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Searching 2023-2024 Session

The Vermont Statutes Online

 

Title 24 : Municipal and County Government

Chapter 091 : CONSOLIDATED WATER DISTRICTS

(Cite as: 24 V.S.A. § 3353)
  • § 3353. Indebtedness

    (a) General obligations. A consolidated water district may incur indebtedness as provided by chapter 53, subchapter 1 of this title and by chapter 89 of this title for the purpose of paying the cost of a water system and improvements to the water system or for funding or refunding, including the payment of premium, any bonds or other evidences of indebtedness issued or assumed by the district, provided, however, that the limits on indebtedness in chapter 53 of this title or otherwise shall not apply to indebtedness incurred or assumed by a consolidated district for the purposes of this chapter.

    (b) Joint and severable obligations. Obligations incurred under chapter 53, subchapter 1 and chapter 89 of this title or as otherwise authorized in this chapter by a consolidated water district, except obligations incurred under chapter 53, subchapter 2, shall be the joint and several obligations of the district and the member towns composing it. However, as among the member towns, their respective shares of the obligation shall be apportioned and paid in the manner provided in this chapter. Any joint or several liability incurred by a member town under the provisions of this chapter shall not be considered in determining its debt limit for its own separate purposes. Notwithstanding the limitations in sections 1755 and 1759 of this title, bonds or other evidences of indebtedness of a consolidated water district may be authorized by a majority of the voters present and voting on the question at a district meeting, may be paid in not more than 40 years from their date of issue, may be made callable at the option of the district with or without premium, and the serial maturities of the bonds or evidences of indebtedness may be so arranged that beginning with the first year in which principal is payable, the amount of principal and interest payable in any year shall be as nearly equal as is practicable according to the denominations in which the bonds or other evidences of indebtedness are issued.

    (c) Obligations payable solely from revenue. In addition to the authority granted in this section, a consolidated water district may issue bonds or other evidences of indebtedness pursuant to chapter 53, subchapter 2 of this title; provided, however, that no such bonds payable solely from revenues shall be issued while the district has outstanding any bonds or other evidences of indebtedness for which the district and the member towns are jointly and severally liable as provided under this chapter, except notes or other evidences of indebtedness issued temporarily in anticipation of revenue. (Added 1964, No. 20 (Sp. Sess.), § 13, eff. March 10, 1964; amended 2019, No. 131 (Adj. Sess.), § 265.)