Vermont § 68 - Borrowing money

§ 68. Borrowing money

• (a) The incurring of bonded debt, the issuing of bonds, the making of temporary loans
  in anticipation of bond sales, and all other matters pertaining to bonded indebtedness
  shall be controlled by 24 V.S.A. chapter 53 or other applicable State law. (b) The Selectboard may borrow money for the Town in anticipation of taxes. The total
  amount so borrowed shall not exceed 90 percent of the taxes assessed for that year,
  and notes or orders issued for the debt shall mature on or before the end of the fiscal
  year for which the debt in anticipation of taxes was incurred. (c) The Town, by vote at an annual or a special meeting, may borrow money under any terms
  and conditions and for any lawful municipal purposes as the Town shall vote. (d) In cases of emergency, the Selectboard may appropriate funds or borrow money in the
  name of the Town. The total amount of money appropriated and borrowed for any emergencies
  in any year shall not exceed five percent of the amount voted at the annual meeting
  as the Town budget. Notes or orders for emergency borrowing shall mature not more
  than one year from the date of issuance and shall not thereafter be renewed unless
  the Town votes otherwise. Any emergency borrowing or appropriation shall be reported
  at the next regular or special meeting of the Selectboard. (e) The Selectboard may borrow funds in anticipation of the receipt of federal or State
  funds that have been formally approved and committed. The amount so borrowed may be
  used only for the purpose for which the federal or State funds were approved and committed.
  The amount so borrowed shall be repaid from the first federal or State funds received
  for that purpose. (f) Any appropriations of money in excess of the amount in the Town budget, except as
  specified in subsection (d) of this section, and all borrowing by the Town except
  as specified in subsections (b), (c), (d), and (e) of this section, shall be by vote
  of the Town, upon terms and conditions as the Town shall vote. (Added 2023, No. M-14, § 2, eff. July 1, 2023.)