§ 34 - Pledge of credit - Vermont Statutes

§ 7-34. Pledge of credit

Whenever the legal voters of the city shall give authority to the council thereof to pledge the credit of the city for any purpose, the city shall have power and authority to issue its negotiable orders, warrants, notes or bonds, and to prescribe whether such bonds shall be registered or have interest coupons attached, to the amount, not to exceed the limit prescribed by law, for which the legal voters aforesaid shall have given authority to so pledge the credit of the city. Such notes or bonds shall be payable at such time and at such a rate of interest as shall be established by said voters, or, if no time or rate of interest is fixed thereby, the same shall be established by resolution of said council.