Vermont Statutes Title 24 Sec. 4683
Terms Used In Vermont Statutes Title 24 Sec. 4683
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. 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
- Revenue Fund: means the Vermont Bond Bank Revenue Fund established under section 4683 of this title. 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
§ 4683. Revenue Fund
(a) The Bank shall establish and maintain a fund called the “Revenue 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 that the Bank shall transfer thereto pursuant to section 4672 of this title from the Revenue Bond Reserve Fund established pursuant to section 4681 of this title;
(3) monies received by the Bank as payments of principal of or interest on municipal bonds or revenue bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or revenue bonds or investment obligations of the Bank, or otherwise in repayment of loans made by 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 made if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.
(b) Any monies in the Revenue Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Revenue Bond Reserve Fund, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank as provided by resolution of the Bank 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 Revenue Fund may be used for making loans to governmental units under this chapter and for all other purposes of the Bank including payment of its operating expenses. (Added 1987, No. 55, § 27, eff. May 15, 1987; amended 2023, No. 72, § 30, eff. June 19, 2023.)