§ 37.
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/vt/37-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 37. Indebtedness; short-term borrowing
(a)The Board of Commissioners may borrow money through the issuance of notes of the District in an amount not to exceed 25 percent of the District’s current operating budget, for the purpose of paying current expenses of the District. Such notes must mature within one year.
(b)The Board of Commissioners may also borrow money in anticipation of grants-in-aid from any source and any revenues other than assessments, in an amount not to exceed 50 percent of such grants or revenues, through the issuance of notes of the District. Such notes must mature within one year, but may be renewed as provided by general law; provided, however, such notes may not be renewed more than once or for a term in excess of two years from the date of the original loan without the approval of a majority of the voters of the District.
(c)The Board of Commissioners may also borrow money in anticipation of assessments to each member municipality in an amount not to exceed 90 percent of the amount assessed for each year, and may issue notes of the District that must mature within one year.
(d)The Board of Commissioners may also borrow money in anticipation of bond proceeds that have been authorized as provided in this subchapter. These notes shall be issued as provided in 24 V.S.A. chapter 53.