School bond and tax elections in Vermont

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There are no school bond and tax elections in Vermont. All decisions towards the approval of bonds and exceeding tax levies are dependent on approval of the state government.

Laws affecting school finance

State government approval

All decisions to approve bond issues and to borrow money for new buildings and school improvements are the responsibility of the Vermont Educational and Health Buildings Financial Agency.

The agency has the approval to borrow money, issue bonds, acquire property, and grant approval towards all new construction and improvements of public schools in Vermont.[1]

Vermont bond issue law

The Vermont Educational and Health Buildings Financial Agency has authority to issue bonds and to refund bonds issued to school districts.

Bonds must be approved by a resolution of the members of the Vermont Educational and Health Buildings Financial Agency. The agency can set all necessary restrictions on bond issues such as value the bonds must be sold at, maturity, interest, and restrictions on successive bond issues. All bonds must have the full faith and credit of the State of Vermont.[2]

The State of Vermont cannot be held liable on a bond issue if a school district defaults or is found in violation of bond issue laws.[3] All bondholders in the State of Vermont are exempt from all taxes in relation holding issued bonds.[4]

As an alternative to litigation, both the bond holders and the state can seek out remedies in the event if any party defaults on a bond issue. Remedies include partial refunding for the bond holders while the state may sue the bond holder if its found if the bond holder defaulted.[5]

See also

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References

  1. "Vermont Legislature" Vermont Bond Issue Law(Referenced Section Chapter 131, § 3853 Vermont Statutes)
  2. "Vermont Legislature" Vermont Bond Issue Law(Referenced Section Chapter 131, § 3856 Vermont Code (1-8))
  3. "Vermont Legislature" Vermont Bond Issue Law(Referenced Section Chapter 131, § 3857 Vermont Code)
  4. "Vermont Legislature" Vermont Bond Issue Law(Referenced Section Chapter 131, § 3859(a) Vermont Code)
  5. "Vermont Legislature" Vermont Bond Issue Law(Referenced Section Chapter 131, § 3860 Vermont Code)