Vermont § 1753 - Use of bond proceeds

§ 1753. Use of bond proceeds

• (a) If after bonds have been issued and no expenditure of the proceeds has been made for
  the purpose or purposes for which the debt was incurred, or if a balance remains after
  the completion of the project or projects for which the debt was authorized, a municipal
  corporation by a majority of the voters present and voting on the question at a meeting
  or meetings of such municipal corporation held for that purpose, may authorize the
  expenditure of the proceeds or portion thereof for any purpose or purposes for which
  bonds may be issued; provided, however, that if the proceeds obtained from the issuance
  of bonds or any balance thereof, is not appropriated as aforesaid, then the same shall
  be used to pay the principal of the loan as it matures. (b) The warning calling the meeting provided in this section shall state the amount of
  the proceeds and the purpose for which they are to be used, and shall fix the place
  where and the date on which the meeting shall be held and the hours of opening and
  closing of the polls. Notice of the meeting shall conform to section 1756 of this title, and the conduct of the meeting and the qualifications of voters shall conform to
  section 1758 of this title. (Added 1969, No. 104, eff. April 19, 1969.)