The Vermont Statutes Online

Title 24 Appendix : Municipal Charters

Chapter 003 : City of Burlington

Subchapter 009 : RELATED LAWS

• § 508. Refunding

  The City, upon the approval of the Board of Public Works Commissioners and the City Council, may issue refunding bonds for the purpose of paying any of its bonds issued hereunder at maturity or upon acceleration or redemption. No affirmative vote of the registered voters shall be necessary to authorize the issuance of refunding bonds. The refunding bonds may be issued at such time prior to the maturity or redemption of the refunded bonds as the City deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such reserves for debt service or other capital or current expenses from the proceeds of the refunding bonds, as may be required by the resolutions under which bonds are issued. Except as herein specified, the issue of refunding bonds, the maturities and other details thereof, the security therefor, the rights of the holders thereof, and the rights, duties, and obligations of the City with respect thereto shall be governed by the provisions of the Burlington City charter and the Vermont statutes relating to the issue of bonds other than refunding bonds insofar as the same may be applicable. In the event of any conflict between the City charter and the Vermont statutes in this regard, the City is hereby authorized to act pursuant to the more extensive grant of authority.