Vermont § 5031 - Bonds and notes

§ 5031. Bonds and notes

• (a)(1) The Authority may issue its negotiable notes and bonds in such principal amount as
  the Authority determines to be necessary to provide sufficient funds for achieving
  any of its corporate purposes, including the payment of interest on notes and bonds
  of the Authority, establishment of reserves to secure the notes and bonds, and all
  other expenditures of the Authority incident to and necessary or convenient to carry
  out its corporate purposes and powers. Without limiting the generality of the foregoing,
  such bonds and notes may be issued for project costs, or the Authority’s share of
  costs of projects, which may include: (A) interest prior to and during the carrying out of any project and for a reasonable
  period thereafter; (B) prepayments under contracts for the purchase of capacity and output; (C) reserves for debt service or other capital or current expenses as may be required
  by a trust agreement or resolution securing bonds and notes; and (D) all other expenses incidental to the determination of the feasibility of any project
  or to carrying out the project or to placing the project in operation. (2) The Authority shall have the power, from time to time, to issue notes, to renew notes
  and bonds, to pay notes, including the interest on them and, whenever it deems refunding
  expedient, to refund any bonds by the issuance of new bonds, whether the bonds to
  be refunded have or have not matured, and to issue bonds partly to refund bonds then
  outstanding and partly for any of its corporate purposes. (3) Except as may otherwise be expressly provided by resolution of the Authority, every
  issue of its notes and bonds shall be general obligations of the Authority payable
  out of any revenues or monies of the Authority, subject only to any agreements with
  the holders of particular notes or bonds pledging any particular revenues. (4) Bonds and notes may be issued in accordance with this chapter, without the need to
  obtain the consent and approval of the Public Utility Commission as provided in this
  title. (5) The notes and bonds shall be authorized by resolution or resolutions of the Authority,
  shall bear such date or dates, and shall mature at such time or times as the resolution
  or resolutions may provide. The bonds may be issued as serial bonds payable in annual
  installments or as term bonds or as a combination of them. The resolution or resolutions
  may provide that the notes and bonds bear interest at a given rate or rates, be in
  certain denominations, be in temporary, coupon, or registered form, carry certain
  registration privileges, be executed in a given manner, be payable in a given medium
  of payment, at a place or places within or outside the State, and be subject to specified
  terms of redemption. The Authority may participate in any state or federally created
  or supported bond programs. The notes and bonds of the Authority may be sold by the
  Authority, at public or private sale, at such price or prices as the Authority shall
  determine.