The Vermont Statutes Online
The Statutes below include the actions of the 2024 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.
Title 24 : Municipal and County Government
Chapter 119 : Vermont Bond Bank
Subchapter 006 : SPECIAL FUNDS
(Cite as: 24 V.S.A. § 4680)-
§ 4680. Application of funds; excess
Money or investments in any fund or account of the Bank established or held for any bonds, notes, indebtedness, or liability to be paid, funded, or refunded by issuance of bonds or notes shall, unless the resolution authorizing the bonds or notes provides otherwise, be applied to the payment or retirement of the bonds, notes, indebtedness, or liability, and to no other purpose. If in any fund or account there are any monies in excess of the amount required for payment, funding, or refunding, the monies may be removed from that fund or account but only to the extent that the monies or investments thereafter remaining in the fund or account are not less than the outstanding bonds, notes, indebtedness, or liability of the Bank to be paid, funded, or refunded and for which that fund or account was established or held. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
