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
001
:
INDEBTEDNESS GENERALLY
(Cite as: 24 V.S.A. § 1753)
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§ 1753. Use of bond proceeds
(a) If after bonds have been issued and no expenditure of the proceeds has been made for
the purpose or purposes for which the debt was incurred, or if a balance remains after
the completion of the project or projects for which the debt was authorized, a municipal
corporation by a majority of the voters present and voting on the question at a meeting
or meetings of such municipal corporation held for that purpose, may authorize the
expenditure of the proceeds or portion thereof for any purpose or purposes for which
bonds may be issued; provided, however, that if the proceeds obtained from the issuance
of bonds or any balance thereof, is not appropriated as aforesaid, then the same shall
be used to pay the principal of the loan as it matures.
(b) The warning calling the meeting provided in this section shall state the amount of
the proceeds and the purpose for which they are to be used, and shall fix the place
where and the date on which the meeting shall be held and the hours of opening and
closing of the polls. Notice of the meeting shall conform to section 1756 of this title, and the conduct of the meeting and the qualifications of voters shall conform to
section 1758 of this title. (Added 1969, No. 104, eff. April 19, 1969.)