Skip to main content
Find a Lawyer

Vermont Statutes Title 24. Municipal and County Government, § 4642. Amount and purpose; general obligation

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The Bank may issue its bonds or notes in such principal amounts as it shall deem necessary to provide funds for any purposes under this chapter, including:

(1) The making of loans;

(2) The payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds or notes issued by it whether the bonds or notes or interest to be funded or refunded have or have not become due;

(3) The establishment or increase of reserves to secure or to pay bonds or notes or interest thereon and all other costs or expenses of the Bank incident to and necessary or convenient to carry out its corporate purposes and powers.

(b) Except as otherwise provided in this chapter or by the Bank, every issue of bonds or notes shall be general obligations payable out of any revenues or funds of the Bank, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds. Any bonds or notes may be additionally secured by a pledge of any grant or contributions from the United States of America or the State or any governmental unit or any person, firm, or corporation or a pledge of any income or revenues, funds, or monies of the Bank from any source whatsoever.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Vermont Statutes Title 24. Municipal and County Government, § 4642. Amount and purpose; general obligation - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-24-municipal-and-county-government/vt-st-tit-24-sect-4642/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard