Vermont § 3684 - Indebtedness

§ 3684. Indebtedness

• (a) General obligations. A consolidated sewer district may incur indebtedness as provided by chapter 53, subchapter
  1 of this title and by chapter 101 of this title for the purpose of paying the cost
  of a sewer system and improvements to the sewer system or for funding or refunding,
  including the payment of premium, any bonds or other evidences of indebtedness issued
  or assumed by the district. The limits on indebtedness in chapter 53 of this title
  or otherwise shall not apply to indebtedness incurred or assumed by a consolidated
  district for the purposes of this chapter. (b) Joint and several obligations. Obligations incurred under chapter 53, subchapter 1 of this title and chapter 101
  of this title by a consolidated sewer district shall be the joint and several obligations
  of the district and the member towns composing it. However, as among the member towns,
  their respective shares of the obligation shall be apportioned and paid in the manner
  provided in this chapter. Any joint or several liability incurred by a member town
  under this chapter shall not be considered in determining its debt limit for its separate
  purposes. Notwithstanding the limitations in sections 1755 and 1759 of this title, bonds or other evidences of indebtedness of a consolidated sewer district may be
  authorized by a majority of the voters present and voting on the question at a district
  meeting, may be paid in not more than 30 years from their date of issue, may be made
  callable at the option of the district with or without premium, and the serial maturities
  of those bonds or evidences of indebtedness may be so arranged that beginning with
  the first year in which principal is payable, the amount of principal and interest
  payable in any year shall be as nearly equal as is practicable according to the denominations
  in which the bonds or other evidences of indebtedness are issued. (c) Obligations payable solely from revenue. In addition to authority granted in this section, a consolidated sewer district may
  issue bonds or other evidences of indebtedness under chapter 53, subchapter 2 of this
  title. However, no such bonds payable solely from revenues shall be issued while the
  district has outstanding any bonds or other evidences of indebtedness for which the
  district and the member towns are jointly and severally liable as provided in this
  chapter, except notes or other evidences of indebtedness issued temporarily in anticipation
  of revenue. (Added 1967, No. 318 (Adj. Sess.), § 13, eff. March 22, 1968; amended 2019, No. 131 (Adj. Sess.), § 268.)