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
:
FORM AND NATURE OF BONDS AND NOTES
(Cite as: 10 V.S.A. § 637)
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§ 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.)