{"data":{"id":"us-vt/24-v.s.a.-1758--2","jurisdiction":"us-vt","citation":"24 V.S.A. § 1758","heading":"Conduct of meetings [Effective January 15, 2029; see also § 1758 effective until contingency met, set out above]","body":"(a) Meetings of voters in municipal corporations under this subchapter shall be conducted in the same manner as the annual city and town meetings are conducted. The qualifications of voters at such meetings shall be the same as the qualifications of voters at annual city and town meetings. The vote on the question of issuing bonds for such improvements shall be by Australian ballot. The form of the ballot to be used shall be substantially as follows:\nI. Shall the bonds of the .......... of .......... in an amount not to exceed .......... be issued for the purpose of .................... ?\nIf in favor of the bond issue, make a cross (x) in this square □.\nIf opposed to the bond issue, make a cross (x) in this square □.\nIn the discretion of the Legislative Branch, the form of the ballot may also state the maximum rate of interest to be paid on the bonds, in which case the form of the ballot to be used shall be substantially as follows:\nI. Shall bonds of the .......... of .......... in an amount not to exceed .......... bearing interest not to exceed .......... percent, be issued for the purpose of .................... ?\nIf in favor of the bond issue, make a cross (x) in this square □.\nIf opposed to the bond issue, make a cross (x) in this square □.\n(b) If a school board submits to its voters the proposition of incurring a bonded debt to pay for an improvement, the form of the ballot shall be as set forth in subsection (a) of this section, however:\n(1) If the entire costs of the improvement are not eligible for State construction aid pursuant to 16 V.S.A. chapter 123 because the costs exceed the maximum allowed by formula established by the Agency of Education, the ballot text set forth in subsection (a) shall be preceded by the following introductory sentences:\nThe .......... school board proposes to incur bonded indebtedness for the purpose of .......... at the estimated total project cost of $ .......... . It is estimated that ........ percent of the project will not be eligible for State school construction aid because its (unit costs and/or allowable space) cause it to exceed the maximum cost for state participation under the Agency of Education’s formula for school construction. Therefore, the ...... percent of the project that is estimated to be ineligible under the formula shall be built at 100% school district cost without State participation. The cost of the portion of construction which is ineligible under the formula is $ .......... .\n(2) The ballot may contain language conditioning commencement of the improvement by the school board on receipt of final approval by the Agency of Education for State construction aid under 16 V.S.A. § 3445(a)(5).\n(3) The warning and ballot shall contain the following set forth in bold-faced type:\nState funds may not be available at the time this project is otherwise eligible to receive State school construction aid. The district is responsible for all costs incurred in connection with any borrowing done in anticipation of State school construction aid.\nFunds to cover annual debt service costs on the bonds shall be raised through the district’s supplemental district spending tax. Any bonded indebtedness incurred for school construction shall constitute an ongoing obligation of the district not subject to annual authorization of supplemental district spending.\n(c) A public informational hearing adhering to the requirements of 17 V.S.A. § 2680(g) shall be held to discuss the proposition of a school district incurring a bonded debt to pay for an improvement. At such hearing, the school board shall distribute to the participants a written estimate of the following factors:\n(1) The percentage of the costs of the improvement that will not be eligible for State school construction aid because its unit costs or allowable space, or both, cause it to exceed the maximum cost for State participation under the Agency of Education’s formula for school construction.\n(2)(A) The estimated supplemental district spending tax rate that would be required to pay annual debt service costs on the bonds for each of the following aid scenarios:\n(i) if the district receives no State aid for the project;\n(ii) if the district receives State aid of 30 percent of the total approved cost of the project; and\n(iii) if the district receives State aid of 75 percent of the total approved cost of the project.\n(B) The board shall notify the participants of the following assumptions that shall be made when estimating annual supplemental district spending tax rates to pay annual debt service costs on the bonds:\n(i) supplemental district spending yield equal to the current yield;\n(ii) long-term membership equal to the district’s current long-term membership; and\n(iii) supplemental district spending equal to the estimated annual debt service cost on the bond.\n(C) The board shall further notify the participants that future supplemental district spending tax rates will vary annually based on the supplemental district spending yield, the district’s long-term membership, and any other supplemental district spending that the district approves for the year.","path":["Title 24: Municipal and County Government","Chapter 053: Indebtedness","Subchapter 001: Indebtedness Generally"],"source_url":"https://legislature.vermont.gov/statutes/section/24/053/01758","current_through":"2026 session","vintage":"","retrieved_at":"2026-10-25T13:23:27Z","sha256":"4ab0e3dbaab3550c2b1dbe5cfbebc992e01f1087d3285bdbe070afda02bc1b43","source_id":"us-vt","stale":false,"prev":"us-vt/24-v.s.a.-1758","next":"us-vt/24-v.s.a.-1759"},"notice":"GroundRules: Original legal text. Not legal advice."}