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
009
:
RELATED LAWS
(Cite as: 24 App. V.S.A. ch. 3, § 440)
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§ 440. Same—right of City
(a) The City shall have power by resolution of its Board of Light Commissioners to confer
upon any holder or holders of a specified amount or percentage of bonds, including
a trustee or trustees for such holders, the right in the event of an “event of default”
as defined in such resolution or as may be defined in any agreement with the holder
or holders of such bonds or the trustee or trustees therefor:
(1) By suit, action, or proceedings in any court of competent jurisdiction to obtain the
appointment of a receiver of the electric plant or any part or parts thereof. If such
receiver be appointed, he or she may enter and take possession of such electric plant
or any part or parts thereof and operate and maintain the same, and collect and receive
all revenues thereafter arising therefrom in the same manner as the City itself might
do and shall deposit such monies in a separate account or accounts and apply the same
in accordance with the obligations of the City as the court shall direct.
(2) By suit, action, or proceeding in any court of competent jurisdiction to require the
City to account as if it were the trustee of an express trust.
(b) Any such resolution shall constitute a contract between the City and the holders of
bonds of such issue.