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 such statutes as are applicable. (b) The Town, through its Selectboard, may borrow money in anticipation of taxes.(c) The Town, by vote at the annual or a special meeting, may borrow money under terms and conditions and for lawful municipal purposes as the Town shall vote. (d) In cases of emergency, the Selectboard may appropriate funds or borrow money in the name of the Town. (e) The Selectboard, in the name of the Town, may borrow funds in anticipation of federal and State funds that have been approved and committed, until those funds are available, but in no event for a term of longer than one year. (f) Any appropriation 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. (Amended 2021, No. M-17 (Adj. , 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. (Amended 2021, No. M-17 (Adj. Sess.), § 2, eff. June 7, 2022.)
Vermont Legal Code