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
011
:
FINANCIAL OPERATIONS
(Cite as: 24 App. V.S.A. ch. 9, § 11.06)
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§ 11.6. City indebtedness
(a) The credit of the City, other than by temporary loans for a period of not more than
one year, shall not be pledged by the Board of Aldermen nor by any officer of said
City unless by vote of the legal voters of the City.
(b) If the legal voters of the City give authority to the Board of Aldermen to pledge
the credit of the City for any purpose, including the paying of any deficit, the City
is empowered to issue its negotiable orders, warrants, notes, or bonds with interest
coupons attached or in register form, to the amount not to exceed the limit prescribed
by law. Such notes or bonds shall be payable at such time and at such rate of interest
as may be established by the voters, or if no time and rate of interest are fixed
thereby, the same shall be established by the Board of Aldermen.
(c) Bonds, orders, notes, or warrants issued under this section shall be signed by the
Mayor and the City Treasurer and countersigned by the City Clerk and if interest coupons
are attached thereto they shall be signed by the Treasurer. Such bonds, orders, notes,
or warrants shall contain a statement that they are issued in conformity with the
provisions of this charter and shall specify the purpose for which they are issued;
and such statements shall have the same effect as provided in the case of bonds or
notes issued to refund outstanding bonds or notes.