§ 11.06 - City indebtedness - Vermont Statutes

§ 9-11.6. City indebtedness

(a) The credit of the city, other than by temporary loans for a period of not more than one (1) year, shall not be pledged by the board of aldermen nor by any officer of said city unless by vote of the legal voters of the city.

(b) If the legal voters of the city give authority to the board of aldermen to pledge the credit of the city for any purpose, including the paying of any deficit, the city is empowered to issue its negotiable orders, warrants, notes or bonds with interest coupons attached or in register form, to the amount not to exceed the limit prescribed by law. Such notes or bonds shall be payable at such time and at such rate of interest as may be established by the voters, or if no time and rate of interest are fixed thereby, the same shall be established by the board of aldermen.

(c) Bonds, orders, notes or warrants issued under the preceding section shall be signed by the mayor and the city treasurer and countersigned by the city clerk and if interest coupons are attached thereto they shall be signed by the treasurer. Such bonds, orders, notes or warrants shall contain a statement that they are issued in conformity with the provisions of this Act and shall specify the purpose for which they are issued; and such statements shall have the same effect as provided in the case of bonds or notes issued to refund outstanding bonds or notes.