§ 1869 - Payment - Vermont Statutes

§ 1869. Payment

In order to secure the payment of any of the bonds issued pursuant to this subchapter and the interest or premium thereon, or in connection with such bonds, the municipality acting through its legislative body shall have power as to such bonds:

(1) To pledge all or any part of revenues from off street public parking projects provided, however, that provision shall be made for the payment from such revenues from time to time of such of the following costs, if any, as shall be payable by the municipality and as shall be determined by the legislative body, viz: (A) the cost of maintenance and repair of such off street public parking projects, parking meters and other public parking areas, including collection of fees from parking meters and other sources, (B) the cost of enforcement of traffic laws in the area in which such parking meters are installed, (C) the purchase and installation costs of other parking and traffic control devices installed in portions of streets as are equipped with such parking meters, and (D) the cost of operation and maintenance of off street public parking projects and such other public parking areas;

(2) To provide for the terms, forms, registration, exchange, execution and authentication of such bonds;

(3) To provide for the replacement of lost, destroyed or mutilated bonds;

(4) To covenant as to the use and disposition of the proceeds from the sale of such bonds;

(5) To covenant as to the rates to be charged in parking meters, public off street parking projects and other public parking areas, and to the extent consistent with the reasonable control of traffic to establish rates sufficient to provide revenues adequate for the proper operation, maintenance, repair and regulation of its said parking facilities and for the payment of principal of and interest on all bonds payable from said revenues, for the establishment of reasonable revenues and all other required payments in connection therewith;

(6) To covenant as to establishing, maintaining and operating public off street parking projects, parking meters on streets, and other public parking areas but the municipality shall reserve discretion as to the location of parking meters and public projects and areas;

(7) To covenant as to the employment of professional and other assistance required in connection with the operation of any public off street parking project;

(8) To redeem such bonds, and to covenant for their redemption, and to provide the terms and conditions thereof;

(9) To covenant and prescribe as to what happenings or occurrences shall constitute "events of default" and the terms and conditions upon which any or all of such bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;

(10) To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, conditions or obligations;

(11) To vest in a trustee or trustees the right to receive all or any part of the income and revenue pledged and assigned to, or for the benefit of, the holder or holders of bonds issued hereunder, and to hold, apply and dispose of the same and the right to enforce any covenant made to secure or pay or in relation to the bonds; to execute and deliver a trust agreement or trust agreements which may set forth the powers and duties and the remedies available to such trustee or trustees and limiting the liabilities thereof and describing what occurrences shall constitute "events of default" and prescribing the terms and conditions upon which such trustee or trustees or the holder or holders of bonds of any specified amount or percentage of such bonds may exercise such rights and enforce any and all such covenants and resort to such remedies as may be appropriate;

(12) To make covenants other than and in addition to the covenants herein authorized, of like or different character, necessary or advisable to effectuate the purposes of this subchapter;

(13) To execute all instruments necessary or convenient in the exercise of the powers herein granted or in the performance of its covenants or duties.