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
011
:
STATE INFRASTRUCTURE BANK PROGRAM
(Cite as: 10 V.S.A. § 280s)
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§ 280s. Borrower obligations
(a) Subject to the provisions of this subchapter, governmental obligations issued by a
governmental unit shall conform to the requirements of subchapter 4 of this chapter.
(b) Notwithstanding any law to the contrary, if a governmental unit has authorized a loan
in accordance with this subchapter and the issuance of governmental obligations under
any bond act, the governmental unit may, subject to the loan agreement and the approval
of the Board, issue notes to the Authority or any other person in anticipation of
the receipt of the proceeds of the loan. The issue of such notes shall be governed
by the provisions of this subchapter relating to the issue of governmental obligations
other than notes, to the extent applicable, provided the maturity date of such notes
shall not exceed three years from the date of issue of such notes or the expected
date of completion of the project financed thereby, as determined by the Board, if
later. Notes issued for less than the maximum maturity date may be renewed by the
issue of other notes maturing no later than the maximum maturity date.
(c) A governmental unit may issue governmental obligations to refund or pay at maturity
or earlier redemption any governmental obligations outstanding under any loan agreement
or to refund or pay any other debt of the governmental unit issued to finance the
qualified project to which such loan agreement pertains. Governmental obligations
for refunding may be issued in sufficient amounts to pay or provide for the principal
of the obligations refunded, any redemption premium thereon, any interest accrued
and to accrue to the date of payment of such obligations, the costs of issuance of
such refunding obligations and any reserves required by the applicable loan agreement.
An issue of refunding governmental obligations, the amount and dates of maturity or
maturities and other details thereof, the security thereof and the rights, duties,
and obligations of the governmental unit with respect thereto shall be governed by
the provisions of this subchapter relating to the issue of governmental obligations
other than refunding obligations as the same may be applicable.
(d) Except as otherwise provided in this subchapter, the applicable bond act, or by agreement
between the Board and a governmental unit, all governmental obligations shall be general
obligations of the governmental unit issuing the same for which its full faith and
credit are pledged and for the payment of which all taxable property in the governmental
unit shall be subject to ad valorem taxation without limitation as to rate or amount
except as otherwise provided by law. (Added 1997, No. 43, § 1.)