Vermont Statutes Title 24 Sec. 1786
Terms Used In Vermont Statutes Title 24 Sec. 1786
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Legislative branch: shall mean the mayor and board of aldermen of a city, the selectboard of a town, the trustees of a village, the board of school directors of a school district, the trustees or prudential committee of a graded school or fire district, and the Board of Governors of the unified towns and gores of Essex County, and, with respect to other municipal corporations, the governing body designated by statute. See
- Municipal corporation: shall include a city, town, village, town school district, graded school district, or other incorporated, union, or unified school district or any entity providing educational services which is eligible to receive State aid under 16 Vt. See
§ 1786. Borrowing to pay current expenses in anticipation of taxes
(a) A municipal corporation, by its legislative branch, may borrow money by the issuance of its notes or orders for the purpose of paying current expenses of the municipal corporation. Such notes or orders, however, must mature within one year from date.
(b) A municipal corporation may also borrow money in anticipation of taxes in an amount not to exceed ninety percent of the amount of taxes assessed for such year and may issue its notes or orders therefor to mature not more than one year from the date of the note or order.
(c) The assistant judges may borrow money in the name of the county in anticipation of taxes.