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Code · Vermont · Vermont Statutes

§ 68.

363 words·~2 min read·/vt/68-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 68. Borrowing money
(a)The incurring of bonded debt, the issuing of bonds, the making of temporary loans in anticipation of bond sales, and all other matters pertaining to bonded indebtedness shall be controlled by 24 V.S.A. chapter 53 or other applicable State law.
(b)The Selectboard may borrow money for the Town in anticipation of taxes. The total amount so borrowed shall not exceed 90 percent of the taxes assessed for that year, and notes or orders issued for the debt shall mature on or before the end of the fiscal year for which the debt in anticipation of taxes was incurred.
(c)The Town, by vote at an annual or a special meeting, may borrow money under any terms and conditions and for any lawful municipal purposes as the Town shall vote.
(d)In cases of emergency, the Selectboard may appropriate funds or borrow money in the name of the Town. The total amount of money appropriated and borrowed for any emergencies in any year shall not exceed five percent of the amount voted at the annual meeting as the Town budget. Notes or orders for emergency borrowing shall mature not more than one year from the date of issuance and shall not thereafter be renewed unless the Town votes otherwise. Any emergency borrowing or appropriation shall be reported at the next regular or special meeting of the Selectboard.
(e)The Selectboard may borrow funds in anticipation of the receipt of federal or State funds that have been formally approved and committed. The amount so borrowed may be used only for the purpose for which the federal or State funds were approved and committed. The amount so borrowed shall be repaid from the first federal or State funds received for that purpose.
(f)Any appropriations of money in excess of the amount in the Town budget, except as specified in subsection
(d)of this section, and all borrowing by the Town except as specified in subsections (b), (c), (d), and
(e)of this section, shall be by vote of the Town, upon terms and conditions as the Town shall vote. (Added 2023, No. M-14, § 2, eff. July 1, 2023.)
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