2020 Vermont Statutes
Title 24 Appendix - Municipal Charters
Chapter 127 - Town of Middlebury
App § 127-1306. 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 selectmen, 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 selectmen 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 selectmen, in the name of the Town, may borrow funds in anticipation of federal and State funds which 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.