§ 1117 - Use of proceeds - Vermont Statutes

§ 5-1117. Use of proceeds

The proceeds of all bonds or notes shall be used for the purpose for which they were authorized. However, any unexpended balance remaining after carrying out the purpose for which they were authorized, other than school purposes, may, by vote of any annual or special city meeting duly warned and held for that purpose, be transferred to the general fund of said city or to the sinking fund established as hereinafter provided. Any unexpended balance remaining after carrying out a purpose relating to schools or school property for which bonds or notes were authorized may, by vote of an annual or special city meeting, be transferred to the school fund, or the above mentioned sinking fund.