Vermont Statutes Title 24 Sec. 4674
Terms Used In Vermont Statutes Title 24 Sec. 4674
- Bank: means the Vermont Bond Bank established by section 4571 of this title. See
- Bonds: means bonds of the Bank issued under this chapter. See
- Issue: when used in reference to bonds or notes, means the physical delivery thereof or the effectuation thereof in book entry form, in each case against payment therefor. See
- Notes: means any notes of the Bank issued under this chapter. See
- Reserve Fund: means the Vermont Bond Bank Reserve fund established under section 4671 of this title. See
- Revenue bond: means a bond or note or evidence of debt constituting an obligation or financing arrangement of a governmental unit authorized under laws of the State and payable solely from revenues derived from the financed asset, enterprise funds, or other specified revenues and the earnings thereon. See
- Revenue Bond Reserve Fund: means the Vermont Bond Bank Revenue Bond Reserve Fund established under section 4681 of this title. See
§ 4674. Relation to bond sales
Notwithstanding any other provision of this chapter, bonds shall not be issued by the Bank unless there is in the Reserve Fund or Revenue Bond Reserve Fund, as applicable to such bonds, the required debt service reserve for all bonds then issued and outstanding and the bonds to be issued, provided, however, that the Bank may satisfy this requirement by depositing so much of the proceeds of the bonds to be issued, upon their issuance, as is needed to achieve the required debt service reserve. The Bank may at any time issue its bonds or notes for the purpose of increasing the amount in the Reserve Fund or the Revenue Bond Reserve Fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the Bank with respect to the fund. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 22, eff. May 15, 1987.)