Vermont § 232 - Sales, leases, pledges, bonds, notes; hearings

§ 232. Sales, leases, pledges, bonds, notes; hearings

• (a) Except in connection with replacement or exchange, an individual, partnership, or
  unincorporated association conducting such public service business shall not make
  a sale or lease or series of sales or leases in any one calendar year constituting
  10 percent or more of its property located within this State and actually used in
  or required for public service operations or mortgage or pledge any of its property
  or issue any bonds, notes, or other evidences of indebtedness without the consent
  of the Public Utility Commission, given on petition and after opportunity for hearing
  and a finding that the same will promote the general good of the State. Notice of
  such hearing shall be given as the Commission directs. (b) Notwithstanding subsection (a) of this section, an individual, partnership, or unincorporated
  association may issue evidences of indebtedness payable within one year from date
  of issue without such consent provided such borrowing is necessary as an emergency
  to restore service immediately after disaster or provided its total evidences of indebtedness
  so payable within one year do not exceed 20 percent of its total assets. If such evidences
  of indebtedness in an amount that would cause its total evidences of indebtedness
  so payable within one year to exceed 20 percent of its total assets, then it shall
  give the Commission notice in writing of its intention so to do at least 10 days before
  the date of the proposed issue. If the Commission determines after considering the
  notice and the said individual, partnership, or unincorporated association’s report
  to the Commission that further inquiry is warranted, it shall order such individual,
  partnership, or unincorporated association not to issue such evidences of indebtedness
  under this subsection without the consent of the Commission given after opportunity
  for hearing; provided, however, that if the Commission does not make such an order
  within 10 days from the time it receives such notice under this subsection, then the
  individual, partnership, or unincorporated association may issue such evidences of
  indebtedness without the consent of the Public Utility Commission, and the Commission
  shall so notify such individual, partnership, or unincorporated association in writing. (c) Nothing in this section shall restrict the right of a common carrier by motor vehicle
  to issue evidences of indebtedness payable within one year from the date of issue
  without prior notice to or consent by the Commission. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1993, No. 21, § 9, eff. May 12, 1993.)