§ 711 - Approval of debt - Vermont Statutes

§ 711. Approval of debt

If a person as defined in section 128 of Title 1, except a municipality as defined in section 126 of Title 1, pays a majority of its operating expenses, as determined in accordance with generally accepted accounting principles, in any fiscal year with amounts appropriated by the state, either directly or indirectly as a pass-through from a state agency or department, and the person intends to incur any debt in that fiscal year in the cumulative principal amount greater than $1,000,000.00, including but not limited to debt incurred through the issuance of bonds, notes, bank loans, mortgages, lease-purchase contracts, and capital leases, then the person shall notify and obtain the approval of the state treasurer and the governor prior to incurring the debt. For the purposes of this section, amounts appropriated by the state shall not include nondiscretionary federal funds known as special revenue funds as presented in the state's comprehensive annual financial report. (Added 2001, No. 61, § 67, eff. June 16, 2001; amended 2001, No. 142 (Adj. Sess.), § 320, eff. June 21, 2002.)