§ 176 - Financing documents - Vermont Statutes

§ 176. Financing documents

(a) A financing document shall provide for:

(1) payments or deposits at such times and in such amounts as are necessary in order to pay the scheduled debt service as it becomes due on all mitigation bonds issued by the authority; and

(2) the payment of all the costs and expenses of operating and administering the mitigation bond program.

(b) A financing document may:

(1) Provide for payments or deposits by the authority which include amounts in addition to the amounts required to pay scheduled debt service and other amounts required pursuant to security documents;

(2) Pursuant to subsection 209a(h) of Title 30, provide that some or all of the obligations of the authority and of the state of Vermont shall be unconditional, and shall be binding and enforceable in all circumstances whatsoever, notwithstanding any other provision of law; and

(3) Contain such other provisions and covenants relating to the eligible charges as the authority deems necessary or desirable for the protection of the authority and of the state of Vermont or others. (Added 2001, No. 145 (Adj. Sess.), § 4.)