(a) The voters of a municipality may authorize specific public improvements and the acquisition of capital assets and finance the same, temporarily or permanently, through debt instruments other than bonds for a term not to exceed the reasonably anticipated useful life of the improvements or assets as provided in this section.

(b) If the improvements or assets are to be financed for a term of five years or less, they shall be approved by the voters at an annual or special meeting duly warned for the purpose in accordance with the provisions of 17 V.S.A. chapter 55. However, the requirement of this subsection shall not apply to purchases made by selectboards under the provisions of 19 V.S.A. § 304(a)(3).

(c) If the improvements or assets are to be financed for a term of more than five years, the procedural provisions of sections 1755, 1756, and 1757 of this title shall apply. A vote on the question shall be held at a duly warned annual or special meeting and shall be by Australian ballot. The ballot shall be in substantially the following form:

"Shall the voters authorize (describe public improvement or acquisition) in an amount not to exceed ($ .........) to be financed over a period not to exceed (number of years)."

(d) Public improvements or assets approved under subsection (c) of this section may be financed for a period of five years or less.

(e) Debt instruments authorized under this section may be refunded in the manner provided in sections 1771 and 1772 of this title. (Added 1995, No. 2, § 1, eff. Feb. 23, 1995; amended 2001, No. 64, § 22, eff. June 16, 2001.)