The Vermont Statutes Online

Title 30 : Public Service

Chapter 014 : Municipal Utility Acquisition of Facilities and Other Assets

• § 608. Bonding authority—City of Burlington

  (a) The City of Burlington, when authorized by a two-thirds vote of all voters present and voting at a meeting called for that purpose, may pledge its credit by issuing the negotiable orders, warrants, notes, or bonds for project costs, or its share of project costs, of electric power facilities authorized pursuant to section 604 of this title. Such project costs may include all costs, whether incurred prior to or after the issue of bonds or notes hereunder, of acquisition, site development, construction, improvement, enlargement, reconstruction, alteration, machinery, equipment, furnishings, nuclear fuel, demolition or removal of existing buildings or structures, including the cost of acquiring any lands to which such buildings or structures may be moved, financing charges, interest prior to and during the carrying out of any project and for a reasonable period thereafter, planning, engineering, financial advisory and legal services, administrative expenses, prepayments under contracts made pursuant to section 604 of this title, the funding of notes issued for project costs as hereinafter provided, and all other expenses incidental to the determination of the feasibility of any project or to carrying out the project or to placing the project in operation.

  (b) The obligations shall be issued in accordance with the charter of the City of Burlington relating thereto. The amount of obligations issued for such purpose shall not be considered in computing any debt limit applicable to the City.

  (c) The March 6, 1973 vote of the voters of the City of Burlington authorizing and empowering the Burlington City Council to pledge the credit of the City by issuing general obligation bonds or notes in an amount not to exceed $6,000,000.00 for the purpose of acquiring joint ownership interests in four nuclear power plants presently designated as the Connecticut 1979 Nuclear Unit, Pilgrim No. 2, and Seabrook Units No. 1 and No. 2, to be constructed and located in the states of Connecticut, Massachusetts, and New Hampshire is hereby ratified, adopted, and validated in all respects. In addition, any action authorized hereunder taken during the calendar year that commenced January 1, 1974 shall be valid and effective as if this chapter were in effect on January 1, 1974. (Added 1973, No. 167 (Adj. Sess.), eff. March 25, 1974.)