32 V.S.A. § 902 — Authorization to borrow money

(a) Notwithstanding any other provision of law to the contrary, the State Treasurer, with
notification to the Governor, on behalf of the State may borrow on the credit of the
State for the purpose of raising funds to pay expenses of government for which appropriations
have been made but for which anticipated revenues have not been received, for the
purpose of defraying accumulated State deficits, for the purposes authorized by section 955 of this title and for expenses of preparing, issuing, and marketing obligations issued for such
purposes. To evidence such borrowing, the State Treasurer is authorized to issue notes
or other similar obligations, which shall include notes commonly known as tax exempt
commercial paper (notes) from time to time in such form and denominations and with
such terms and provisions including the maturity date or dates, redemption provisions,
and other provisions necessary or desirable as the State Treasurer shall determine.
Such notes shall be non-interest bearing or bear interest at such rate or rates, which
may be fixed or variable, as, in the judgment of the State Treasurer, may be sufficient
or necessary to effect the issuance and sale or resale thereof in the manner determined
by the State Treasurer. The State Treasurer is authorized to enter into such agreements
with other persons as he or she deems necessary or appropriate in connection with
the issuance, sale, and resale of such notes, including agreements providing liquidity
or credit facilities in connection with such notes, and, at his or her discretion,
to resell or retire any such notes purchased by the State prior to the stated maturity
thereof.
(b) The State Treasurer shall pay the interest on and principal of notes as the same fall
due without further order or authority from the governmental debt service funds established
in section 951a of this chapter. The authority hereby granted is in addition to and
not in limitation of any other authority. Such notes shall be sold at public or private
sale with or without published notice, as the State Treasurer may determine to be
in the best interests of the State. (