24 V.S.A. App. ch. 149, § 52: Debt and bonded debt for Town improvements

(a) Authorization for any long-term debt shall be granted by the voters at an annual or special Town meeting duly authorized for that purpose. As used in this section, “long-term” means a period of indebtedness greater than five years.

(b) An article requesting authorization to incur long-term debt can only be placed on the warning by a vote of four Selectboard members.

(c) [Repealed.]

(d) Articles requesting authorization for long-term debt shall be warned in accordance with State statute.

(e) The Town Treasurer shall be authorized, subject to the approval of the Selectboard, to incur short-term debt in anticipation of taxes for funding.