§ 5264 - Supplemental powers - Vermont Statutes

§ 5264. Supplemental powers

The authority, in addition to any other powers granted in this chapter, has the following powers:

(1) in connection with any financing agreement, to consider the need, desirability or eligibility of the loan, the ability of the educational institution unit to secure borrowed money from other sources and the costs thereof, and the particular facility to be financed;

(2) to charge for its costs and services in review or consideration of any proposed loan, and to charge therefor whether or not the loan is made;

(3) to establish any terms and provisions with respect to any financing agreement;

(4) to procure insurance against any losses in connection with its property, operations or assets in such amounts and from such insurers as it deems desirable;

(5) to the extent permitted under its contracts with the holders of bonds or notes of the authority, to consent to any modification of the rate of interest, time and payment of any installment of principal or interest, security or any other term of bond or note, contract or agreement of any kind to which the authority is a party; and

(6) to issue its bonds or notes which are not secured by the reserve fund, but which may be secured by such other funds and accounts as may be authorized by the authority from time to time. (Added 1999, No. 121 (Adj. Sess.), § 1.)