§ 1871 - Rights of legislative body - Vermont Statutes

§ 1871. Rights of legislative body

The municipality shall have power by resolution of its legislative body to confer upon any holder or holders of a specified amount or percentage of bonds, including a trustee or trustees for such holders, the right in the event of an "event of default" as defined in such resolution or as may be defined in any agreement with the holder or holders of such bonds or the trustee or trustees therefor:

(1) By suit, action or proceedings in any court of competent jurisdiction to obtain the appointment of a receiver of the parking facilities of the municipality or any part or parts thereof. If such receiver be appointed he may enter and take possession of such parking facilities of the municipality or any part or parts thereof and operate and maintain the same, and collect and receive all revenues thereafter arising therefrom in the same manner as the municipality itself might do and shall deposit such moneys in a separate account or accounts and apply the same in accordance with the obligations of the municipality as the court shall direct. Provided, however, that notwithstanding the appointment of a receiver the municipality shall retain the right to fix the rates to be charged in parking meters, public off street parking projects and other parking areas, the revenues from which are pledged to pay bonds and the interest thereon, and to receive from the receiver from time to time that portion of any revenues collected which shall be allocable to the municipality on account of costs for maintenance, operation, repair and regulation or other costs payable by the municipality.

(2) By suit, action or proceedings in any court of competent jurisdiction to require the legislative body of the municipality and the treasurer of the municipality to account as if it or he were the trustee of an express trust. Any such resolution shall constitute a contract between the municipality and the holders of bonds of such issue.