2013 Vermont Statutes
Title 24 Appendix Municipal Charters
Chapter 5 CITY OF MONTPELIER
§ 908 Payment of contractual accrued liability
5-908. Payment of contractual accrued liability
In case a contract or contracts shall be made pursuant to section 6 above with one or more insurance companies or associations of recognized standing, or with any retirement group, plan, or fund established by the State of Vermont, any accrued liability existing at the time of execution of such contract or contracts may be paid over a period of not more than 20 years if the other contracting party or parties agree. The City Council is hereby authorized, as a specific exception to the restrictions of this charter prohibiting the creation of indebtedness by the City Council, to contract for the payment of such accrued liability over a period not to exceed 20 years, or to issue a note or notes of the City in the amount of such accrued liability, said note or notes to be payable within a period of not more than 20 years.
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