Vermont § 4676 - General Fund

§ 4676. General Fund

• (a) The Bank shall establish and maintain a fund called the “General Fund” in which there
  shall be deposited: (1) fees received or charges made by the Bank for use of its services or facilities; (2) any monies which the Bank shall transfer thereto from the reserve fund pursuant to
  section 4672 of this title from the Reserve Fund established pursuant to section 4671 of this title; (3) monies received by the Bank as payments of principal of or interest on municipal bonds
  purchased by the Bank, or received as proceeds of sale of any municipal bonds or investment
  obligations of the Bank, or received as proceeds of sale of bonds or notes of the
  Bank, and required under the terms of any resolution of the Bank or contract with
  the holders of its bonds or notes to be deposited therein; (4) any monies required under the terms of any resolution of the bank or contract with
  the holders of its bonds or notes to be deposited therein; and (5) any monies transferred thereto from any other fund or made available for the purpose
  of the Fund by the State or for the operating expenses of the Bank; provided, however,
  that no such deposit or transfer shall be required if such action would impair in
  any way any contracts between the Bank and its bondholders or noteholders. (b) any monies in the General Fund may, subject to any contracts between the Bank and
  its bondholders or noteholders, be transferred to the Reserve Fund established pursuant
  to section 4671 of this title, or if not so transferred, shall be used for the payment of the principal of or interest
  on bonds or notes of the Bank presently outstanding and any bonds or notes on a parity
  therewith, and any bonds or notes issued to refund such bonds or notes, all when they
  become due and payable, whether at maturity or upon redemption including payment of
  any premium upon redemption prior to maturity, and any monies in the General Fund
  may be used to make loans to governmental units under this chapter and for all other
  purposes of the Bank including payment of its operating expenses. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 24, eff. May 15, 1987; 2023, No. 72, § 29, eff. June 19, 2023.)