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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 119 : MUNICIPAL BOND BANK

Subchapter 003 : POWERS AND PROHIBITIONS

(Cite as: 24 V.S.A. § 4591)
  • § 4591. General powers

    The bank has the following powers for carrying out the purposes of this chapter:

    (1) To sue and be sued;

    (2) To adopt an official seal and alter at pleasure;

    (3) To make and enforce rules for the conduct of its business and for use of its services and facilities;

    (4) To maintain an office at any place within the state;

    (5) To acquire, hold, use and dispose of its income, revenues, funds and moneys;

    (6) To acquire, rent, lease, hold, use and dispose of other personal property for its purposes;

    (7) To borrow money and to issue its negotiable bonds or notes and to provide for and secure the payment thereof and to provide for the rights of the holders thereof, and to purchase, hold and dispose of any of its bonds or notes;

    (8) To fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities;

    (9) To accept gifts or grants of property, funds, money, materials, labor, supplies or services from the United States of America or from any governmental unit or any person, firm or corporation, and to carry out the terms or provisions or make agreements with respect to any gifts or grants, and to do any and all things necessary, useful, desirable or convenient in connection with procuring, acceptance or disposition of gifts or grants;

    (10) To do anything authorized by this chapter, through its officers, agents or employees or by contracts with any person, firm or corporation;

    (11) To enter into and enforce all contracts necessary, convenient or desirable for the purposes of the bank or pertaining to any loan to a governmental unit or any purchase or sale of municipal bonds or revenue bonds or other investments or to the performance of its duties and execution or carrying out of any of its powers under this chapter;

    (12) To purchase or hold municipal bonds and revenue bonds at such prices and in such manner as the bank deems advisable, and to sell municipal bonds and revenue bonds acquired or held by it at such prices without relation to cost and in such manner as the bank deems advisable, all consistent with the policy of the state as declared in section 2 of this act;

    (13) To invest any funds or moneys of the bank not then required for loan to governmental units and for the purchase of municipal bonds or revenue bonds, in the same manner as permitted for investment of funds belonging to the state or held in the treasury, except as otherwise provided by this chapter;

    (14) To prescribe any form of application or procedure required of a governmental unit for the loan or purchase of its municipal bonds or revenue bonds, and to fix the terms and conditions of that loan or purchase and to enter into agreements with governmental units with respect to any loan or purchase;

    (15) To do all things necessary, convenient or desirable to carry out the powers expressly granted or necessarily implied in this chapter;

    (16) To maintain and administer the special funds of the state established pursuant to chapter 120 of this title. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1985, No. 127 (Adj. Sess.), § 2, eff. April 21, 1986; 1987, No. 55, §§ 7-9, eff. May 15, 1987; 1987, No. 75, § 2.)