Vermont Statutes
Chapter 119 - Municipal Bond Bank
§ 4702. Default in payment

§ 4702. Default in payment
If the Bank defaults in the payment of principal or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty days, or if the Bank fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 per centum in aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the Office of the Clerk of the County of Washington and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes herein provided. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)

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