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
002
:
INDEBTEDNESS FOR PUBLIC UTILITY PURPOSES
(Cite as: 24 V.S.A. § 1823)
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§ 1823. Payment exclusive; effect
(a) The bonds issued and contracts entered into in connection therewith as authorized
in section 1822 of this title and the interest thereon shall be payable solely and exclusively from net revenues
derived from the public utility system or project and shall not constitute general
indebtedness of the municipal corporation nor be an obligation or liability upon the
municipal corporation to pay the same from any funds of the municipal corporation
other than such net revenues. No holder or holders of any contracts entered into
or bonds issued under this subchapter shall ever have the right to compel any exercise
of the taxing power of the municipal corporation to pay such contracts or bonds, or
the interest thereon. A statement referring to the limited nature of the contract
or bond and reciting that it had been entered into or issued under this subchapter
shall be made plainly to appear in or upon each contract or bond.
(b) The bonds or contracts authorized by this subchapter shall not be affected by the
restrictions and limitations of subchapter 1 of this chapter relating thereto. (Amended 1989, No. 111, § 7, eff. June 22, 1989.)