§ 407-405. Indebtedness
The Board of Supervisors may borrow money through the issuance of notes of the District for the purpose of paying current expenses of the District. Such notes must mature within one year. The Board of Supervisors may also borrow money in anticipation of grants-in-aid from any source and any revenues other than assessment through the issuance of notes of the District. Such notes must mature within one year, but may be renewed as provided by general law. The Board of Supervisors may also borrow money in anticipation of assessments to each member municipality in an amount not to exceed 90 percent of the amount assessed for each year, and may issue notes of the District which must mature within one year. The Board of Supervisors may also borrow money in anticipation of bond proceeds which have been authorized as provided herein. Said notes shall be issued as provided in 24 V.S.A. chapter 53.
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