§ 5288 - Annual appropriation - Vermont Statutes

§ 5288. Annual appropriation

In order to assure the maintenance of the required debt service reserve in each reserve fund established pursuant to this chapter, there shall be appropriated annually and paid to the authority for deposit in each reserve fund, such sum as shall be certified by the chair of the authority to the governor or to the governor-elect, as is necessary to restore such fund to an amount equal to the required debt service reserve. The chair shall annually, on or before February 1, make and deliver to the governor or to the governor-elect, his or her certificate stating the sum required to restore the fund to the amount aforesaid, and the sum so certified shall be appropriated and paid to the authority during the then current state fiscal year. The principal amount of bonds and notes secured by the reserve fund which may be outstanding at any time shall not exceed $25,000,000.00, excluding the principal amount of bonds or notes which have been refunded by any bonds or notes issued under this chapter. (Added 1999, No. 121 (Adj. Sess.), § 1.)