Vermont § 1822 - Powers; approval of voters

§ 1822. Powers; approval of voters

• (a) In addition to the powers it may now or hereafter have, a municipal corporation otherwise
  authorized to own, acquire, improve, control, operate, or manage a public utility
  or project and to issue bonds pursuant to this subchapter, may also, by action of
  its legislative branch, exercise any of the following powers: (1) to borrow money and issue bonds for the purposes of acquiring, improving, maintaining,
  financing, controlling, or operating the public utility or project, or for the purpose
  of selling, furnishing, or distributing the services, facilities, products, or commodities
  of such utility or project; (2) to enter into contracts in connection with the issuance of bonds for any of the purposes
  enumerated in subdivision (1) of this subsection; (3) to purchase, hold, and dispose of any of its bonds; (4) to pledge or assign all or part of any net revenues of the public utility or project,
  to provide for or to secure the payment of the principal of and the interest on bonds
  issued in connection with such public utility or project; (5) to do any and all things necessary or prudent to carry out the powers expressly granted
  or necessarily implied in this subchapter, including without limitation those powers
  enumerated in section 1824 of this title. (b)(1) The bonds authorized under this section shall be in such form, shall contain such
  provisions, and shall be executed as may be determined by the legislative branch of
  the municipal corporation, but shall not be executed, issued, or made, and shall not
  be valid and binding, unless and until at least a majority of the legal voters of
  such municipal corporation present and voting at a duly warned annual or special meeting
  called for that purpose shall have first voted to authorize the same. (2) The warning calling such a meeting shall state the purpose for which it is proposed
  to issue bonds, the estimated cost of the project, the amount of bonds proposed to
  be issued under this subchapter therefor, that such bonds are to be payable solely
  from net revenues, and shall fix the place where and the date on which such meetings
  shall be held and the hours of opening and closing the polls. (3) The notice of the meeting shall be published and posted as provided in section 1756 of this title. (4) When a majority of all the voters voting on the question at such meeting vote to authorize
  the issuance of bonds under this subchapter to pay for such project, the legislative
  body shall be authorized to issue bonds or enter into contracts, pledges, and assignments
  as provided in this subchapter. (5) Sections 1757 and 1758 of this title shall apply to the proceedings taken hereunder, except that the form of ballot to
  be used shall be substantially as follows: Shall bonds of the (name of municipality) to the amount of $_____ be issued under subchapter 2 of chapter 53 of Title 24, Vermont Statutes Annotated,
  payable only from net revenues derived from the (type) public utility system, for
  the purpose of paying for the following public utility project? If in favor of the bond issue, make a cross (x) in this square □. If opposed to the bond issue, make a cross (x) in this square □. (c) The bonds authorized by this subchapter shall be sold at par, premium, or discount
  by negotiated sale, competitive bid, or to the Vermont Municipal Bond Bank. (d) Notwithstanding the provisions of subsection (b) of this section, the legislative
  branch of a municipal corporation owning a municipal plant as defined in 30 V.S.A. § 2901 may authorize by resolution the issuance of bonds in an amount not to exceed 50 percent
  of the total assets of said municipal plant without the need for voter approval. Nothing
  in this subsection shall be interpreted as eliminating the requirement for approval
  from the Public Utility Commission pursuant to 30 V.S.A. § 108, where applicable. (Amended 1989, No. 111, § 6, eff. June 22, 1989; 2019, No. 81, § 1.)