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
005
:
WATER SYSTEM
(Cite as: 24 App. V.S.A. ch. 15, § 62)
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§ 62. Powers
Said City is authorized and empowered to borrow money and issue its negotiable bonds
and notes to an amount not exceeding $160,000.00, maturing, in installments as may
be determined by the special committee authorized by section 64 of this charter, within
a maximum period of 30 years from date of issue, for the purpose of acquiring the
necessary lands, easements, and sources of supply and constructing said water system
and paying all expenses incident thereto. Such bonds shall bear interest at a rate
not exceeding five percent and shall not be sold for less than 95 percent of their
par value. The bonds or notes shall be signed by the Mayor of said City and countersigned
by its Treasurer, and if interest coupons are attached, they shall bear the facsimile
signature of the Treasurer of said City. The bonds or notes shall specify on their
face the purpose for which they are issued and that they are issued under the authority
of this subchapter, which shall be conclusive evidence of the liability of said City
to any bona fide holder of the same. It is hereby made the duty of the said City to
provide for the payment, and to pay the interest and principal, of said bonds or notes
as they shall fall due. If said City shall for any cause fail to provide means for
the payment of the interest and principal that may become due, then it shall become
the duty of the City Council, without vote of the City, seasonably to assess upon
the grand list of said City a tax sufficient to meet the interest and principal of
said bonds or notes as they respectively become due, and place the same with a proper
warrant, signed by a justice of the peace, in the hands of the Collector of Taxes
for said City to collect the same immediately and pay it into the hands of the Treasurer,
whose duty it shall be to pay the principal and interest of said bonds or notes as
they shall fall due. Nothing contained in this section shall be construed to prohibit
the holder or holders of said bonds or notes from resorting to any legal means to
enforce payment of same.