State Codes and Statutes
Statutes > Vermont > Title-30 > Chapter-90 > 8058
§ 8058. Bonds
(a) In addition to any other statute affecting the authority, the authority may issue bonds to pay the costs of purchasing the facilities on the Connecticut and Deerfield Rivers, or property related to such facilities, to pay the costs of repairs, replacements or expansions of the facilities, or to pay capitalized interest and costs of issuance, which have been approved by the authority or to refund bonds previously issued.
(b) In addition to any other statute affecting the authority, no bonds shall be issued under this section without the prior approval of the governor or designee.
(c) Bonds issued under this section shall bear the manual or facsimile signature of the manager of the authority and the manual or facsimile signature of the chair or vice chair of the authority. Bonds shall be sold by the signing officers at public or private sale, and the proceeds thereof shall be paid to the trustee under the security document that secures the bonds.
(d) No financing or security document, bond, or other instrument issued or entered into in the name and on behalf of the authority under this chapter shall in any way obligate the state to raise any money by taxation or use other funds for any purpose to pay any debt or meet any financial obligation to any person at any time in relation to a facility, project, or program financed in whole or in part by the issue of the authority's bonds under this chapter, except from monies received or to be received under a financing or security document entered into under this chapter or except as may be required by any other provision of law. Notwithstanding the provisions of this subsection, the authority may accept and expend with respect to a facility, project, or program any gifts or grants received from any source in accordance with the terms of the gifts or grants.
(e) The authority may undertake a joint financing of the project.
(f) A state or national chartered bank, Vermont bank, or Vermont trust company may serve as trustee for the benefit of bondholders under a security document; and the trustee may at any time own all or any part of the bonds issued under that security document, unless otherwise provided therein. All monies received or held by the authority or by a trustee pursuant to a financing or security document, other than funds received or held by the authority for its own use, shall be deemed to be trust funds and shall be held and applied solely in accordance with the applicable document.
(g) Except as provided in any financing or security document entered into or any bond issued under this chapter, each of the parties to the financing or security document or any bondholder may enforce the obligation of any other person to the party or bondholder under the bond or instrument by appropriate legal proceedings.
(h) Bonds issued under this chapter shall be legal investments for all persons without limit as to the amount held, regardless of whether they are acting for their own account or in a fiduciary capacity. Such bonds shall likewise be legal investments for all public officials authorized to invest public funds. (Added 2003, No. 121 (Adj. Sess.), § 101, eff. June 8, 2004.)
