§ 1306. Budget limitations; borrowing
(a) The incurring of bonded indebtedness, the issuing of bonds, the making of temporary loans in anticipation of bond sales, and all other matters pertaining to bonded indebtedness shall be controlled by 24 V.S.A. chapter 53 or such State statutes as are applicable.
(b) The Town, through the Selectboard, may borrow money in anticipation of taxes. The total amount so borrowed shall not exceed 90 percent of the taxes assessed for such year, and notes or orders issued therefor shall mature not later than the end of the fiscal year of the Town.
(c) The Town, by vote at an annual or special meeting, may borrow money under such terms and conditions and for such lawful municipal purposes as the Town shall vote.
(d) In cases of emergency, the Selectboard may appropriate funds or borrow money in the name of the Town. The total combined emergency appropriations and borrowing in any year shall not exceed five percent of the amount voted at the annual meeting as the Town budget, or if the appropriation or borrowing is prior to the annual meeting, then five percent of the amount voted at the prior annual meeting as the Town budget. Notes or orders for such emergency borrowing shall mature not more than one year from the date of issuance and shall not thereafter be renewed unless the Town so votes. Any emergency borrowing or appropriation shall be reported at the next Town meeting.
(e) The Selectboard, in the name of the Town, may borrow funds in anticipation of federal and State funds that have been approved and committed, until such time as such funds are available. Any debt so incurred for a project shall be repaid from the first federal or State funds received for that project.
(f) Any appropriations beyond the amount in the Town budget, except as specified in subsection (d) of this section, and all borrowing, except as specified in subsections (a), (b), (c), (d), and (e) of this section, shall be by vote of the Town and upon such terms and conditions as the Town shall vote.
Structure Vermont Statutes
Title 24 Appendix - Municipal Charters
Chapter 127 - Town of Middlebury
App § 101. Corporate existence retained
App § 102. General law; application
App § 105. Reservation of powers to the Town
App § 106. Ordinances; penalties for breach thereof
App § 107. Ordinances; adoption by Selectboard
App § 110. Nonapplicability to zoning and subdivision
App § 111. Authority of police officers
App § 303. Terms of office — Selectboard members
App § 304. Other elective officers
App § 308. Vacancies and appointments
App § 309. Bonding of officers
App § 504. Record of proceedings
App § 701. Appointed by Selectboard
App § 702. Manager nonpartisan
App § 901. Application of general laws
App § 905. Postponement and combining of Town meetings
App § 906. Voting question by Australian ballot
App § 1101. Applicability of State law to zoning and planning
App § 1102. Ratification of present zoning ordinance
App § 1103. Ratification of subdivision regulations
App § 1302. Preparation and submission
App § 1305. Amount to be raised by taxation
App § 1306. Budget limitations; borrowing
App § 1307. Transfers of appropriations
App § 1308a. Sales, rooms, meals, and alcoholic beverages tax
App § 1502. Continuance of office or employment
App § 1505. Fire District No. 1 East Middlebury
App § 1506. Copies of the charter
App § 1507. Sec. 4 of the Incorporated District No. 4