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Searching 2023-2024 Session

The Vermont Statutes Online


Title 24 : Municipal and County Government


(Cite as: 24 V.S.A. § 4015)
  • § 4015. Bonds authorized; conversion privileges

    (a) Bonds of an authority shall be authorized by its resolution and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment at such place or places, and be subject to such terms of redemption, with or without premium as such resolution, its trust indenture, or mortgage may provide.

    (b) The bonds may be sold at not less than par at public sale held after notice published once at least five days prior to such sale in a newspaper having a general circulation in the municipality and in a financial newspaper published in the city of Boston, Massachusetts or in the city of New York, New York, except that in the case of bonds of the State Authority, such notice shall be published only in a financial newspaper as described in this subsection. All bonds may be sold at not less than par to the federal government at private sale without any public advertisement.

    (c) In case any of the commissioners or officers of the authority whose signatures appear on the bonds or coupons shall cease to be such commissioners or officers before the delivery of such bonds such signature shall, nevertheless, be valid and sufficient for all purposes, the same as if they had remained in office until such delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to this chapter shall be fully negotiable.

    (d) In any suit, action, or proceedings involving the validity or enforceability of any bond of an authority or the security thereof, any such bond reciting in substance that it has been issued by the authority to aid in financing a housing project to provide dwelling accommodations for persons of low income shall be conclusively deemed to have been issued for a housing project of such character and said project shall be conclusively deemed to be planned, located, and constructed in accordance with the provisions and purposes of this chapter. (1961, No. 212, § 15, eff. July 11, 1961; amended 1967, No. 332 (Adj. Sess.), § 5, eff. March 23, 1968; 1969, No. 285 (Adj. Sess.), § 11, eff. April 9, 1970.)