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
005
:
SALE AND ISSUANCE OF BONDS AND NOTES
(Cite as: 24 V.S.A. § 4653)
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§ 4653. Bond anticipation notes
Notwithstanding any law applicable to any governmental unit as to the period for temporary
financing of any public improvement or purpose by issuance of its notes in anticipation
of the issuance of permanent bonds or as to the renewal of bond anticipation notes,
the Bank may purchase and the governmental unit may issue bond anticipation notes
and may renew them from time to time provided that the bond anticipation notes, including
renewals thereof, mature in such amounts and in such years not exceeding five years
from the date of the original issuance as is agreed between the Bank and the governmental
unit. In connection with the transaction and purchase of bond anticipation notes,
the Bank may by agreement with the governmental unit impose any terms, conditions,
and limitations as in its opinion are proper and for the purposes and security of
the Bank and the holders of its bonds or notes. The failure of any governmental unit
to comply with that agreement constitutes a failure of the governmental unit to pay
principal of and interest on the bond anticipation notes under section 4652 of this title, and the Bank shall thereupon enforce all such rights, remedies, and provisions of
law as it has under this section or are elsewhere provided. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)