Vermont § 1823 - Payment exclusive; effect
Full text of Vermont Vermont Statutes Online § 1823 — Payment exclusive; effect, with citation guidance and answers to common questions.
§ 1823. Payment exclusive; effect
- (a) The bonds issued and contracts entered into in connection therewith as authorized
in section 1822 of this title and the interest thereon shall be payable solely and exclusively from net revenues
derived from the public utility system or project and shall not constitute general
indebtedness of the municipal corporation nor be an obligation or liability upon the
municipal corporation to pay the same from any funds of the municipal corporation
other than such net revenues. No holder or holders of any contracts entered into
or bonds issued under this subchapter shall ever have the right to compel any exercise
of the taxing power of the municipal corporation to pay such contracts or bonds, or
the interest thereon. A statement referring to the limited nature of the contract
or bond and reciting that it had been entered into or issued under this subchapter
shall be made plainly to appear in or upon each contract or bond. (b) The bonds or contracts authorized by this subchapter shall not be affected by the
restrictions and limitations of subchapter 1 of this chapter relating thereto. (Amended 1989, No. 111, § 7, eff. June 22, 1989.)
Frequently Asked Questions About Vermont § 1823
What does Vermont Statutes Online § 1823 cover?
Section 1823 ("Payment exclusive; effect") 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 § 1823?
A common citation format is "Vermont Statutes Online § 1823" (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 § 1823 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.