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
009
:
RELATED LAWS
(Cite as: 24 App. V.S.A. ch. 3, § 435)
-
§ 435. Same—pledge of revenues
(a) Any pledge hereunder shall be valid and binding and shall be deemed continuously perfected
for the purposes of the Uniform Commercial Code from the time when the pledge is made;
unless otherwise provided in the resolution making the pledge, the pledge of revenues
shall include any contract or other rights to receive the same, whether then existing
or thereafter coming into existence and whether then held or thereafter acquired by
the City, and the proceeds thereof; the revenues, rights, and proceeds so pledged
and then held or thereafter acquired by the City shall immediately be subject to the
lien of such pledge without any physical delivery or segregation thereof or further
act; and the lien of any such pledge shall be valid and binding as against all parties
having claims of any kind in tort, contract, or otherwise against the City, irrespective
of whether such parties have notice thereof. The resolution by which a pledge is made
need not be filed or recorded except in the records of the proceedings of the Board
of Light Commissioners and no filing need be made under the Uniform Commercial Code.
(b) A resolution pledging revenues hereunder may provide for priorities among payments
to be made from such revenues, whether required by statute, the City charter, such
resolution, or otherwise. The pledge may include revenues otherwise accruing to particular
funds established by statute or the City charter. In the event bonds are issued junior
and subordinate to other bonds, revenues remaining from time to time that are permitted
by the terms of the senior bonds to be used to pay or secure the junior bonds may
be pledged for that purpose by the resolution under which the junior bonds are issued.
A pledge of revenues under this article shall constitute a sufficient appropriation
thereof for the purposes of any provision for appropriation and such revenues may
be applied as required by the pledge without further appropriation.