Vermont Statutes Title 16 Sec. 429
Terms Used In Vermont Statutes Title 16 Sec. 429
- School board: means the board of school directors elected to manage the schools of a school district, the prudential committee of an incorporated school district, the supervisory union board of directors, and the supervisors of unorganized towns and gores. See
- School district: means town school districts, union school districts, interstate school districts, city school districts, unified union districts, and incorporated school districts, each of which is governed by a publicly elected board. See
- Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
§ 429. Loans
Notwithstanding subsection 4029(b) of this title, a school board may draw orders for loans without interest to the town‘s general fund, and the town selectboard may draw orders for loans without interest to the school district fund, the loans to be secured by a note signed by both the selectboard and the school board that stipulates mutually agreeable terms and conditions. A note shall be payable not more than 90 days after its issuance and shall be payable on demand anytime within the 90-day term. The school board shall report all loans to the Agency pursuant to subsection 4029(f) of this title. For purposes of this section, “town” and “selectboard” shall have the same meaning as they have in 1 V.S.A. § 139. (Added 1969, No. 298 (Adj. Sess.), § 49; amended 2011, No. 129 (Adj. Sess.), § 3, eff. May 11, 2012.)