§ 771 - Purpose; general obligation - Vermont Statutes

§ 771. Purpose; general obligation

(a) The authority is authorized to provide by resolution at one time or from time to time, for the issuance of its bonds and notes in an amount necessary to provide sufficient funds for achieving its purposes, including the acquisition, establishment, construction, effectuation, operation, maintenance, renovation, improvement, extension or repair of any transportation facility, the payment of interest on bonds and notes of the authority, establishment of reserves to secure such bonds and notes, the provision of working capital and all other expenditures of the authority and its subsidiary corporations incident to and necessary or convenient to carry out their purposes and powers.

(b) The authority is authorized from time to time to issue renewal notes and bonds to pay notes. Whenever it deems refunding expedient, it may refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund bonds then outstanding and partly for any other purpose. The refunding bonds shall be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded. (Added 1973, No. 14, § 2, eff. Feb. 23, 1973.)