Vermont § 447 - Ratification

§ 447. Ratification

• (a) Notwithstanding the foregoing provisions of this article, and except as provided in
  subsection (b) of this section, no bonds shall be issued under this article unless
  and until more than 50 percent of the legal voters of the City present and voting
  thereon at any annual or special City meeting duly warned for that purpose shall have
  first voted to authorize the project or improvement for which such bonds are to be
  issued. The warning shall describe in general terms such project or improvement, shall
  estimate its cost, and shall state the amount of bonds proposed to be issued to finance
  it. (b) The City may issue bonds under this article without voter approval: (1) to pay the costs of: (A) the completion of a project or improvement previously authorized by the voters of
  the City, provided that such costs of completion do not exceed by more than 50 percent
  the estimated cost of the City’s share of the project or improvement as set forth
  in the warning submitting the question to the voters, and (B) repairs, alterations, or other improvements necessary to maintain the operational
  status of any facilities of the electric plant, whether necessitated by casualty,
  regulatory, or licensing requirements, or other cause; or (2) in the case of jointly owned facilities not controlled by the City, to pay the City’s
  share of the costs of improvements which the lead participants are empowered to make;
  or (3) for refunding as provided in section 436 of this charter.