§ 5.11 - Bonds - Vermont Statutes

§ 17-5.11. Bonds

(a) Whenever the city, in meeting assembled shall vote to issue bonds for the purpose of making permanent improvements, capital investments or for the purpose of paying the just debts of the city, the vote to issue said bonds shall automatically authorize the manager to include in each annual budget a sum sufficient to pay the interest on such bonds and the serial payments.

(b) If the city should vote to issue non-serial bonds then the manager shall automatically include in each annual budget a sum sufficient to pay the annual interest on said bonds and sufficient to create and accumulate a sinking fund which will pay the bonds when they mature.