State Codes and Statutes
Statutes > Vermont > Title-24-appendix > Chapter-5 > 1110
§ 5-1110. Debt limits
The city shall not incur an indebtedness for improvements which with its previously contracted indebtedness, shall in the aggregate exceed ten times the amount of the last grand list of the city. Bonds or obligations given or created in excess of the limit authorized hereby and contrary to the provisions hereof shall be void. In determining the amount of city indebtedness permitted by this subchapter, obligations created for current expenses, for the water supply system, for an income-producing public sewage disposal system, for parking meters and publicly-owned parking facilities which produce income, and temporary loans created in anticipation of the collection of taxes shall not be taken into account. Sinking funds and other moneys set aside for the sole purpose of paying outstanding bonds or notes which are subject to the above limit shall be deducted. There shall also be deducted any indebtedness created for any purpose authorized by the general statutes, which by the terms of such statutes is made exempt from debt limit restrictions which otherwise would apply.
