Vermont § 608 - Bonding authority — City of Burlington

§ 608. Bonding authority — City of Burlington

• (a) The City of Burlington, when authorized by a two-thirds vote of all voters present
  and voting at a meeting called for that purpose, may pledge its credit by issuing
  the negotiable orders, warrants, notes, or bonds for project costs, or its share of
  project costs, of electric power facilities authorized pursuant to section 604 of
  this chapter. Such project costs may include all costs, whether incurred prior to
  or after the issue of bonds or notes, of acquisition, site development, construction,
  improvement, enlargement, reconstruction, alteration, machinery, equipment, furnishings,
  nuclear fuel, demolition or removal of existing buildings or structures, including
  the cost of acquiring any lands to which such buildings or structures may be moved,
  financing charges, interest prior to and during the carrying out of any project and
  for a reasonable period thereafter, planning, engineering, financial advisory and
  legal services, administrative expenses, prepayments under contracts made pursuant
  to section 604 of this chapter, the funding of notes issued for project costs as provided,
  and 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. (b) The obligations shall be issued in accordance with the charter of the City of Burlington.
  The amount of obligations issued for such purpose shall not be considered in computing
  any debt limit applicable to the City. (c) The March 6, 1973 vote of the voters of the City of Burlington authorizing and empowering
  the Burlington City Council to pledge the credit of the City by issuing general obligation
  bonds or notes in an amount not to exceed $6,000,000.00 for the purpose of acquiring
  joint ownership interests in four nuclear power plants presently designated as the
  Connecticut 1979 Nuclear Unit, Pilgrim No. 2, and Seabrook Units No. 1 and No. 2,
  to be constructed and located in the states of Connecticut, Massachusetts, and New
  Hampshire is hereby ratified, adopted, and validated in all respects. In addition,
  any authorized action taken during the calendar year that commenced January 1, 1974
  shall be valid and effective as if this chapter were in effect on January 1, 1974. (Added 1973, No. 167 (Adj. Sess.), eff. March 25, 1974; amended 2023, No. 85 (Adj. Sess.), § 392, eff. July 1, 2024.)