§ 908 - Payment of contractual accrued liability - Vermont Statutes

§ 5-908. Payment of contractual accrued liability

In case a contract or contracts shall be made pursuant to Section 6 above with one or more insurance companies or associations of recognized standing, or with any retirement group, plan, or fund established by the State of Vermont, any accrued liability existing at the time of execution of such contract or contracts may be paid over a period of not more than twenty (20) years if the other contracting party or parties agree. The city council is hereby authorized, as a specific exception to the restrictions of this charter prohibiting the creation of indebtedness by the city council, to contract for the payment of such accrued liability over a period not to exceed twenty (20) years, or to issue a note or notes of the city in the amount of such accrued liability, said note or notes to be payable within a period of not more than twenty years.