Loan Process

All applications must be received by VMBB on or before May 15th of the year the bonds are issued.


The VMBB loan application asks for project specific information and municipal data (taxes, financial, outstanding debt, and other comparative data). The VMBB does not charge an application fee, nor does it charge ongoing loan fees. The VMBB pays for all costs of issuing the bonds except the costs associated with the municipality’s local bond counsel and the required accountant’s financial statements. To assist in the timely completion and submission of bond applications, below is a table outlining key dates in the financing process:

May 1


To be an accepted bond participant, the following must be done prior to submitting an application.

  • Contact a qualified local bond counsel. ( Click here to see a listing of Approved Local Bond Counsels)
  • Conduct a successful bond vote as required by Vermont statutes (contact your local bond counsel for more information)
  • Obtain an accountant’s audited financial statements for the most recently completed fiscal year
    • With the permission of the VMBB Board, an accountant’s review or compilation may be submitted in lieu of an audit report.
  • Request a VMBB application

Need help? Although VMBB cannot complete an application for an applicant, staff is available to assist borrowers with clarification of the information being requested. Click here to request assistance.

May 15

  • Application filing due date

May 15 thru June 1

  • VMBB staff review applications, obtain clarifying information from the borrowers and make loan recommendations to the VMBB Board


  • VMBB Board approved applications are added to the bond pool
  • Applicant signs and delivers its loan agreement to its bond counsel

End of July

  • VMBB sells its bonds and deposits the bond proceeds with the trustee
  • Bond proceeds are deposited into borrower accounts held in trust by the trustee
  • A bond closing announcement letter and final debt repayment schedule is sent to each borrower
  • Borrowers may begin filing requisition requests with the trustee

From time to time the VMBB will issue bonds outside of the regular summer bond pool. Check the Announcements section of this website or contact the VMBB office to see if a bond pool is being considered for issue sometime other than in the summer.