§ 162-33. 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 24 V.S.A. chapter 53 or such statutes as are applicable.

(b) The Town, through the Selectboard, may borrow money in anticipation of taxes. The total amount so borrowed shall not exceed 90 percent of the taxes assessed for such year, and notes or orders issued therefore shall mature not later than the end of the fiscal year of the Town.

(c) The Town, by vote at any annual or special meeting, may borrow money under such terms and conditions and for such lawful municipal purposes as the Town shall vote.

(d)(1) In cases of emergency, the Selectboard may appropriate funds or borrow money in the name of the Town. The total combined emergency appropriations and borrowing in any year shall not exceed five percent of the amount voted at the annual meeting as the Town budget or, if the appropriation or borrowing is prior to the annual meeting, then five percent of the amount voted at the prior annual meeting as the Town budget.

(2) Notes or orders for such emergency borrowing shall mature not more than one year from the date of issuance and shall not thereafter be renewed unless the Town so votes.

(3) Any federally or State-declared emergency that requires borrowing or appropriation in excess of five percent shall require a duly warned special meeting, and a majority of Trustees of Public Funds must approve such expenditures.

(4) Any emergency borrowing or approval shall be reported at the next Town meeting.

(e) The Selectboard, in the name of the Town, may borrow funds in anticipation of federal and State funds which have been approved and committed, until such time as such funds are available. Any debt so incurred for a project shall be repaid from the first federal or State funds received for that project.

(f) Any appropriations 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), and (e) of this section, shall be by vote of the Town and upon such terms and conditions as the Town shall vote.

(g) An annual budget shall be adopted at Town meeting by the vote of a majority of those eligible to vote present at the meeting. If, after the total budget has been appropriated, the Selectboard finds additional appropriations necessary, the appropriations shall be made and reported at the next town meeting as a specified item. The appropriations shall only be made in special circumstances or situations of an emergency nature. No specific explanation need be given for any normal annual operating expense which may be increased over the budget amount by an amount not more than 10 percent of the specified budget. (Added 2013, No. M-8, § 2, eff. May 23, 2013.)