Vermont § 16 - Indebtedness

§ 16. Indebtedness

• (a)(1) The District may incur indebtedness for public improvements and other purposes as
  provided by 24 V.S.A. chapter 53, subchapter 1. The limits on indebtedness in chapter
  53 or otherwise shall not apply to indebtedness incurred or assumed by the District. (2) Obligations incurred under subchapter 1 or as otherwise authorized in this act by
  the District, except obligations incurred under 24 V.S.A. chapter 53, subchapter 2,
  shall be the joint and several obligations of the District and the member towns composing
  it. However, as among such member towns, their respective shares of such obligation
  shall be apportioned and paid in the manner provided in this chapter. Any joint or
  several liability incurred by a member town under the provisions of this act shall
  not be considered in determining its debt limit for its own separate purposes. Bonds
  or other evidences of indebtedness of the District may be authorized for public improvements
  by a majority of the voters present and voting on the question at a District meeting,
  may be paid in not more than 40 years from their date of issue, may be made callable
  at the option of the District with or without premium and the serial maturities of
  such bonds or evidences of indebtedness may be so arranged that beginning with the
  first year in which principal is payable, the amount of principal and interest payable
  in any year shall be as nearly equal as is practicable according to the denominations
  in which such bonds or other evidences of indebtedness are issued. Interest up to
  and for not more than one year after commencement of regular operation of public improvements
  may be paid from obligations issued to finance such public improvements.