Vermont Statutes Title 32 Sec. 711
Terms Used In Vermont Statutes Title 32 Sec. 711
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. 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
§ 711. Approval of debt
If a person as defined in 1 V.S.A. § 128, except a municipality as defined in 1 V.S.A. § 126, pays a majority of its operating expenses, as determined in accordance with Generally Accepted Accounting Principles, in any fiscal year with amounts appropriated by the State, either directly or indirectly as a pass-through from a State agency or department, and the person intends to incur any debt in that fiscal year in the cumulative principal amount greater than $1,000,000.00, including debt incurred through the issuance of bonds, notes, bank loans, mortgages, lease-purchase contracts, and capital leases, then the person shall notify and obtain the approval of the State Treasurer and the Governor prior to incurring the debt. For the purposes of this section, amounts appropriated by the State shall not include nondiscretionary federal funds known as special revenue funds as presented in the State’s comprehensive annual financial report. (Added 2001, No. 61, § 67, eff. June 16, 2001; amended 2001, No. 142 (Adj. Sess.), § 320, eff. June 21, 2002.)