State Codes and Statutes
Statutes > Vermont > Title-24 > Chapter-119 > 4674
§ 4674. -Relation to bond sales
Notwithstanding any other provision of this chapter, bonds shall not be issued by the bank unless there is in the reserve fund or revenue bond reserve fund, as applicable to such bonds, the required debt service reserve for all bonds then issued and outstanding and the bonds to be issued, provided, however, that the bank may satisfy this requirement by depositing so much of the proceeds of the bonds to be issued, upon their issuance, as is needed to achieve the required debt service reserve. The bank may at any time issue its bonds or notes for the purpose of increasing the amount in the reserve fund or the revenue bond reserve fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the bank with respect to the fund. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 22, eff. May 15, 1987.)
