Vermont Statutes Title 24 Sec. 4951
Terms Used In Vermont Statutes Title 24 Sec. 4951
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4951. Contract for joint municipal development
(a) Any two or more municipalities, as provided in this chapter, may enter into contracts with each other, provided a vote of a majority of those voting at an annual or special meeting warned for that purpose grants authority to the respective legislative branches of each municipality to enter into such contracts, for the purpose of developing real property for industrial, commercial, or residential purposes. These contracts may provide that the respective municipalities be authorized to do the following:
(1) Apportion such sums of money as shall be paid as an annual tax upon such property among said municipalities;
(2) Make application for, receive, or expend State, federal, and private development grants;
(3) Enter into contracts with consultants, engineers, architects, and other experts for services;
(4) Enter into contracts pursuant to section 2741 of this title relating to taxation of real and personal property;
(5) Acquire, manage, lease, mortgage, or sell interests in real property;
(6) Borrow money and issue evidence of indebtedness as provided in chapter 53 of this title;
(7) Adopt bylaws to govern its procedures;
(8) Any other matters necessary and proper in attaining the purposes of this section.
(b) If the contract entered into under this section includes the authority to borrow money or issue evidence of indebtedness, the contract shall also specify how the obligations to be incurred will be apportioned and may provide that any obligation incurred by a member municipality shall not affect the limitation of indebtedness of that municipality.
(c) Any contract entered into under this section shall:
(1) be filed with the clerk of the respective municipalities and made available for public inspection;
(2) continue in full force and effect for the term specified therein or until modified by mutual agreement of the legislative branches of each municipality. (Added 1983, No. 21.)