§ 1868 - Bond issue authorized - Vermont Statutes

§ 1868. Bond issue authorized

(a) Municipalities are authorized to issue their negotiable bonds from time to time, in the discretion of their legislative bodies, for the purpose of financing the cost of any off street public parking project or projects authorized by the voters in accordance with this subchapter. Said bonds and the interest thereon shall be payable solely and exclusively from revenues and shall not constitute general indebtedness of the municipality nor be an obligation or liability upon the municipality to pay the same from any funds of the municipality other than such revenues. No holder or holders of any bonds issued under this subchapter shall ever have the right to compel any exercise of the taxing power of the municipality to pay said bonds or the interest thereon. Said bonds shall not constitute an indebtedness within the meaning of section 1762 of this title, or any amendment thereof, and shall not be within any other statutory limitation or restriction upon the power of the municipality to issue bonds. Said bonds shall be authorized from time to time by resolution of the legislative body of the municipality within such limitation as to total principal amount as may be fixed by the voters as provided in this subchapter.

(b) Said bonds may be issued in one or more series, may be in serial form or be issued for a fixed term of years, may bear such date or dates, mature at such time or times not exceeding 20 years from their respective dates, bear interest at such rate or rates, payable semiannually, be in such denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, and may be declared or become due before the maturity date thereof, and may contain such other terms, conditions and covenants as such resolutions authorizing their issuance may provide. Said bonds may be sold at public or private sale for such price or prices as the legislative body shall determine.

(c) In case any officer of the municipality whose signature appears on any bond or coupon shall cease to be such officer before the delivery of such bond, such signature shall, nevertheless, be valid and sufficient for all purposes, the same as if he had remained in office until such delivery. Any bonds issued pursuant to this subchapter shall be fully negotiable. Any bonds issued by the municipality pursuant to the provisions of this subchapter are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and, together with interest and income thereon, shall be exempt from taxes. The resolution authorizing the issuance of said bonds may provide that the bonds shall contain a recital that they are issued pursuant to this subchapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. (Amended 1983, No. 99 (Adj. Sess.), eff. Feb. 7, 1984.)