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. § 5036)
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§ 5036. Credit of State and members of Authority not pledged
Obligations issued under the provisions of this chapter shall not be deemed to constitute
a debt or liability or obligation of the State or of any political subdivision of
it or of any member of the Authority, nor shall it be deemed to constitute a pledge
of the faith and credit of the State or of any political subdivision or of any member
of the Authority, but shall be payable solely from the revenues or assets of the Authority.
Each obligation issued by the Authority shall contain on its face a statement to the
effect that the Authority shall not be obligated to pay the same nor the interest
on it except from the revenues or assets pledged for those purposes and that neither
the faith and credit nor the taxing power of the State or of any political subdivision
of it or of any member of the Authority is pledged to the payment of the principal
of or the interest on these obligations. (Added 1979, No. 78, § 3.)