Vermont § 3077 - Pledge of revenues

§ 3077. Pledge of revenues

• (a) When the board, at a regular or special meeting called for such purpose, determines
  by resolution passed by a vote of a majority of members present and voting that the
  public interest or necessity demands communications plant improvements, or a long-term
  contract, and that the cost of the same will be too great to be paid out of the ordinary
  annual income and revenue of the district, the board may pledge communications plant
  net revenues and enter into long-term contracts to provide for such improvements.
  A “long-term contract” means an agreement in which the district incurs direct or conditional
  obligations for which the costs are too great to be paid out of the ordinary annual
  income and revenues of the district, in the judgment of the board. It includes an
  agreement authorized under 24 V.S.A. § 1789, wherein performance by the district is conditioned upon periodic appropriations.
  The term “communications plant improvements” includes improvements that may be used
  for the benefit of the public, whether or not publicly owned or operated. (b) The pledge of communications plant net revenues, and other obligations allowed by
  law, may be authorized for any purpose permitted by this chapter, 24 V.S.A. chapter
  53, subchapter 2, and chapter 54, or any other applicable statutes. A communications
  plant is declared to be a project within the meaning of 24 V.S.A. § 1821(4). (Added 2015, No. 41, § 20, eff. June 1, 2015.)