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
003
:
FORM AND NATURE OF BONDS AND NOTES
(Cite as: 30 V.S.A. § 5033)
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§ 5033. Refunding obligations; sale
Refunding obligations issued as provided in section 5032 of this title may be sold or exchanged for outstanding obligations issued under this chapter and,
if sold, the proceeds from them may be applied, in addition to any other authorized
purposes, to the purchase, redemption, or payment of those outstanding obligations.
Pending the application of the proceeds of any refunding obligations, with any other
available funds, to the payment of the principal, accrued interest, and any redemption
premium on the obligations being refunded, and, if so provided or permitted in the
resolution authorizing the issuance of such refunding obligations or in the trust
agreement securing them to the payment of any interest on refunding obligations and
any expenses in connection with refunding, such proceeds may be invested as specified
in the resolution authorizing the obligations to be refunded or the trust agreement
securing them. These investments shall mature or shall be subject to redemption by
their holders, at the option of the holders, not later than the respective dates when
the proceeds, together with the interest accruing on them, will be required for the
purposes intended. (Added 1979, No. 78, § 3.)