§ 436 - Interfund borrowing - Vermont Statutes

§ 436. Interfund borrowing

Notwithstanding any provisions of law, the state treasurer, with the approval of the governor, may borrow from any funds heretofore or hereafter created by the legislature such available amounts as he or she may determine to be necessary or desirable for the purpose of defraying the expenses of government, including the payment of notes issued for such purposes. Such borrowing may be only made twice a year; first, during the period commencing 15 business days prior to the end of the state's fiscal year and ending 15 business days after the end of the state's fiscal year, and second, during the period commencing on December 10, or the preceding Friday if December 10 shall fall on a Saturday or Sunday, and ending on January 10 of the succeeding year. No later than the last day of the period during which the funds were borrowed, the state treasurer shall transfer to any such fund from which such initial borrowing has been made an amount equal to such borrowed amount, together with interest thereon at such rate as the state treasurer in his or her sole discretion shall determine. (Added 1997, No. 61, § 254; amended 2005, No. 71, § 34a.)