§ 174 - Authority; general powers - Vermont Statutes

§ 174. Authority; general powers

The authority is hereby authorized:

(1) Pursuant to the specific directives and terms of any qualified cost mitigation charge order issued by the public service board pursuant to section 209a of Title 30, to borrow money, make and issue negotiable bonds, notes, commercial paper; and give other evidences of indebtedness or obligations, including, without limitation, mitigation bonds pursuant to subchapter 2 of this chapter, and give security therefor. Such evidences of indebtedness or obligations may be incurred for any of the authority's corporate purposes. Such evidences of indebtedness or obligations shall be in such form and denominations, and with such terms and provisions, including the maturity date or dates, redemption provisions and other provisions necessary or desirable. Such evidences of indebtedness or obligations shall be either taxable or tax-exempt, and shall be noninterest bearing, or bear interest at such rate or rates, which may be fixed or variable, as may be sufficient or necessary to effect the issuance and sale or resale thereof. The authority is authorized to enter into such agreements with other persons as the authority deems necessary or appropriate in connection with the issuance, sale, and resale of such evidences of indebtedness or obligations, including, without limitation, trust indentures, bond purchase agreements, disclosure agreements, remarketing agreements, agreements providing liquidity or credit facilities, bond insurance, or other credit enhancements in connection with such evidences of indebtedness or obligations. The authority is authorized to resell or retire any such evidences of indebtedness or obligations prior to the stated maturity thereof. No indebtedness shall be issued by the authority without the written approval of the state treasurer, which approval shall be given if, based upon his or her investigation, the state treasurer has certified that:

(A) none of the nationally-recognized credit rating agencies that rate general obligation debt of the state of Vermont has concluded that such indebtedness will be included in the state of Vermont's debt statement, as prepared by such rating agencies; or

(B) the financing structure and flow of funds for such indebtedness will not result in such indebtedness being counted as net tax supported debt, or its equivalent, on the state of Vermont's debt statement, as prepared by any of the nationally-recognized credit rating agencies that rate general obligation debt of the state of Vermont.

(2) To acquire, hold and dispose of real and personal property; to enter into all contracts, leases, agreements and arrangements and to do all lawful acts and things necessary or incidental to the performance of its duties and the execution of its powers under this chapter, and in accordance with a qualified cost mitigation charge order issued by the public service board.

(3) To collect and receive eligible charges to assist in meeting the expenses of the authority incurred under this chapter.

(4) To sue and be sued in its own name and plead and be impleaded; service of process upon the authority in any action shall be made by service upon the secretary of state, either by hand or by leaving a copy of the process at the office of the secretary. (Added 2001, No. 145 (Adj. Sess.), § 4.)