§ 4642 - Amount and purpose; general obligation - Vermont Statutes

§ 4642. Amount and purpose; general obligation

(a) The bank may issue its bonds or notes in such principal amounts as it shall deem necessary to provide funds for any purposes under this chapter, including:

(1) The making of loans;

(2) The payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds or notes issued by it whether the bonds or notes or interest to be funded or refunded have or have not become due;

(3) The establishment or increase of reserves to secure or to pay bonds or notes or interest thereon and all other costs or expenses of the bank incident to and necessary or convenient to carry out its corporate purposes and powers.

(b) Except as otherwise provided herein or by the bank, every issue of bonds or notes shall be general obligations payable out of any revenues or funds of the bank, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds. Any bonds or notes may be additionally secured by a pledge of any grant or contributions from the United States of America or the state or any governmental unit or any person, firm or corporation or a pledge of any income or revenues, funds or moneys of the bank from any source whatsoever. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)