Vermont § 5011 - Creation of Vermont Public Power Supply Authority

§ 5011. Creation of Vermont Public Power Supply Authority

• (a) Vermont Public Power Supply System, Inc., a corporation formed under the provisions
  of subdivision 4003(4) of this title, is hereby declared and established to be a body politic and corporate with duties
  and powers as are set forth in this chapter, to be known as “Vermont Public Power
  Supply Authority” to carry out the provisions of this chapter. The Authority is constituted
  a public instrumentality exercising public and essential governmental functions, and
  the exercise by the authority of the powers conferred by this chapter shall be deemed
  and held to be the performance of an essential governmental function of the State. (b) The Authority shall consist of those municipalities and cooperatives that by January
  31, 1979 elected to become a member of Vermont Public Power Supply System, Inc., in
  accordance with the terms of its bylaws, and those Vermont municipalities and cooperatives
  that shall later elect to become members of the Authority in accordance with the rules
  and regulations of the Authority established by it. These rules shall be calculated
  to permit membership without an undue burden on new members, but with regard to the
  benefits contributed to the Authority by its original members. (c) The powers of the Authority shall be exercised by a board of directors. The Board
  of Directors shall consist of one director from each member municipality or member
  cooperative, who shall be elected by the legislative body of each member municipality
  or the board of trustees of each member cooperative. Each municipality or cooperative
  may also elect an alternate director to serve in the absence or disability of its
  director. The term of office of a director shall be for one year coincident with the
  fiscal year of the Authority or until a successor director has been duly elected and
  qualified. Any director may be removed at the pleasure of the legislative body of
  the municipality or cooperative that elected that director, upon notice to the authority
  and the election of a successor director. The Board of Directors of the Authority
  shall adopt bylaws or other rules for the management of the affairs of the Authority
  and carrying out the purpose of this chapter. The Board of Directors shall also elect
  one of its member directors as chair of the Authority and shall also elect a treasurer
  and secretary who may be directors. It may elect other officers and agents as necessary
  to perform those acts commonly delegated to the officers and agents of a business
  corporation and shall set their compensation. (d) Notwithstanding any law or charter provision to the contrary, a director or officer
  of the Authority who is also an officer, employee, or member of a legislative body
  of a municipality or other public body or the State shall not be precluded from voting
  or acting on behalf of the Authority on a matter involving the municipality or public
  body or the State. Neither shall service as a director or officer of the Authority
  constitute a conflict of interest for an officer, employee, or member of a municipality
  or public body or the State. (e) The Authority and its existence shall continue as long as it shall have notes, bonds,
  or other obligations or indebtedness outstanding, including notes, bonds, or other
  obligations or indebtedness hereafter issued or incurred, and until its existence
  is terminated by law. The net earnings of the Authority, beyond that necessary for
  retirement of its notes, bonds, or other obligations or indebtedness or to implement
  the public purposes and programs authorized in this chapter, shall not inure to the
  benefit of any person other than the State. Upon termination of the existence of the
  Authority, title to all of the property owned by the Authority, including any net
  earnings of the Authority, shall vest in the State. The State reserves the right at
  any time to alter, amend, repeal, or otherwise change the structure, organization,
  programs, or activities of the Authority, including the power to terminate the Authority,
  subject to any limitation on the impairment of the obligation of any contract or contracts
  entered into by the Authority. (Added 1979, No. 78, § 3; amended 2023, No. 85 (Adj. Sess.), § 448, eff. July 1, 2024.)