The Vermont Statutes Online

Title 10 : Conservation and Development

Chapter 025 : Vermont Housing Finance Agency

Subchapter 004 : FORM AND NATURE OF BONDS AND NOTES

• § 637. Sovereign immunity, credit of State not pledged

  The Agency shall have the benefit of sovereign immunity to the same extent as the State of Vermont. Commissioners, officers, employees, and the executive director of the Agency shall be deemed employees of the State for purposes of 12 V.S.A. chapter 189 (tort claims against State) and 3 V.S.A. chapter 29 (claims against State employees). Notwithstanding the foregoing, obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the State or of any political subdivision thereof or a pledge of the faith and credit of the State or of any political subdivision but shall be payable solely from the revenues or assets of the Agency. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the Agency shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the State or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations. (Added 1973, No. 260 (Adj. Sess.), § 3, eff. April 11, 1974; amended 2003, No. 122 (Adj. Sess.), § 240a; 2005, No. 75, § 20.)