32 V.S.A. § 711 — Approval of debt

If a person as defined in 1 V.S.A. § 128, except a municipality as defined in 1 V.S.A. § 126, pays a majority of its operating expenses, as determined in accordance with Generally
Accepted Accounting Principles, in any fiscal year with amounts appropriated by the
State, either directly or indirectly as a pass-through from a State agency or department,
and the person intends to incur any debt in that fiscal year in the cumulative principal
amount greater than $1,000,000.00, including debt incurred through the issuance of
bonds, notes, bank loans, mortgages, lease-purchase contracts, and capital leases,
then the person shall notify and obtain the approval of the State Treasurer and the
Governor prior to incurring the debt. For the purposes of this section, amounts appropriated
by the State shall not include nondiscretionary federal funds known as special revenue
funds as presented in the State’s Annual Comprehensive Financial Report (ACFR). (