Vermont § 1898 - Powers supplemental; construction

§ 1898. Powers supplemental; construction

• (a) The powers conferred by this subchapter are supplemental and alternative to other
  powers conferred by law, and this subchapter is intended as an independent and comprehensive
  conferral of powers to accomplish the purposes set forth herein. (b) A municipality shall have power to issue from time to time general obligation bonds,
  revenue bonds, or revenue bonds also backed by the municipality’s full faith and credit
  in its discretion to finance the undertaking of any improvements wholly or partly
  within such district. If revenue bonds are issued, such bonds shall be made payable,
  as to both principal and interest, solely from the income proceeds, revenues, tax
  increments, and funds of the municipality derived from or held in connection with
  its undertaking and carrying out of improvements under this chapter. (c) Bonds issued under the provisions of this chapter are declared to be issued for an
  essential public and governmental purpose. (d) Bonds issued under this section shall be authorized by resolution or ordinance of
  the local governing body and may be payable upon demand or mature at such time or
  times, bear interest at such rate or rates, be in such denomination or denominations,
  be in registered form, carry such conversion or registration privileges, have such
  rank or priority, be executed in such manner, be payable in such medium or payment,
  at such place or places, and be subject to such terms of redemption, such other characteristics,
  as may be provided by such resolution or trust indenture or mortgage issued pursuant
  thereto. (e) [Repealed.] (f) Such bonds may be sold at not less than par at public or private sales held after
  notice published prior to such sale in a newspaper having a general circulation in
  the municipality. (g) In case any of the public officials of the municipality whose signatures appear on
  any bonds or coupons issued under this chapter shall cease to be such officials before
  the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient
  for all purposes, the same as if such officials had remained in office until such
  delivery. Any provisions of any law to the contrary notwithstanding, any bonds issued
  pursuant to this chapter shall be fully negotiable. (h) In any suit, action, or proceeding involving the validity or enforceability of any
  bond issued under this chapter or the security therefor, any such bond reciting in
  substance that it has been issued by the municipality in connection with an improvement,
  as herein defined, shall be conclusively deemed to have been issued for such purpose
  and such improvement shall be conclusively deemed to have been planned, located, and
  carried out in accordance with the provisions of this chapter. (i) [Repealed.] (Added 1985, No. 87; amended 1987, No. 204 (Adj. Sess.), §§ 3-6; 2005, No. 184 (Adj. Sess.), § 2f; 2007, No. 190 (Adj. Sess.), § 59, eff. June 6, 2008; 2009, No. 54, § 37, eff. June 1, 2009; 2013, No. 80, § 8.)