Vermont Statutes
Chapter 119 - Municipal Bond Bank
§ 4676. General Fund

§ 4676. General Fund
(a) The Bank shall establish and maintain a fund called the “General Fund” in which there shall be deposited:
(1) Fees received or charges made by the Bank for use of its services or facilities;
(2) Any monies which the Bank shall transfer thereto from the reserve fund pursuant to section 4672 of this title from the Reserve Fund established pursuant to section 4671 of this title;
(3) Monies received by the Bank as payments of principal of or interest on municipal bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or investment obligations of the Bank, or received as proceeds of sale of bonds or notes of the Bank, and required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein;
(4) Any monies required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein; and
(5) Any monies transferred thereto from any other fund or made available for the purpose of the Fund by the State or for the operating expenses of the Bank; provided, however, that no such deposit or transfer shall be required if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.
(b) Any monies in the General Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Reserve Fund established pursuant to section 4671 of this title, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank presently outstanding and any bonds or notes on a parity therewith, and any bonds or notes issued to refund such bonds or notes, all when they become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any monies in the General Fund may be used for the purchase of municipal bonds and for all other purposes of the Bank including payment of its operating expenses. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 24, eff. May 15, 1987.)

Structure Vermont Statutes

Vermont Statutes

Title 24 - Municipal and County Government

Chapter 119 - Municipal Bond Bank

§ 4551. Definitions

§ 4552. Law governing

§ 4553. Liberal construction

§ 4554. Administration expenses

§ 4555. Duties of State Treasurer

§ 4556. Cooperation by government agencies; cost

§ 4571. Establishment

§ 4571a. Reports

§ 4572. Membership; vacancies

§ 4573. Removal from office; oath

§ 4574. Officers; quorum

§ 4575. Bonding of members

§ 4576. Compensation; expenses

§ 4577. Staff

§ 4591. General powers

§ 4592. Supplementary powers

§ 4593. Prohibited acts

§ 4594. Annual report; audit

§ 4595. Annual budget

§ 4596. Care and custody of bonds

§ 4621. Form of obligation; faith and credit

§ 4622. Negotiability of bonds or notes

§ 4623. Bonds or notes as legal investment

§ 4624. Tax exemption

§ 4641. Loans to governmental units

§ 4642. Amount and purpose; general obligation

§ 4643. Form of issuance

§ 4644. Sale price

§ 4645. Administrative consent or conditions not required

§ 4646. Approval of Governor and Treasurer

§ 4647. Payment or refunding of notes

§ 4648. Terms of agreement with bond or noteholder

§ 4649. Purchase and disposition of own obligations

§ 4650. Interest rates

§ 4651. Exchange of coupon bonds

§ 4652. Waiver of defenses; rights of holder

§ 4653. Bond anticipation notes

§ 4654. Marketability; certification

§ 4655. Presumption of validity

§ 4671. Reserve fund

§ 4672. Withdrawal or transfer

§ 4673. Investment

§ 4674. Relation to bond sales

§ 4675. Annual appropriation

§ 4676. General Fund

§ 4677. Operating expenses

§ 4678. Special accounts

§ 4679. Additional accounts

§ 4680. Application of funds; excess

§ 4681. Revenue Bond Reserve Fund

§ 4682. Investment of Revenue Bond Reserve Fund

§ 4683. Revenue Fund

§ 4684. Revenue Fund operating expenses

§ 4685. Special accounts in Revenue Fund

§ 4701. Rights of holders paramount

§ 4702. Default in payment

§ 4703. Powers of trustee on default

§ 4704. Superior Court jurisdiction

§ 4705. Notice on default

§ 4706. Personal liability

§ 4707. Exemption from execution and sale

§ 4708. Pledge of revenues; lien thereof

§ 4709. Federal insurance or guaranty

§ 4710. Surety for deposits by Bank