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.
(Cite as: 24 V.S.A. § 3215)
-
§ 3215. Bonds as legal investments
All banks, trust companies, bankers, savings banks and institutions, building and
loan associations, savings and loan associations, investment companies, and other
persons carrying on a banking or investment business; all insurance companies, insurance
associations, and other persons carrying on an insurance business; and all executors,
administrators, curators, trustees, and other fiduciaries, may legally invest any
sinking funds, monies, or other funds belonging to them or within their control in
any bonds or other obligations issued by a municipality pursuant to this chapter or
by any urban renewal agency or housing authority vested with urban renewal project
powers under section 3219 of this chapter; provided, that such bonds and other obligations
shall be secured by an agreement between the issuer and the federal government in
which the issuer agrees to borrow from the federal government and the federal government
agrees to lend to the issuer, prior to the maturity of such bonds or other obligations,
monies in an amount which, together with any other monies irrevocably committed to
the payment of interest on such bonds or other obligations, will suffice to pay the
principal of such bonds or other obligations with interest to maturity thereon, which
monies under the terms of said agreement are required to be used for the purpose of
paying the principal of and the interest on such bonds or other obligations at their
maturity. Such bonds and other obligations shall be authorized security for all public
deposits. It is the purpose of this section to authorize any persons, political subdivisions,
and officers, public or private, to use any funds owned or controlled by them for
the purchase of any such bonds or other obligations. Nothing contained in this section
with regard to legal investments shall be construed as relieving any person of any
duty of exercising reasonable care in selecting securities.