Vermont § 954 - Proceeds

§ 954. Proceeds

• (a) The proceeds arising from the sale of bonds, inclusive of any premiums, shall be applied
  to the purposes for which they were authorized, and the purposes may be considered
  to include underwriters’ fees and amounts for reserves, but no purchasers of the bonds
  shall be in any way bound to see to the proper application of the proceeds. The State
  Treasurer shall pay the interest on, principal of, investment return on, and maturity
  value of the bonds and notes as the same fall due or accrue without further order
  or authority. The State Treasurer, with the approval of the Governor, may establish
  sinking funds, reserve funds, or other special funds of the State as the State Treasurer
  may deem for the best interests of the State. To the extent not otherwise provided,
  the amount necessary each year to fulfill the maturing principal and interest of,
  investment return and maturity value of, and sinking fund installments on all the
  bonds then outstanding shall be included in and made a part of the annual appropriation
  bill for the expense of State government, and the principal and interest on, investment
  return and maturity value of, and sinking fund installments on the bonds as may come
  due before appropriations for their fulfillment have been made shall be fulfilled
  from the applicable debt service fund. (b) The estimated cost of bond issuance or issuances, including the costs of preparing,
  issuing, and marketing such bonds or notes shall be appropriated annually from the
  funds from which transfers are made to fund debt service costs. (c) Notwithstanding any other provisions of law, the State Treasurer, with the approval
  of the Secretary of Administration, is hereby authorized to transfer to any authorized
  projects unspent proceeds derived from the sale of State bonds or notes previously
  issued for projects previously authorized, and the State Treasurer is hereby further
  authorized to issue bonds or notes of the State to replenish such transferred funds
  for application to the original authorized capital projects. (Added 1959, No. 24, § 4, eff. March 10, 1959; amended 1961, No. 157, eff. June 14, 1961; 1989, No. 276 (Adj. Sess.), § 24, eff. June 20, 1990; 1995, No. 185 (Adj. Sess.), § 41a, eff. May 22, 1996; 1999, No. 29, § 22, eff. May 19, 1999; 2001, No. 61, § 32, eff. June 16, 2001; 2001, No. 149 (Adj. Sess.), § 19, eff. June 21, 2002; 2009, No. 33, § 63; 2011, No. 63, § F.102, eff. June 2, 2011; 2011, No. 104 (Adj. Sess.), § 34, eff. May 7, 2012; 2021, No. 105 (Adj. Sess.), § 468, eff. July 1, 2022; 2025, No. 27, § F.170, eff. May 21, 2025.)