Use of bond proceeds (a) If after bonds have been issued and no expenditure of the proceeds has been made for the purpose or purposes for which the debt was incurred, or if a balance remains after the completion of the project or projects for which the debt was authorized, a municipal corporation by a majority of the voters present and voting on the question at a meeting or meetings of such municipal corporation held for that purpose, may authorize the expenditure of the proceeds or portion thereof for any purpose or purposes for which bonds may be issued; provided, however, that if the proceeds obtained from the issuance of bonds or any balance thereof, is not appropriated as aforesaid, then the same shall be used to pay the principal of the loan as it matures. (b) The warning calling the meeting provided in this section shall state the amount of the proceeds and the purpose for which they are to be used, and shall fix the place where and the date on which the meeting shall be held and the hours of opening and closing of the polls. Notice of the meeting shall conform to section 1756 of this title, and the conduct of the meeting and the qualifications of voters shall all be held and the hours of opening and closing of the polls. Notice of the meeting shall conform to section 1756 of this title, and the conduct of the meeting and the qualifications of voters shall conform to section 1758 of this title. (Added 1969, No. 104, eff. April 19, 1969.)
Vermont Legal Code