Vermont § 1306 - Budget limitations; borrowing
Full text of Vermont Vermont Statutes Online § 1306 — Budget limitations; borrowing, with citation guidance and answers to common questions.
§ 1306. 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 or such State statutes as are applicable. (b) The Town, through the Selectboard, may borrow money in anticipation of taxes. The
total amount so borrowed shall not exceed 90 percent of the taxes assessed for such
year, and notes or orders issued therefor shall mature not later than the end of the
fiscal year of the Town. (c) The Town, by vote at an annual or special meeting, may borrow money under such terms
and conditions and for such lawful municipal purposes as the Town shall vote. (d) In cases of emergency, the Selectboard may appropriate funds or borrow money in the
name of the Town. The total combined emergency appropriations and borrowing in any
year shall not exceed five percent of the amount voted at the annual meeting as the
Town budget, or if the appropriation or borrowing is prior to the annual meeting,
then five percent of the amount voted at the prior annual meeting as the Town budget.
Notes or orders for such emergency borrowing shall mature not more than one year from
the date of issuance and shall not thereafter be renewed unless the Town so votes.
Any emergency borrowing or appropriation shall be reported at the next Town meeting. (e) The Selectboard, in the name of the Town, may borrow funds in anticipation of federal
and State funds that have been approved and committed, until such time as such funds
are available. Any debt so incurred for a project shall be repaid from the first federal
or State funds received for that project. (f) Any appropriations beyond the amount in the Town budget, except as specified in subsection
(d) of this section, and all borrowing, except as specified in subsections (a), (b),
(c), (d), and (e) of this section, shall be by vote of the Town and upon such terms
and conditions as the Town shall vote.
Frequently Asked Questions About Vermont § 1306
What does Vermont Statutes Online § 1306 cover?
Section 1306 ("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 § 1306?
A common citation format is "Vermont Statutes Online § 1306" (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 § 1306 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.