2005 Vermont Code - § 1894. — Power and life of district

§ 1894. Power and life of district

(a) A municipality may incur indebtedness against revenues of the tax increment financing districts for a period of up to 20 years following the creation of the district. The 20-year borrowing period of the district shall commence at 12:01 a.m. on April 1 of the year so voted. Any indebtedness incurred during the borrowing period may be retired over any period authorized by the legislative body of the municipality under section 1898 of this title. The district shall continue until the date and hour the indebtedness is retired.

(b) Notwithstanding subsection (a) of this section, any district created to use education tax increment financing that has not incurred indebtedness within five years following the creation of the district, shall request reapproval from the Vermont economic progress council in order to utilize education tax increment financing following that period. (Added 1985, No. 87; amended 1987, No. 204 (Adj. Sess.), § 1; 2005, No. 184 (Adj. Sess.), § 2c.)