Vermont Statutes
Chapter 127 - Mass Transit Authorities
§ 5105. Grand list; debt limit

§ 5105. Grand list; debt limit
The grand list of the authority shall be deemed to be the total of the grand lists of member municipalities, and the debt limit of the authority shall not be diminished by any obligation incurred by a member municipality alone. Obligations incurred under chapter 53 of this title shall be the joint and several obligations of the authority and of each member municipality but shall not affect any limitation on indebtedness of a member municipality. The cost of debt service shall be included in the annual budget of the authority as provided in section 4866 of this title, and shall be allocated among the member municipalities as provided in that section. Where voter approval is required pursuant to chapter 53 of this title, the board of commissioners shall determine the number and location of polling places, and when a majority of all the voters present and voting on the question from all of the member municipalities at the meeting vote to authorize the issuance of bonds, the board of commissioners shall be authorized to issue the bonds as provided in chapter 53 of this title. The counting of ballots shall be conducted by the board of commissioners together with the town or city clerk from each member municipality or his or her designee. (Added 1975, No. 153 (Adj. Sess.), § 1, eff. March 10, 1976.)

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