Vermont § 1007 - Budget limitations—Borrowing
Full text of Vermont Vermont Statutes Online § 1007 — Budget limitations—Borrowing, with citation guidance and answers to common questions.
§ 1007. Budget limitations—Borrowing
- (a) The incurring of bonded indebtedness, the issuing of bonds, the making of temporary
loans in anticipation of bond sales, and all other matters pertaining to bonded indebtedness
shall be controlled by 24 V.S.A. chapter 53 as applicable. (b) The Town, through the Selectboard, and the School, through the School Board of Trustees,
may borrow money in anticipation of taxes. The total amount so borrowed shall not
exceed the largest cumulative deficit plus the next month’s expenses for the fiscal
year. (c) In case of emergency, the Selectboard or School Board of Trustees may borrow money
in the name of the Town or the School District. The emergency borrowing in any year
shall not exceed five percent of the total amount voted at the annual meeting for
the Town or School District budget. If the Town or School District fails to adopt
a budget, the emergency borrowing shall not exceed five percent of the amount that
the previous year’s tax rate would raise. (d) Notes and orders for anticipated and emergency borrowing shall mature not more than
one year from the date of issuance and shall not thereafter be renewed unless the
Town or School District so votes. (e) The amount, terms, and conditions of all borrowing except as specified in subsections
(a), (b), and (c) of this section shall be by vote of the Town or School District. (Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.)
Frequently Asked Questions About Vermont § 1007
What does Vermont Statutes Online § 1007 cover?
Section 1007 ("Budget limitations—Borrowing") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1007?
A common citation format is "Vermont Statutes Online § 1007" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1007 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.