Vermont Statutes Title 24 Sec. 4647
Terms Used In Vermont Statutes Title 24 Sec. 4647
- 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.
- 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
§ 4647. Payment or refunding of notes
The Bank may from time to time issue its notes under this chapter and pay and retire or fund or refund the notes from proceeds of bonds or of other notes, or from any other funds or monies of the Bank available for that purpose in accordance with any contract between the Bank and the holders of the notes. Unless provided otherwise in any contract between the Bank and the holders of notes, and unless the notes are otherwise paid, funded, or refunded, the proceeds of any bonds of the Bank issued among other things, to fund any outstanding notes, shall be held, used, and applied by the Bank to the payment and retirement of the principal of the notes and the interest due and payable thereon. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)