§ 447.
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/vt/447A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 447. Ratification
(a)Notwithstanding the foregoing provisions of this article, and except as provided in subsection
(b)of this section, no bonds shall be issued under this article unless and until more than 50 percent of the legal voters of the City present and voting thereon at any annual or special City meeting duly warned for that purpose shall have first voted to authorize the project or improvement for which such bonds are to be issued. The warning shall describe in general terms such project or improvement, shall estimate its cost, and shall state the amount of bonds proposed to be issued to finance it.
(b)The City may issue bonds under this article without voter approval:
(1)to pay the costs of:
(A)the completion of a project or improvement previously authorized by the voters of the City, provided that such costs of completion do not exceed by more than 50 percent the estimated cost of the City’s share of the project or improvement as set forth in the warning submitting the question to the voters, and
(B)repairs, alterations, or other improvements necessary to maintain the operational status of any facilities of the electric plant, whether necessitated by casualty, regulatory, or licensing requirements, or other cause; or
(2)in the case of jointly owned facilities not controlled by the City, to pay the City’s share of the costs of improvements which the lead participants are empowered to make; or
(3)for refunding as provided in section 436 of this charter.