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
001
:
GENERAL POWERS
(Cite as: 30 V.S.A. § 232)
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§ 232. Sales, leases, pledges, bonds, notes; hearings
(a) Except in connection with replacement or exchange, an individual, partnership, or
unincorporated association conducting such public service business shall not make
a sale or lease or series of sales or leases in any one calendar year constituting
10 percent or more of its property located within this State and actually used in
or required for public service operations or mortgage or pledge any of its property
or issue any bonds, notes, or other evidences of indebtedness without the consent
of the Public Utility Commission, given on petition and after opportunity for hearing
and a finding that the same will promote the general good of the State. Notice of
such hearing shall be given as the Commission directs.
(b) Notwithstanding subsection (a) of this section, an individual, partnership, or unincorporated
association may issue evidences of indebtedness payable within one year from date
of issue without such consent provided such borrowing is necessary as an emergency
to restore service immediately after disaster or provided its total evidences of indebtedness
so payable within one year do not exceed 20 percent of its total assets. If such evidences
of indebtedness in an amount that would cause its total evidences of indebtedness
so payable within one year to exceed 20 percent of its total assets, then it shall
give the Commission notice in writing of its intention so to do at least 10 days before
the date of the proposed issue. If the Commission determines after considering the
notice and the said individual, partnership, or unincorporated association’s report
to the Commission that further inquiry is warranted, it shall order such individual,
partnership, or unincorporated association not to issue such evidences of indebtedness
under this subsection without the consent of the Commission given after opportunity
for hearing; provided, however, that if the Commission does not make such an order
within 10 days from the time it receives such notice under this subsection, then the
individual, partnership, or unincorporated association may issue such evidences of
indebtedness without the consent of the Public Utility Commission, and the Commission
shall so notify such individual, partnership, or unincorporated association in writing.
(c) Nothing in this section shall restrict the right of a common carrier by motor vehicle
to issue evidences of indebtedness payable within one year from the date of issue
without prior notice to or consent by the Commission. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1993, No. 21, § 9, eff. May 12, 1993.)