Vermont § 973 - Issuance of bonds

§ 973. Issuance of bonds

• (a) Transportation Infrastructure Bonds may be issued at one time or in a series from
  time to time in any form permitted by law, in such manner and on such terms and conditions
  as the State Treasurer may determine to be in the best interests of the State, except
  that the State Treasurer shall determine the following with the approval of the Governor: (1) date of issuance; (2) place of payment; (3) rate of interest (which may be fixed or variable) or the manner of determining such
  rate of interest; (4) original stated value; (5) investment returns or manner of determining the investment returns; (6) maturity value, time of maturity, and provisions with respect to redemption prior
  to maturity; (7) whether to issue the bonds at par, premium, or discount; (8) sinking fund and reserve requirements; (9) amount and manner of issuance; and (10) other particulars as to the form of such bonds within the limitations of this subchapter. (b) The State Treasurer shall determine the annual payment schedule for the bonds, including
  debt service and sinking fund payments, if any, as he or she may deem to be in the
  best interests of the State. However, any bond issued under this subchapter shall
  mature not later than 30 years after the date of issuance. Installments on the bonds
  need not be payable in substantially equal or diminishing amounts. The last bond payment
  shall be made not later than 30 years after the date of issuance. (c) The State Treasurer may determine at the time of issuance to apply all or a portion
  of any net premium to the costs of issuance, other related financing costs, or the
  payment of the principal or interest to come due. If net premium is applied to costs
  of issuance, the amount of the premium shall not be included in the net proceeds of
  the issue. Net premium not applied to costs of issuance shall be included in the net
  proceeds of the issue and may be used for any of the authorized purposes of the bond
  proceeds. (d) The debt service obligations of Transportation Infrastructure Bonds which require
  a cash payment shall be payable in lawful money of the United States or of the country
  in which the bonds are sold. (e) Transportation Infrastructure Bonds shall be registered pursuant to section 981 of this title. (Added 2009, No. 50, § 28; amended 2011, No. 63, § F.104, eff. June 2, 2011.)