Vermont § 436 - Interfund borrowing Notwithstanding any provisions of law, the State Treasurer, with the approval of the

§ 436. Interfund borrowing Notwithstanding any provisions of law, the State Treasurer, with the approval of the

• Governor, may borrow from any funds created by the General Assembly available amounts
  as the Treasurer may determine to be necessary or desirable for the purpose of defraying
  the expenses of government, including the payment of notes issued for these purposes.
  Borrowing may be only made twice a year; first, during the period commencing 15 business
  days prior to the end of the State’s fiscal year and ending 15 business days after
  the end of the State’s fiscal year, and second, during the period commencing on December
  10, or the preceding Friday if December 10 falls on a Saturday or Sunday, and ending
  on January 10 of the succeeding year. Not later than the last day of the period during
  which the funds were borrowed, the State Treasurer shall transfer to any fund from
  which initial borrowing has been made an amount equal to the borrowed amount, together
  with interest at the rate as the State Treasurer in the Treasurer’s sole discretion
  shall determine. (Added 1997, No. 61, § 254; amended 2005, No. 71, § 34a; 2021, No. 105 (Adj. Sess.), § 449, eff. July 1, 2022.)