State Codes and Statutes
Statutes > Vermont > Title-10 > Chapter-161 > 7015
§ 7015. Construction costs
(a) In lieu of proposing a financing plan for the construction costs to the legislature under subsection 7012(i) of this title, the authority may solicit offers to purchase or otherwise commit or contract for disposal capacity in the disposal facility authorized by this chapter. In the solicitation the authority should provide an estimate of the proposed design capacity and the expected construction costs.
(b) No offer may be accepted unless the terms of all such commitments or contracts, taken together, provide for the complete prepayment of all construction costs, exhaust the proposed capacity, contain acceptable terms and conditions and are otherwise in the best interest of the state.
(c) The commitments or contracts shall be nontransferable, without approval of the authority, shall provide for payment on an equal and pro rata basis for all generators and shall provide for the right of the authority to reacquire, at any time, pro rata from all such commitments or contracts sufficient capacity to meet emergencies or necessary contingencies.
(d) If the total capacity of all offered commitments or contracts is less than the expected low-level radioactive waste, or if the commitments or contracts provide less than all the construction costs, or if the offers are for any other reason unsatisfactory, then the authority shall reduce the design capacity of the facility, try to negotiate terms and conditions which will provide the complete construction costs and carry out the purposes of this chapter.
(e) The authority may, for any reason, decide to not accept all offers received under this section and decide to pursue an alternative method of financing the construction costs of the disposal facility. If the authority decides not to accept any such offers, it shall propose a financing plan to the legislature within 90 days or by the date set out in subdivision 7002(a)(9) of this title, whichever is later. (Added 1989, No. 296 (Adj. Sess.), § 3, eff. June 29, 1990.)
