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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 10 : Conservation and Development

Chapter 012 : VERMONT ECONOMIC DEVELOPMENT AUTHORITY

Subchapter 004 : ECONOMIC DEVELOPMENT REVENUE BONDS

(Cite as: 10 V.S.A. § 247)
  • § 247. Obligations of the municipality

    No financing or security document, bond, or other instrument issued or entered into under this subchapter shall in any way obligate a municipality to use its taxing power for any purpose in relation to an eligible facility financed under this subchapter. No municipality may pay or promise to pay any debt or meet any financial obligation to any person at any time in relation to an eligible facility financed under this subchapter, except from monies received or to be received under the provisions of a financing or security document entered into under this subchapter or except as may be required by other provisions of law. Bonds issued under the subchapter shall not be deemed indebtedness of the municipality for the purposes of any debt limit. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 13, eff. March 27, 1975; 1993, No. 89, § 3(b), eff. June 15, 1993.)