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
:
STATE BONDS
(Cite as: 32 V.S.A. § 952)
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§ 952. Denominations; how issued
The bonds may be issued at one time or in series from time to time, in any form permitted
by law. Except for zero coupon bonds or capital appreciation bonds designated as such
by the State Treasurer, with the approval of the Governor, each series shall be payable
in substantially equal or diminishing amounts annually, the first of the annual payments
to be made not later than five years after the date of the bonds and the last of the
payments to be made not later than 20 years after the date. All bonds shall mature
not later than 20 years after the date of the bonds. The principal, interest, investment
returns, and maturity value of the bonds shall be payable in lawful money of the United
States or of the country in which the bonds were sold and for the payments the full
faith and credit of the State are hereby pledged. Bonds shall be signed by the State
Treasurer or the State Treasurer’s deputy and countersigned by the manual or facsimile
signature of the Secretary of State or the Secretary of State’s deputy, and shall
bear the Seal of the State or a facsimile of the Seal of the State, and the interest
coupons on the bonds shall bear the facsimile signature of the State Treasurer. Bonds
shall be registered as provided by this subchapter. The date of issuance; place of
payment; rate of interest, which may be fixed or variable; or the manner of determining
the rate of interest, original stated value, investment returns or manner of determining
the same, maturity value, time of maturity, provisions with respect to redemption
prior to maturity, at par or at a premium, sinking fund and reserve requirements,
and other particulars as to the form of the bonds, within the limitations mentioned
under this section, shall be determined by the State Treasurer with the approval of
the Governor as the State Treasurer may deem for the best interests of the State.
Bonds shall contain on their face the statement that they are issued for the purposes
mentioned in, under the authority of, and in conformity with the authorizing act,
and that their form and other particulars and details have been duly determined by
the State Treasurer, with the approval of the Governor; and the statement shall be
conclusive evidence of the liability of the State to any bona fide holder, and the
bonds so issued shall be the lawful obligations of the State. (Added 1959, No. 24, § 2, eff. March 10, 1959; amended 1979, No. 205 (Adj. Sess.), § 156, eff. May 9, 1980; 1985, No. 125 (Adj. Sess.), § 1, eff. April 18, 1986; 1989, No. 276 (Adj. Sess.), § 22, June 20, 1990; 1993, No. 19, § 2, eff. May 11, 1993; 2021, No. 105 (Adj. Sess.), § 467, eff. July 1, 2022.)