Vermont Statutes Title 24 Sec. 4672
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Terms Used In Vermont Statutes Title 24 Sec. 4672
- Bank: means the Vermont Bond Bank established by section 4571 of this title. See
- Contract: A legal written agreement that becomes binding when signed.
- Reserve Fund: means the Vermont Bond Bank Reserve fund established under section 4671 of this title. See
- Revenue bond: means a bond or note or evidence of debt constituting an obligation or financing arrangement of a governmental unit authorized under laws of the State and payable solely from revenues derived from the financed asset, enterprise funds, or other specified revenues and the earnings thereon. See
§ 4672. Withdrawal or transfer
Monies in the Reserve Fund or the Revenue Bond Reserve Fund at any time in excess of such fund’s required debt service reserve, whether by reason of investment or otherwise, may, subject to the terms of any contract between the Bank and its bondholders or any resolution of the Bank, be withdrawn at any time by the Bank and transferred to any other fund or account of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 21, eff. May 15, 1987.)