Vermont § 37 - Indebtedness; short-term borrowing

§ 37. Indebtedness; short-term borrowing

• (a) The Board of Commissioners may borrow money through the issuance of notes of the District
  in an amount not to exceed 25 percent of the District’s current operating budget,
  for the purpose of paying current expenses of the District. Such notes must mature
  within one year. (b) The Board of Commissioners may also borrow money in anticipation of grants-in-aid
  from any source and any revenues other than assessments, in an amount not to exceed
  50 percent of such grants or revenues, through the issuance of notes of the District.
  Such notes must mature within one year, but may be renewed as provided by general
  law; provided, however, such notes may not be renewed more than once or for a term
  in excess of two years from the date of the original loan without the approval of
  a majority of the voters of the District. (c) The Board of Commissioners may also borrow money in anticipation of assessments to
  each member municipality in an amount not to exceed 90 percent of the amount assessed
  for each year, and may issue notes of the District that must mature within one year. (d) The Board of Commissioners may also borrow money in anticipation of bond proceeds
  that have been authorized as provided in this subchapter. These notes shall be issued
  as provided in 24 V.S.A. chapter 53.