Vermont § 433 - Bonds; issuance of

§ 433. Bonds; issuance of

• (a) The City is hereby authorized and empowered to issue negotiable bonds, from time to
  time, for the purpose of financing the cost of any improvement to the electric plant.
  Said bonds and the interest thereon shall be payable solely and exclusively from the
  revenues of the electric plant and shall not constitute general indebtedness of the
  City nor be an obligation or liability upon the City to pay the same from any funds
  of the City other than the revenues of the electric plant. No holder or holders of
  any bonds issued under this article shall ever have the right to compel any exercise
  of the taxing power of the City to pay said bonds or the interest thereon. Said bonds
  shall not constitute an indebtedness within the meaning of any debt limitation or
  restriction and shall not be within any statutory limitation upon the power of the
  City to issue bonds. It shall be plainly stated on the face of each bond that it has
  been issued under the provisions of this article and that, it does not constitute
  an indebtedness of the City but is payable solely from the revenues of its electric
  plant. Said bonds may be authorized by resolution of the City Council adopted by a
  majority vote of the members thereof present at any meeting of such Board. Each such
  resolution shall take effect immediately from its passage and need not thereafter
  be laid over or published or posted. The issuance of bonds under the provisions of
  this article by the City shall not be subject to the authorization or approval thereof
  by the legal voters of the City or to any other authorization or approval except as
  provided in section 447 of this charter. (b) Said bonds may be issued in one or more series, may bear such date or dates, mature
  at such time or times not exceeding 40 years from their respective dates, bear interest
  at such rate or rates, be in such denominations, be in such form, either coupon or
  registered, carry such conversion or registration privileges, have such rank or priority,
  be executed in such manner, be payable in such medium of payment, at such place or
  places, and be subject to such terms of redemption, with or without premium, be declared
  or become due before the maturity date thereof, as such resolutions authorizing their
  issuance may provide. Said bonds may be sold at public or private sale for such price
  or prices as the Board of Light Commissioners shall determine. (c) In case any officer of the City whose signature appears on any bond or coupon shall
  cease to be such officer before the delivery of such bond, such signature shall, nevertheless,
  be valid and sufficient for all purposes, the same as if he or she had remained in
  office until such delivery. Any provision of any law to the contrary notwithstanding
  any bonds issued pursuant to this article shall be deemed to be investment securities
  under the Uniform Commercial Code. Any bonds issued by the City pursuant to the provisions
  of this article are declared to be issued for an essential public and governmental
  purpose and to be public instrumentalities, and, together with interest and income
  thereon, shall be exempt from taxes. The resolution authorizing the issuance of said
  bonds may provide that the bonds shall contain a recital that they are issued pursuant
  to this article, which recital shall be conclusive evidence of their validity and
  of the regularity of this issuance.