The Vermont Statutes Online

Title 32 : Taxation and Finance

Chapter 013 : Debts and Claims

Subchapter 004 : Transportation Infrastructure Bonds

• § 973. Issuance of bonds

  (a) Transportation Infrastructure Bonds may be issued at one time or in a series from time to time in any form permitted by law, in such manner and on such terms and conditions as the State Treasurer may determine to be in the best interests of the State, except that the State Treasurer shall determine the following with the approval of the Governor:

  (1) date of issuance;

  (2) place of payment;

  (3) rate of interest (which may be fixed or variable) or the manner of determining such rate of interest;

  (4) original stated value;

  (5) investment returns or manner of determining the investment returns;

  (6) maturity value, time of maturity, and provisions with respect to redemption prior to maturity;

  (7) whether to issue the bonds at par, premium, or discount;

  (8) sinking fund and reserve requirements;

  (9) amount and manner of issuance; and

  (10) other particulars as to the form of such bonds within the limitations of this subchapter.

  (b) The State Treasurer shall determine the annual payment schedule for the bonds, including debt service and sinking fund payments, if any, as he or she may deem to be in the best interests of the State. However, any bond issued under this subchapter shall mature not later than 30 years after the date of issuance. Installments on the bonds need not be payable in substantially equal or diminishing amounts. The last bond payment shall be made not later than 30 years after the date of issuance.

  (c) The State Treasurer may determine at the time of issuance to apply all or a portion of any net premium to the costs of issuance, other related financing costs, or the payment of the principal or interest to come due. If net premium is applied to costs of issuance, the amount of the premium shall not be included in the net proceeds of the issue. Net premium not applied to costs of issuance shall be included in the net proceeds of the issue and may be used for any of the authorized purposes of the bond proceeds.

  (d) The debt service obligations of Transportation Infrastructure Bonds which require a cash payment shall be payable in lawful money of the United States or of the country in which the bonds are sold.

  (e) Transportation Infrastructure Bonds shall be registered pursuant to section 981 of this title. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.104, eff. June 2, 2011.)