§ 245-25. Indebtedness

(a) The Village shall not incur an indebtedness for public improvements which, together with previously contracted indebtedness, shall, in the aggregate, exceed the amounts authorized by the provisions of 24 V.S.A. chapter 53, subchapter 1 or any amendments thereto, except that indebtedness in the form of bonds for public utility purposes that are backed solely by the net revenues of a public utility system or project, in accord with the provisions of 24 V.S.A. chapter 53, subchapter 2, shall be subject in limitation only as provided in that subchapter.

(b) Debt may be incurred and bonds issued pursuant to the provisions of 24 V.S.A. chapter 53, subchapter 1 or any amendments thereto, for any improvements to the water, electric, or sewer systems, or communications plant, but no bonds shall be issued for the purpose of providing funds for ordinary expenses of the Village, except as otherwise provided by this charter or the laws applicable to municipal corporations.

(c) An improvement shall include, apart from its ordinary meaning, the acquisition of land for municipal purposes, the construction of, extension of, additions to, or remodeling of buildings or other improvement thereto, including furnishings, equipment, or apparatus to be used for or in connection with any existing or new improvements, work, department, or other corporate purpose.

(d) When the trustees, at a regular or special meeting called for that purpose, shall, by resolution passed by a vote of a majority of the entire Board of Trustees, determine that the public interest or necessity demands such improvements and that the cost of the same will be too great to be paid out of the ordinary income and revenue available to the Village from the operation of municipal electric, water, communications, and sewer plants and facilities, they may order the submission of the proposition of making such public improvements and of incurring a bonded debt to pay for the same to the qualified voters of such Village at a meeting to be held for that purpose. The warning calling such meeting shall state the object and purpose for which the indebtedness is proposed to be incurred, the estimated cost of the improvements, the amount of bonds proposed to be issued therefor and the maximum rate of interest to be paid, and shall fix the time and place when and where the meeting shall be held and the hours of opening and closing the polls.

(e) The notice of such meeting and the approval of such bond issuance shall be in accord with the provisions of 24 V.S.A. chapter 53, subchapter 1 or any amendments thereto.

(f) Temporary loans may be made and temporary notes issued in anticipation of money to be derived from the sale of bonds pursuant to the provisions of 24 V.S.A. chapter 53, subchapter 1 or any amendments thereto or, in the case of bonds for public utility purposes that are backed by the net revenues of a public utility system or project, in accord with the provisions of 24 V.S.A. chapter 53, subchapter 2.

(g) The Village may, by action of the Board of Trustees, in lieu of the issuance of bonds or levy of taxes, and in addition to any other lawful means or methods of providing for the payment of indebtedness, have the power by and through the Board of Trustees to provide for and secure the payment of all or a part of the cost of any public utility pursuant to the provisions of 24 V.S.A. chapter 53, subchapter 2 or any amendments thereto.