§ 1762 - Limits - Vermont Statutes

§ 1762. Limits

(a) A municipal corporation shall not incur an indebtedness for public improvements which, with its previously contracted indebtedness, shall, in the aggregate, exceed ten times the amount of the last grand list of such municipal corporation. Bonds or obligations given or created in excess of the limit authorized by this subchapter and contrary to its provisions shall be void.

(b) However, the provisions of this subchapter as to the debt limit shall not apply to bonds issued under sections 1752, 1754 and 1769 of this title, relating to the ordinary expenses of a municipality, nor to bonds issued for poor relief.