The Vermont Statutes Online
Subchapter 015 : Budget and Taxation(Cite as: 24 App. V.S.A. ch. 123, § 1506)
§ 123-1506. Budget limitations- borrowing
(a) The incurring of bonded indebtedness, the issuing of bonds, the making of temporary loans in anticipation of bond sales, and all other matters pertaining to bonded indebtedness shall be controlled by such statutes as are applicable.
(b) The Town, through the selectmen, may borrow money in anticipation of taxes.
(c) The Town, by vote at annual or special meeting, may borrow money under such terms and conditions and for such lawful municipal purposes as the Town shall vote.
(d) In cases of emergency, the Selectmen may appropriate funds or borrow money in the name of the Town.
(e) The selectmen, in the name of the Town, may borrow funds in anticipation of federal and State funds which have been approved and committed, until such time as such funds are available, but in no event for a term of longer than one year. Any debt so incurred for a project shall be repaid from the first Federal or State funds received for that project.
(f) Any appropriation beyond the amount in the Town budget, except as specified in subsection (d) of this section and all borrowing, except as specified in subsections (a), (b), (c), (d), and (e) of this section, shall be by vote of the Town and upon such terms and conditions as the Town shall vote.