§ 4003 - Implementing powers - Vermont Statutes

§ 4003. Implementing powers

Without limiting the general scope and application of section 4002 of this chapter, each participating utility shall have the right and power:

(1) to use its means and assets for the purposes of exercising the authority granted by section 4002 of this chapter, including, as to municipal electric utilities, the right and power to pledge the credit of the municipality;

(2) to issue bonds and other securities to raise funds for those purposes in the same way and to the same extent and subject to all of the conditions which would apply if the utility's interest in such agreements, actions, and contracts were whole and entire;

(3) to acquire, for the use and benefit of all participating utilities, by purchase or through the exercise of the power of eminent domain, lands, easements and properties for the purpose of jointly owned electric facilities, and transfer or convey such lands, easements, and properties or interests therein, or otherwise to cause such lands, easements, and properties, or interests therein, to be vested in other participating utilities to the extent and in the manner agreed between the participating utilities. In all cases in which a participating utility exercises the right and power of eminent domain conferred by statute, it shall be controlled by the law governing condemnation by corporate public utilities in this state, and the right and power of eminent domain hereby conferred shall include the right and power to take fee title in land so condemned, except that no participating utility has the right or power to take by the exercise of the power of eminent domain any electric facilities, or interests therein, belonging to any other municipal electric utility, electric cooperative, or private utility, except as provided by chapter 79 of this title;

(4) to form a public service corporation with one or more other utilities and to hold stock and operate the same as a public utility as a means of carrying out the purposes of this chapter. However, the formation of any such public service corporation and its operation shall be subject to the requirements of this title governing the formation and operation of public service corporations. (Added 1977, No. 97.)