Vermont § 1759 - Denominations; payments; interest

§ 1759. Denominations; payments; interest

• (a)(1) Any bond issued under this subchapter shall draw interest at a rate not to exceed
  the rate approved by the voters of the municipal corporation in accordance with section 1758 of this title, or if no rate is specified in the vote under that section, at a rate approved by
  the legislative body of the municipal corporation, the interest to be payable as determined
  by the legislative body of the municipal corporation. The bonds or bond shall be payable
  serially, the first payment to be deferred not later than from one to five years after
  the issuance of the bonds and subsequent principal payments or debt service payments,
  which include both principal and interest payments, to be continued annually in substantially
  level or declining amounts, as determined by the legislative body of the municipality,
  so that the entire debt will be paid in not more than 20 years from the date of issue. (2) In the case of bonds issued for the purchase or development of a municipal forest,
  the first payment may be deferred not more than 30 years from the date of issuance
  of the bond. After any deferral period, the bonds or bond shall be payable annually
  in substantially level or declining annual debt service as the legislative body of
  the municipal corporation may determine, so that the entire debt will be paid in not
  more than 60 years from the date of issue. (3) In the case of bonds issued for any capital project that has a useful life of at least
  30 years, the entire debt will be paid in not more than 30 years from the date of
  issue.