The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
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.)