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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 119 : MUNICIPAL BOND BANK

Subchapter 006 : SPECIAL FUNDS

(Cite as: 24 V.S.A. § 4676)
  • § 4676. General fund

    (a) The bank shall establish and maintain a fund called the "General Fund" in which there shall be deposited:

    (1) Fees received or charges made by the bank for use of its services or facilities;

    (2) Any moneys which the bank shall transfer thereto from the reserve fund pursuant to section 4672 of this title from the reserve fund established pursuant to section 4671 of this title;

    (3) Moneys received by the bank as payments of principal of or interest on municipal bonds purchased by the bank, or received as proceeds of sale of any municipal bonds or investment obligations of the bank, or received as proceeds of sale of bonds or notes of the bank, and required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein;

    (4) Any moneys required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein; and

    (5) Any moneys transferred thereto from any other fund or made available for the purpose of the fund by the state or for the operating expenses of the bank; provided, however, that no such deposit or transfer shall be required if such action would impair in any way any contracts between the bank and its bondholders or noteholders.

    (b) Any moneys in the general fund may, subject to any contracts between the bank and its bondholders or noteholders, be transferred to the reserve fund established pursuant to section 4671 of this title, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the bank presently outstanding and any bonds or notes on a parity therewith, and any bonds or notes issued to refund such bonds or notes, all when they become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any moneys in the general fund may be used for the purchase of municipal bonds and for all other purposes of the bank including payment of its operating expenses. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 24, eff. May 15, 1987.)