NO. M-1. AN ACT RELATING TO AMENDING THE CHARTER OF THE CITY OF BURLINGTON.
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. CHARTER APPROVAL
The general assembly approves the City of Burlington charter amendment as provided in this act.
Sec. 2. 24 V.S.A. App. chapter 3, § 62 is amended and (f)(3) is added to read:
§ 62. COUNCIL, SCHOOL BOARD; NOT TO PLEDGE CREDIT OF
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(3) The chief administrative officer, when authorized and directed by the board of school commissioners and the city council, may pledge the credit of the city by issuing negotiable orders, warrants, notes, or bonds in an amount not to exceed in the aggregate seven hundred fifty thousand dollars ($750,000.00) in any fiscal year for the purpose of providing working capital and capital improvements, additions, and replacements required for the efficient and economical operation of the school department. If any of such annual borrowing authority is used to provide working capital, notes shall be issued in anticipation of the receipt of school revenue and shall mature within two (2) years from the date of issue, and may be renewed or refunded by the issue of other notes maturing within a similar period whenever such action is deemed expedient. If any of such annual borrowing authority is used to provide capital improvements, additions, and replacements, the negotiable orders, warrants, notes, or bonds issued for such purposes shall be of such denominations, payable at such time or times, at such rate of interest, and to be sold and registered in such manner and under such terms and conditions as shall be established by resolution of the city council. The funds raised in any such year from such borrowing shall be used for the capital needs of the school district that qualify for the thirty percent (30%) State of Vermont matching grant. The authorization provided for this addition to the city charter shall be considered the voting of funds by the Burlington School District as required by 16 V.S.A. § 3448, as the same may be amended from time to time. The amortization of such borrowed funds shall be by means of an annual tax on the education grand list in an amount sufficient for this purpose, such tax to be in addition to the tax necessary to support the education spending portion of the annual budget of the school department.
Approved: April 5, 2005
The Vermont General Assembly
115 State Street