The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
ECONOMIC DEVELOPMENT REVENUE BONDS
(Cite as: 10 V.S.A. § 241)
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§ 241. Powers of municipalities
Municipalities shall have the following powers in addition to any other powers given
them by law:
(1) To engage in projects under this subchapter within the municipality or partially within
the municipality but entirely within the State, to acquire ownership or possessory
interests in eligible facilities and related property, and to dispose of them;
(2) To issue bonds to pay project costs, or to reimburse a user or a related person for
payments for project costs made before or after the bonds are issued, or to refund
bonds previously issued;
(3) To execute financing documents and security documents and to perform obligations and
exercise powers created by them;
(4) In the event of default by a user under a financing document, but only to the extent
authorized by the financing document or security document, to dispose of all or part
of the eligible facility by sale or otherwise for the benefit of the bondholders under
the security document;
(5) To make contracts or take any other action that is necessary or desirable in connection
with the exercise of the foregoing powers. Nothing in this chapter shall be construed
to authorize a municipality to operate an eligible facility itself or to conduct any
business enterprise with it.
(6) To acquire and to enter into commitments to acquire any federally guaranteed security
and to pledge or otherwise use any such federally guaranteed security in such manner
as the Authority shall approve to secure or otherwise provide a source of repayment
on any of its bonds or to enter into any appropriate agreement with one or more users
whereby the municipality may make a loan to any such user for the purposes of enabling
such user to fund or refund directly or indirectly, the cost of acquiring or entering
into commitments to acquire any federally guaranteed security; provided, however,
that the federally guaranteed security is evidence of a federally insured project
loan or, if not such evidence, that the Authority determines that the federally guaranteed
security has been issued to pass through a federally insured project loan. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 8, eff. March 27, 1975; 1981, No. 54, § 8, eff. April 28, 1981; 1993, No. 89, § 3(b), eff. June 15, 1993.)