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Vermont Bond Bank urges option for level debt service to ease municipal budget impacts
Summary
The Vermont Bond Bank asked the committee to restore language allowing municipalities to use level debt service (equal annual payments) as an option when issuing authorized debt, arguing level debt service reduces year‑one budget impacts compared with level principal schedules and levels the playing field among borrowers.
May 8, 2025 — Michael Gaughn, executive director of the Vermont Bond Bank, urged the Senate Government Operations Committee to include language in H.397 that would allow municipalities to authorize debt with level debt service (equal annual payments) as an option rather than being limited to statutory level principal schedules for bonds.
Why it matters: Under the current statute (as explained in committee testimony), bonds issued under a level‑principal…
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