(Cite as: 24 App. V.S.A. ch. 5, § 1117)
  • § 5-1117. Use of unexpended bond proceeds

    (a) The proceeds of all bonds or notes shall be used for the purpose for which they were authorized. However, any unexpended balance remaining after carrying out the purpose for which they were authorized, other than school purposes, may, by vote of any annual or special City meeting duly warned and held for that purpose, be authorized for any purpose for which bonds may be issued, in accordance with general law, or transferred to a sinking fund established by the Council.

    (b) Any unexpended balance remaining after carrying out a purpose relating to schools or school property for which bonds or notes were authorized may, in addition to other uses permitted by law, be transferred to a sinking fund. (Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.)