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
011
:
STATE INFRASTRUCTURE BANK PROGRAM
(Cite as: 10 V.S.A. § 280p)
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§ 280p. Additional security agreements, insurance, and credit enhancements
The Authority is also authorized to enter into additional security, insurance, or
other forms of credit enhancement that may be secured on a parity or subordinate basis
with the bonds. A pledge in any such trust agreement or credit enhancement agreement
shall be valid and binding from the time such pledge shall be made without any physical
delivery or further act, and the lien of such pledge shall be valid and binding as
against all parties having claims of any kind in tort, contract, or otherwise, irrespective
of whether such parties have notice thereof. Any such pledge shall be perfected by
filing of the trust agreement or credit enhancement agreement in the records of the
Authority, and no filing need be made under any other provision of law. Any such trust
agreement or credit enhancement agreement may establish provisions defining defaults
and establishing remedies and other matters relating to the rights and security of
the holders of the bonds or other secured parties as determined by the Authority,
including provisions relating to the establishment of reserves, the issuance of additional
or refunding bonds, whether or not secured on a parity basis, the application of receipts,
monies, or funds pledged pursuant to such agreement, hereinafter referred to as “pledged
funds,” and other matters deemed necessary or desirable by the Authority for the security
of such bonds, and may also regulate the custody, investment, and application of monies. (Added 1997, No. 43, § 1.)