§ 3853 - Powers - Vermont Statutes

§ 3853. Powers

The agency may:

(1) Sue and be sued.

(2) Have a seal and alter it at pleasure.

(3) Acquire property, both real and personal, in the name of the agency, including leasehold and other interest in land necessary or convenient in the agency's determination for its corporate purposes, and hold, mortgage and dispose of (including selling and leasing) all property, both real and personal, all upon such terms and conditions as the agency may deem advisable; provided, however, that the agency shall not be required to acquire any interest in property in connection with the financing of any facilities.

(4) Make bylaws for the management and regulation of its affairs.

(5) Appoint officers, agents, consultants and employees and fix their compensation, subject to approval of the governor.

(6) Make and execute financing agreements and all other instruments necessary or convenient for the exercise of the powers and functions conferred on the agency under this chapter.

(7) Prepare plans, specifications, designs and estimates of cost for the acquisition and construction of facilities and, by contract or its own employees, acquire, construct, improve, maintain and operate facilities; fix, revise and collect fees, rents and other charges for the use or occupancy of facilities or for services rendered by facilities; contract with holders of its bonds to fix, revise and collect fees, rents and charges producing revenues at least sufficient to pay all costs of operation, maintenance and repair of the facilities and the principal, interest and redemption premium, if any, on bonds and provide by contract or otherwise for the promulgation, by the agency or such other body or officer as may be specified by the agency, of such reasonable and proper rules and regulations respecting facilities as the agency may deem necessary to assure the maximum use of the facilities at all times.

(8) Borrow money and issue negotiable bonds or notes and provide for the rights of the holders thereof.

(9) Do all things necessary or convenient to carry out the purposes of agency.

(10) Acquire and enter into commitments to acquire any federally guaranteed security, including any federally guaranteed mortgage, and pledge or otherwise use any such federally guaranteed security in such manner as the agency deems in its best interest to secure or otherwise provide a source of repayment on any of its bonds or notes issued on behalf of any eligible institution or enter into any appropriate agreement with any eligible institution whereby the agency may make a loan to such eligible institution for the purpose of acquiring and entering into commitments to acquire any federally guaranteed security. Any agreement entered into pursuant to this subdivision may contain such provisions which are deemed necessary or desirable by the agency for the security or protection of the agency or the holders of such bonds or notes; provided, however, that the agency, prior to making any such acquisition, commitment or loan, shall first determine, and shall first enter into an agreement with any such eligible institution to require, that the proceeds derived from any such federally guaranteed security will be used for the purpose of providing or refinancing any facilities for any eligible institution. (1966, No. 56 (Sp. Sess), § 4, eff. March 12, 1966; amended 1969, No. 224 (Adj. Sess.), § 2, eff. March 31, 1970; 1979, No. 93 (Adj. Sess.), § 2, eff. Feb. 28, 1980.)