Vermont § 952 - Denominations; how issued The bonds may be issued at one time or in series from time to time, in any form permitted by law

§ 952. Denominations; how issued The bonds may be issued at one time or in series from time to time, in any form permitted by law

• . Except for zero coupon bonds or capital appreciation bonds designated as such
  by the State Treasurer, with the approval of the Governor, each series shall be payable
  in substantially equal or diminishing amounts annually, the first of the annual payments
  to be made not later than five years after the date of the bonds and the last of the
  payments to be made not later than 20 years after the date. All bonds shall mature
  not later than 20 years after the date of the bonds. The principal, interest, investment
  returns, and maturity value of the bonds shall be payable in lawful money of the United
  States or of the country in which the bonds were sold and for the payments the full
  faith and credit of the State are hereby pledged. Bonds shall be signed by the State
  Treasurer or the State Treasurer’s deputy and countersigned by the manual or facsimile
  signature of the Secretary of State or the Secretary of State’s deputy, and shall
  bear the Seal of the State or a facsimile of the Seal of the State, and the interest
  coupons on the bonds shall bear the facsimile signature of the State Treasurer. Bonds
  shall be registered as provided by this subchapter. The date of issuance; place of
  payment; rate of interest, which may be fixed or variable; or the manner of determining
  the rate of interest, original stated value, investment returns or manner of determining
  the same, maturity value, time of maturity, provisions with respect to redemption
  prior to maturity, at par or at a premium, sinking fund and reserve requirements,
  and other particulars as to the form of the bonds, within the limitations mentioned
  under this section, shall be determined by the State Treasurer with the approval of
  the Governor as the State Treasurer may deem for the best interests of the State.
  Bonds shall contain on their face the statement that they are issued for the purposes
  mentioned in, under the authority of, and in conformity with the authorizing act,
  and that their form and other particulars and details have been duly determined by
  the State Treasurer, with the approval of the Governor; and the statement shall be
  conclusive evidence of the liability of the State to any bona fide holder, and the
  bonds so issued shall be the lawful obligations of the State. (Added 1959, No. 24, § 2, eff. March 10, 1959; amended 1979, No. 205 (Adj. Sess.), § 156, eff. May 9, 1980; 1985, No. 125 (Adj. Sess.), § 1, eff. April 18, 1986; 1989, No. 276 (Adj. Sess.), § 22, June 20, 1990; 1993, No. 19, § 2, eff. May 11, 1993; 2021, No. 105 (Adj. Sess.), § 467, eff. July 1, 2022.)