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BILL AS INTRODUCED 2007-2008

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S.199

Introduced by Senator Giard of Addison District and Senator Ayer of Addison District

Referred to Committee on

Date:

Subject:  Highways; town of Middlebury; Cross Street bridge; bonds

Statement of purpose:  This bill proposes to authorize the town of Middlebury to issue bonds for the purpose of constructing the Cross Street bridge project.

AN ACT RELATING TO AUTHORIZING THE TOWN OF MIDDLEBURY TO ISSUE BONDS FOR THE CROSS STREET BRIDGE PROJECT

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

Sec. 1.  CROSS STREET BRIDGE PROJECT; BONDING AUTHORITY

Upon approval in the manner prescribed in subchapter 1 of chapter 53 of Title 24, the town of Middlebury may issue its bonds in one or more series for the purpose of constructing the Cross Street bridge project and related improvements.  The series of bonds, as originally issued or as may be refunded in the manner provided by law, may be arranged to be payable over a term not to exceed 50 years, and shall bear interest at such rate or manner of periodic computation as shall be determined by the legislative body of the town.  The town of Middlebury is authorized to establish and to appropriate such reserve funds and sinking funds as may be deemed necessary to secure payment of the bonds.  There shall be deposited in the reserve funds and sinking funds all grants-in-aid received by the town of Middlebury, regardless of the source, as assistance for accomplishing the Cross Street bridge project and improvements.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us