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Code · Vermont · Title 24 — Municipal and County Government · Chapter 53

§ 1910a.

388 words·~2 min read·/vt/title-24/chapter-53/1910a

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§ 1910a. Indebtedness
(a)A municipality approved for tax increment financing under section 1910 of this subchapter may incur indebtedness against revenues of the housing development site at any time during a period of up to five years following the creation of the housing development site. The Vermont Economic Progress Council may extend this debt incursion period by up to three years.
(b)Notwithstanding any provision of any municipal charter, each instance of borrowing by a municipality to finance or otherwise pay for a housing infrastructure project shall occur only after the legal voters of the municipality, by a majority vote of all voters present and voting on the question at a special or annual municipal meeting duly warned for the purpose, authorize the legislative body to pledge the credit of the municipality, borrow, or otherwise secure the debt for the specific purposes so warned.
(c)Any indebtedness incurred under this section may be retired over any period authorized by the legislative body of the municipality.
(d)The housing development site shall continue until the date and hour the indebtedness is retired or, if no debt is incurred, the debt incursion period ends.
(e)A municipal legislative body shall provide information to the public prior to the public vote required under subsection
(b)of this section. This information shall include the amount and types of debt and related costs to be incurred, including principal, interest, and fees; terms of the debt; the housing infrastructure project to be financed; the housing development projected to occur because of the housing infrastructure project; and notice to the voters that if the tax increment received by the municipality from any property tax source is insufficient to pay the principal and interest on the debt in any year, the municipality shall remain liable for the full payment of the principal and interest for the term of the indebtedness. If interfund loans within the municipality are used, the information must also include documentation of the terms and conditions of the loan.
(f)If interfund loans within the municipality are used as the method of financing, no interest shall be charged.
(g)The use of a bond anticipation note shall not be considered a first incurrence of debt pursuant to subsection
(a)of this section. (Added 2025, No. 69, § 20, eff. July 1, 2025.)
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