§ 173 - Authority; organization - Vermont Statutes

§ 173. Authority; organization

(a) The Vermont qualifying facility contract mitigation authority is hereby created and established as a body corporate and politic and a public instrumentality of the state. The exercise by the authority of the powers conferred upon it in this chapter constitutes the performance of essential governmental functions.

(b) The authority shall have 13 voting members, who shall be the voting members of the Vermont economic development authority, plus one additional individual appointed by the governor. They shall be compensated at the rate of $50.00 a day for time spent in the performance of their duties, and they shall be reimbursed for necessary expenses incurred in the performance of their duties. The manager of the Vermont economic development authority shall also serve as the manager of this authority, and the Vermont economic development authority shall also have the authority to contract with this authority for the provision of management and staffing needs.

(c) The authority shall select a chair, vice chair, and treasurer from among its members.

(d) Any net earnings of the authority, beyond that necessary for retirement of the indebtedness, may be applied toward the reduction of any customer charge assessed under any qualified cost mitigation charge order.

(e) Upon dissolution of the authority, title to all property owned by the authority shall vest in the state of Vermont.

(f) The authority shall not avail itself of federal bankruptcy law. (Added 2001, No. 145 (Adj. Sess.), § 4.)