Vermont § 280s - Borrower obligations

§ 280s. Borrower obligations

• (a) Subject to the provisions of this subchapter, governmental obligations issued by a
  governmental unit shall conform to the requirements of subchapter 4 of this chapter. (b) Notwithstanding any law to the contrary, if a governmental unit has authorized a loan
  in accordance with this subchapter and the issuance of governmental obligations under
  any bond act, the governmental unit may, subject to the loan agreement and the approval
  of the Board, issue notes to the Authority or any other person in anticipation of
  the receipt of the proceeds of the loan. The issue of such notes shall be governed
  by the provisions of this subchapter relating to the issue of governmental obligations
  other than notes, to the extent applicable, provided the maturity date of such notes
  shall not exceed three years from the date of issue of such notes or the expected
  date of completion of the project financed thereby, as determined by the Board, if
  later. Notes issued for less than the maximum maturity date may be renewed by the
  issue of other notes maturing no later than the maximum maturity date. (c) A governmental unit may issue governmental obligations to refund or pay at maturity
  or earlier redemption any governmental obligations outstanding under any loan agreement
  or to refund or pay any other debt of the governmental unit issued to finance the
  qualified project to which such loan agreement pertains. Governmental obligations
  for refunding may be issued in sufficient amounts to pay or provide for the principal
  of the obligations refunded, any redemption premium thereon, any interest accrued
  and to accrue to the date of payment of such obligations, the costs of issuance of
  such refunding obligations and any reserves required by the applicable loan agreement.
  An issue of refunding governmental obligations, the amount and dates of maturity or
  maturities and other details thereof, the security thereof and the rights, duties,
  and obligations of the governmental unit with respect thereto shall be governed by
  the provisions of this subchapter relating to the issue of governmental obligations
  other than refunding obligations as the same may be applicable. (d) Except as otherwise provided in this subchapter, the applicable bond act, or by agreement
  between the Board and a governmental unit, all governmental obligations shall be general
  obligations of the governmental unit issuing the same for which its full faith and
  credit are pledged and for the payment of which all taxable property in the governmental
  unit shall be subject to ad valorem taxation without limitation as to rate or amount
  except as otherwise provided by law. (Added 1997, No. 43, § 1.)