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
002
:
LOANS TO MUNICIPALITIES AND INDIVIDUALS
(Cite as: 24 V.S.A. § 4761)
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§ 4761. Noncontestability
No action at law or in equity shall be brought or maintained that directly or indirectly
challenges, attacks, or questions or in any manner contests the formation, or the
existence as a body corporate and politic of any municipality whose bonds, notes,
or other instruments of debt issued and held by the Bond Bank on behalf of the State
after six months from the date of issue; nor shall any action at law or in equity
be brought or maintained that directly or indirectly challenges, attacks, or questions
or in any manner contests the legality or validity of bonds, notes, or other instruments
of debt, issued or unissued, voted by a municipality for the purpose of financing
any project eligible for financing under any loan fund created under section 4753
of this chapter after six months from the date upon which such municipality met pursuant
to warning and voted affirmatively to issue bonds, notes, or other form of debt to
finance in whole or in part any such eligible project, or upon vote of a question
of rescission thereof, whichever occurs later. This section shall be construed liberally
to effect the legislative purpose to validate and make certain the legal existence
of all municipalities whose bonds, notes, or other instruments of debt have been issued
and are held by the Bond Bank on behalf of the State for any of the purposes stated
in section 4753, and to bar every right to question in any manner the existence of
any such municipality or the validity of any bond, note, or other instrument of debt
voted by it for such purposes, and to bar every remedy therefor notwithstanding any
defects or irregularities, jurisdictional or otherwise, after expiration of the six-month
period established in this section. (Added 1987, No. 75, § 1.)