The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
ECONOMIC DEVELOPMENT REVENUE BONDS
(Cite as: 10 V.S.A. § 248)
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§ 248. Trustees and trust funds
A state or national chartered bank, Vermont bank, or Vermont trust company may serve
as trustee for the benefit of bondholders under a security document; and the trustee
may at any time own all or any part of the bonds issued under that security document,
unless otherwise provided therein. All monies received or held by a municipality
or by a trustee pursuant to a financing or security document, other than funds received
or held by the municipality for its own use, shall be deemed to be trust funds and
shall be held and applied solely in accordance with the applicable document, but the
person paying the money to the municipality or the trustee shall not be in any way
bound to see to its proper application. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 14, eff. March 27, 1975.)