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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. § 4592)
  • § 4592. Supplementary powers

    The Bank, in addition to any other powers granted in this chapter, has the following powers:

    (1) In connection with any loan to a governmental unit, to consider the need, desirability, or eligibility of the loan, the ability of the governmental unit to secure borrowed money from other sources and the costs thereof, and the particular public improvement or purpose to be financed by the municipal bonds or revenue bonds to be purchased by the Bank.

    (2) To charge for its costs and services in review or consideration of any proposed loan to a governmental unit or purchase of municipal bonds or revenue bonds of a governmental unit, and to charge therefor whether or not the loan is made or the municipal bonds or revenue bonds are purchased.

    (3) To establish any terms and provisions with respect to any purchase of municipal bonds or revenue bonds by the Bank, including date and maturities of the bonds, provisions as to redemption or payment prior to maturity, and any other matters which are necessary, desirable, or advisable in the judgment of the Bank.

    (4) To conduct examinations and hearings and to hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to carry out this chapter.

    (5) To issue subpoenas requiring the attendance of witnesses and the production of books and papers pertinent to any hearing before the Bank, or before one or more of the directors of the Bank appointed by it to conduct the hearing.

    (6) To apply to any court, having territorial jurisdiction of the offense, to have punished for contempt any witness who refuses to obey a subpoena, or who refuses to be sworn or affirmed to testify, or who is guilty of any contempt after summons to appear.

    (7) To procure insurance against any losses in connection with its property, operations, or assets in such amounts and from such insurers as it deems desirable.

    (8) To the extent permitted under its contracts with the holders of bonds or notes of the Bank, to consent to any modification of the rate of interest, time and payment of any installment of principal or interest, security, or any other term of bond or note, contract, or agreement of any kind to which the Bank is a party.

    (9) To issue its bonds or notes that are secured by neither the Reserve Fund nor the Revenue Bond Reserve Fund, but which may be secured by such other funds and accounts as may be authorized by the Bank from time to time.

    (10) To issue bonds, other forms of indebtedness, or other financing obligations for projects relating to renewable energy, as defined in 30 V.S.A. § 8002(17), or to energy efficiency projects under subchapter 2 of chapter 87 of this title. Bonds shall be supported by both the general obligation and the assessment payment revenues of the participating municipality. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, §§ 10, 11, eff. May 15, 1987; 2009, No. 45, § 15k, eff. May 27, 2009.)