Vermont Statutes Title 24 Sec. 4676
Terms Used In Vermont Statutes Title 24 Sec. 4676
- 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
- General Fund: means the fund established under section 4676 of this title. 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
- 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
§ 4676. General Fund
(a) The Bank shall establish and maintain a fund called the “General 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 which the Bank shall transfer thereto from the reserve fund pursuant to section 4672 of this title from the Reserve Fund established pursuant to section 4671 of this title;
(3) monies received by the Bank as payments of principal of or interest on municipal bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or investment obligations of 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 required if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.
(b) any monies in the General Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Reserve Fund established pursuant to section 4671 of this title, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank presently outstanding and any bonds or notes on a parity therewith, and any bonds or notes issued to refund such bonds or notes, all 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 General Fund may be used to make loans to governmental units under this chapter and for all other purposes of the Bank including payment of its operating expenses. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 24, eff. May 15, 1987; 2023, No. 72, § 29, eff. June 19, 2023.)