2013 Vermont Statutes
Title 24 Appendix Municipal Charters
Chapter 251 VILLAGE OF NORTH BENNINGTON
§ 901 Bonding for water and sewer systems and light plant

251-901. Bonding for water and sewer systems and light plant

Said Village at an annual or special meeting called for that purpose, is hereby authorized and empowered to borrow money at the rate of not to exceed five percent, per annum, payable annually or semiannually for any of the purposes herein mentioned, including the construction and establishment of a water system, sewer system, and light plant, and to issue notes and bonds therefor, and such notes or bonds shall be signed by the trustees and countersigned by the Treasurer of said Village, and if interest coupons are attached they shall be signed by the Treasurer; and the bonds or notes shall contain a statement that they were issued for the purposes mentioned and in conformity with the provisions of this act, and such statement shall be conclusive evidence of the same, and of the liability of the Village to pay such notes or bonds in an action by a person who in good faith holds the same. The Village Treasurer shall keep a record of every note or bond issued under the provisions of this act, therein stating the number and denomination of each note or bond, when and where payable, to whom issued, and the rate of interest thereon; and also shall keep a record of payments, interest, and principal, and if any coupons are taken up, shall deface the same.