§ 5280 - Rights of holders paramount - Vermont Statutes

§ 5280. Rights of holders paramount

In order to carry out its purpose under this chapter of making loans to educational institutions, and by receipt of its income from service charges and from payments under financing agreements, and in order to produce revenues or income to the authority sufficient at all time to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the authority must at all times, and to the greatest extent possible, so plan to issue its bonds and notes and so lend money to educational institutions so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the authority or affecting other matters under this chapter. (Added 1999, No. 121 (Adj. Sess.), § 1.)