§ 313 - Expenditure of bond proceeds - Vermont Statutes

§ 313. Expenditure of bond proceeds

Any proceeds of state bonds issued in support of activities under this chapter shall be used exclusively for the funding of long-term, tangible capital investments and those capital expenses allowed under federal laws governing the use of state bond proceeds as determined with the guidance of the state of Vermont's bond counsel. No bond proceeds shall be used to fund the operational expenses of the board. For purposes of this section, "operational expenses" shall include costs related to persons directly employed or under contract to provide administrative, clerical, financial, lobbying, policy analysis, or research services. (Added 1991, No. 256 (Adj. Sess.), § 21a, eff. June 9, 1992.)