§ 30 - Issue of notes for state highway construction - Vermont Statutes

§ 30. Issue of notes for state highway construction

The state treasurer, with the approval of the governor, may borrow money upon notes of the state in anticipation of the proceeds of transportation bonds which have been or subsequently are authorized by the general assembly or in anticipation of the proceeds of federal funds made available to Vermont for purposes of construction of transportation facilities, when the construction has been previously authorized by the legislature and provision made for the state's portion of the cost. The notes shall be issued on terms and at times as they may determine. Not more than $5,000,000.00 principal amount of the notes shall be outstanding at any one time and each note shall mature not later than one year from its date, provided that notes issued for a shorter period may be refunded from time to time by the issue of other notes maturing within the required period. Any purchaser of notes issued under this section may rely on this section as the authorization for the notes and need not examine the availability or amount of the bond authorizations or federal funds being anticipated. This authority is in addition to and not in limitation of any other authority. (Added 1985, No. 269 (Adj. Sess.), § 1.)