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NO. 71. AN ACT RELATING TO RECORDING AND REPORTING LOCAL INDEBTEDNESS.

(H.768)

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1. REPEAL

32 V.S.A. § 108 (Municipal Indebtedness) is repealed.

Sec. 2. 24 V.S.A. § 1774 is amended to read:

§ 1774. RECORD BY TREASURER

*[(a)]* The treasurer of each governmental unit as defined in section 4551(5) of this title shall keep a record of every obligation assumed by that unit. *[(b) The treasurer of each governmental unit shall report to the state treasurer on or before August 1 of each year the total amount of long term obligations owing as of June 30 excluding temporary notes of less than three-year maturity. ]*

Approved: March 23, 2000