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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 053 : INDEBTEDNESS

Subchapter 002 : Indebtedness for Public Utility Purposes

(Cite as: 24 V.S.A. § 1821)
  • § 1821. Definitions

    When used in this subchapter:

    (1) "Bond" means any bond or note issued by the municipal corporation and payable out of the net revenues from the operation of a public utility project.

    (2) "Cost of operation and maintenance" shall mean the expenses for operation, maintenance, repairs, and ordinary replacements properly and directly attributable to the operation or ordinary maintenance of the public utility project.

    (3) "Net revenues" shall mean revenues less cost of operation and maintenance.

    (4) "Project" shall mean an undertaking for the acquisition, construction, reconstruction, improvement, financing, enlargement, extension, or betterment of any of the following public utility systems:

    (A) Water systems or facilities as defined in chapter 89 of this title.

    (B) Sewage disposal systems or facilities as defined in chapter 97 or 101 of this title.

    (C) Systems or facilities for the generation, production, transmission, or distribution of gas (natural, artificial, or mixed) for lighting, heating, or power for public and private uses, as provided in 30 V.S.A. chapter 79 or by charter or special act.

    (D) Systems or facilities for the generation, production, transmission, or distribution of electric energy, including the ownership, operation, and management of a municipal plant as defined in 30 V.S.A. § 2901 and other generation, production, transmission, and distribution facilities located within and without the State.

    (E) Systems, facilities, and equipment for the collection, treatment, or disposal of solid waste, including sanitary landfills, and the generation, transmission, distribution, and sale of all products and forms of energy derived therefrom.

    (5) "Revenues" mean all revenues, rates, fees, charges, rents, or other income and receipts received by the municipal corporation from any source, or accrued to the municipal corporation, or any department, board, or agency thereof, in connection with the management and operation of a public utility project or system, and shall also include any interest received on any monies or securities of the municipal corporation which are pledged to the payment of the municipal corporation's bonds, and any federal or State grants-in-aid with respect to such project or system. (Amended 1989, No. 111, § 5, eff. June 22, 1989.)