|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Hutchinson of Randolph and French of Randolph
Subject: Capital appropriations; Orange County; authority to borrow
Statement of purpose: This bill proposes to authorize the assistant judges of Orange County to borrow funds to purchase property.
AN ACT RELATING TO THE AUTHORITY OF THE ORANGE COUNTY ASSISTANT JUDGES TO BORROW FUNDS TO PURCHASE LAND
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. ORANGE COUNTY; ASSISTANT JUDGES; BORROWING
(a) Notwithstanding the provisions of 24 V.S.A. § 82, and subject to the condition set forth in subsection (c) of this section, the assistant judges of Orange County may borrow a sum necessary to purchase a parcel of real property adjacent to the Orange County courthouse in the town of Chelsea. Notes or other evidence of that indebtedness, payable in not more than five years from the date of execution, may be issued by the county treasurer on behalf of the County of Orange. All such notes or evidence of indebtedness shall contain on their face a statement of purpose for which they are issued and of the authority conferred by this section and shall be evidence of the county’s liability to the holder of the instrument. The form, denominations, maturities, interest rates, and other terms, conditions, and details of the instrument shall be determined by resolution of the assistant judges of Orange County. Notes or other evidence of indebtedness issued under this section shall be paid by issuance of a bond approved pursuant to 24 V.S.A. § 24.
(b) The authority to borrow conferred by subsection (a) of this section shall terminate on January 1, 2008. Any funds borrowed or notes or other forms of indebtedness issued prior to that date shall be subject to the terms of this section until repaid.
(c) Prior to entering into any agreement to borrow funds as authorized in this section, the assistant judges of Orange County shall hold one or more public hearings to provide information about and receive public comment on the proposed land purchase.
The Vermont General Assembly
115 State Street