Process & Guidelines
All applications must be received by VMBB on or before May 15th of the year the bond is to be issued.
A bond application requires project, tax rate, financial, economic, debt, income, and population information. The majority of this information is readily available in municipal and state reports. Presently, there is no application fee, nor ongoing fees, associated with submitting an application. VMBB currently pays all costs except those for local bond counsel and the required CPA audit of financial statements. To assist in the timely completion and submittal of bond applications, below is a table outlining key dates in the application process:
| Date |
Process Activity |
| Before May 1 |
- To be an accepted bond participant, the following must be completed prior to submitting an application.
- Contact a qualified local bond counsel
- Obtain voter approval as required by Vermont Statutes
- Receive CPA audited financial statements for the most recently completed fiscal year
- Request an application
Need help? Although VMBB cannot complete an application on an Applicant's behalf, its staff is available to assist borrowers with clarification of the information being requested. Request assistance |
| On or Before May 15 |
- Applications are due to VMBB
- VMBB Directors and Staff review applications
- Board approved applications are added to the current bond pool
|
| June |
- Applicant submits a formal notice of bond participation and bond amount to its Bond Counsel in a form prescribed by Counsel
- Applicant signs and delivers all loan agreements to its Bond Counsel
|
| July |
- Bonds are sold
- Bond proceeds are transferred by wire to approved applicants' designated bank account
- A bond closing announcement letter and final debt schedule is sent to each approved applicant
|
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