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
:
FORM AND NATURE OF BONDS AND NOTES
(Cite as: 10 V.S.A. § 634)
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§ 634. Refunding obligations — Sale
Refunding obligations issued as provided in section 633 of this title may be sold or exchanged for outstanding obligations issued under this chapter and,
if sold, the proceeds thereof may be applied, in addition to any other authorized
purposes, to the purchase, redemption, or payment of such outstanding obligations.
Pending the application of the proceeds of any refunding obligations, with any other
available funds, to the payment of the principal, accrued interest, and any redemption
premium on the obligations being refunded, and, if so provided or permitted in the
resolution authorizing the issuance of such refunding obligations or in the trust
agreement securing them to the payment of any interest on such refunding obligations
and any expenses in connection with such refunding, such proceeds may be invested
in direct obligations of, or obligations the principal of and the interest on that
are unconditionally guaranteed by the United States of America that shall mature or
that shall be subject to redemption by the holders thereof, at the option of such
holders, not later than the respective dates when the proceeds, together with the
interest accruing thereon, will be required for the purposes intended. (Added 1973, No. 260 (Adj. Sess.), § 3, eff. April 11, 1974.)