§ 5012. General powers and duties
The Authority shall have all of the powers necessary and convenient to carry out this
chapter, including those general powers provided a business corporation by 11A V.S.A. § 3.02, and including the power:
(1) To receive, administer, and comply with the conditions and requirements respecting
any gift, grant, donation, or appropriation of any property or money.
(2) To acquire by purchase, lease, gift, or otherwise, or to obtain options for the acquisition
of any property, real or personal, improved or unimproved, tangible or intangible,
including an interest in land of less than the fee.
(3) To sell, lease, mortgage, exchange, transfer, or otherwise dispose of any real or
personal property or interest in them, or to grant options for any of those purposes.
(4) To pledge or assign any money, fees, charges, or other revenues of the Authority and
any proceeds derived by the Authority from the sale of property, or from insurance
or condemnation awards.
(5) To employ personnel who shall serve at the pleasure of the directors.
(6) To borrow money and issue its notes and bonds as provided in this chapter.
(7) To purchase electric power and energy, including all or a portion of the capacity
and output of one or more specific projects.
(8) To sell electric power and energy and other products of projects to other utilities
within the State, and to any person or utility outside the State. These other utilities
are authorized to purchase electric power and energy sold by the Authority; provided,
however, that nothing in this chapter shall be construed to authorize resale of electric
power and energy purchased from the Authority except as otherwise authorized by law.
(9) To enter into joint ownership contracts and tenancies in common with any Vermont utility,
whether or not such utility is a member of the Authority. With the consent of the
Authority, utilities that are not members of the Authority shall be eligible to participate
in projects sponsored by the Authority.
(10) To contract for the use of transmission and distribution facilities owned by others
for the delivery to purchasers of electric power and energy sold by the Authority.
These other owners are authorized to enter into these contracts with the Authority.
(11) To contract with respect to the purchase, sale, delivery, exchange, interchange, wheeling,
pooling, transmission, or use of electric power and energy and to otherwise participate
in intrastate, interstate, and international arrangements with respect to those matters,
including a New England power pool as defined by chapter 14 of this title, except
that this power shall not be exercised so as to conflict with or diminish in any way
the powers and obligations of the Public Utility Commission under this title regarding
planning and entering into agreements for the supply of electric power and energy.
(12) Jointly with utilities or on its own, to plan, finance, acquire, construct, improve,
purchase, operate, maintain, use, share costs of, own, lease, sell, dispose of, or
otherwise participate in projects or portions of projects, the product or service
from them, securities or obligations issued or incurred in connection with the financing
of them, or research and development relating to them, within or outside the State.
It may also enter into and perform contracts with any person with respect to the foregoing.
If the Authority acquires or owns an interest as a tenant in common with others in
any projects within the State, the surrender or waiver by the other property owner
of its right to partition the property for a period not exceeding the period for which
the property is used or useful for electric utility purposes shall not be invalid
and unenforceable by reason of length of the period, or as unduly restricting the
alienation of such property.
(13) To apply to the appropriate agencies of the State, other states, the United States,
and to any other proper agency for permits, licenses, certificates, or approvals that
may be necessary, and to construct, maintain, and operate projects in accordance with
these licenses, permits, certificates, or approvals.
(14) To apply and contract for and to expend assistance from the United States or other
sources, whether in form of a grant or loan or otherwise.
(15) To enter into a contract or contracts to provide all requirements service, as defined
in section 4002a of this title, with some or all of its member systems, upon receipt by the systems entering into
such contract of the approvals required by section 4002a.
(16) Upon entry into a contract with member systems pursuant to subdivision (15) of this
section, to seek and obtain approval, in its own name, for projects and contracts
otherwise requiring approval under section 248 or 2902 of this title.
(17) To make and execute all contracts and agreements and other instruments necessary or
convenient in the exercise of the powers and functions of the Authority under this
chapter.
(18) To enter into contracts determined by the Authority to be useful for the prudent management
of its assets, purchases, funds, debts, or fuels, including interest rate or other
swaps, option contracts, future contracts, forward purchase contracts, hedging contracts,
and leases or other risk management instruments to the full extent that a business
corporation is authorized to enter into such contracts.
(19) To acquire stock, shares, securities, membership units, or other equity or participation
interests in entities that directly or indirectly construct, own, or operate electric
generation or transmission facilities within or outside the State to the full extent
that a business corporation is authorized to acquire such interests.
(20) To do all things necessary, convenient, or desirable to carry out the purposes of
this chapter or the powers expressly granted or necessarily implied in this chapter. (Added 1979, No. 78, § 3; amended 1991, No. 170 (Adj. Sess.), § 4, eff. May 15, 1992; 2009, No. 78 (Adj. Sess.), § 39, eff. April 15, 2010; 2023, No. 85 (Adj. Sess.), § 449, eff. July 1, 2024.)