Vermont Statutes Annotated — Title 32 (Taxation and Finance)
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). (
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In this chapter (11 sections)
- 9-701 · General appropriation bill
- 9-701a · Capital construction bill
- 9-702 · Exceeding budget
- 9-703 · Unexpended appropriations
- 9-704 · Interim budget and appropriation adjustments
- 9-704a · Execution of the laws relating to appropriations
- 9-705 · Allotment of appropriations
- 9-706 · Transfer of appropriations
- 9-707 · 9-707
- 9-710 · Payment of State agency fees
- 9-711 · Approval of debt