§ 955 - Anticipation of proceeds - Vermont Statutes

§ 955. Anticipation of proceeds

Pending the issue of said bonds, the state treasurer with the approval of the governor may use any available cash in the treasury for the purposes for which the bonds were authorized, and restore the same from the proceeds of said bonds. Also, the state treasurer with the approval of the governor may borrow upon notes of the state sums of money in anticipation of the proceeds of the bonds. Such notes shall be issued on such terms and at such times as they may determine. Each such note shall mature not more than two years from its date, provided that notes issued for a shorter period may be refunded from time to time by the issue of other such notes maturing within the required period of two years. The authority hereby granted is in addition to and not in limitation of any other authority. (Added 1959, No. 24, § 5, eff. March 10, 1959; amended 1993, No. 19, § 3, eff. May 11, 1993.)