§ 8055 - General powers
§ 8055. General powers
The authority shall have such powers as are necessary to carry out the purposes of this chapter including those powers provided a corporation under chapter 3 of Title 11A, subject to the limitations in section 8056 of this title, and shall include the power:
(1) To borrow money, make and issue negotiable bonds, notes, and commercial paper; and give other evidences of indebtedness or obligations, and give security therefor. Such evidences of indebtedness or obligations may be incurred for any of the authority's corporate purposes. Such evidences of indebtedness or obligations shall be in such form and denominations, and with such terms and provisions, including the maturity date or dates, redemption provisions, and other provisions necessary or desirable. Such evidences of indebtedness or obligations shall be either taxable or tax-exempt and shall be noninterest bearing, or bear interest at such rate or rates, which may be fixed or variable, as may be sufficient or necessary to effect the issuance and sale or resale thereof. The authority is authorized to enter into such agreements with other persons as the authority deems necessary or appropriate in connection with the issuance, sale, and resale of such evidences of indebtedness or obligations, including, without limitation, trust indentures, bond purchase agreements, disclosure agreements, remarketing agreements, agreements providing liquidity or credit facilities, bond insurance, or other credit enhancements in connection with such evidences of indebtedness or obligations. The authority is authorized to resell or retire any such evidences of indebtedness or obligations prior to the stated maturity thereof. No indebtedness shall be issued by the authority without the written approval of the state treasurer, which approval shall be given if, based upon his or her investigation, the state treasurer has certified that:
(A) none of the nationally-recognized credit rating agencies that rate general obligation debt of the state of Vermont has concluded that such indebtedness will be included as part of the state of Vermont's net tax-supported debt computation, as prepared by such rating agencies; or
(B) the financing structure and flow of funds for such indebtedness will not result in such indebtedness being counted as net tax-supported debt, or its equivalent, on the state of Vermont's debt statement, as prepared by any of the nationally-recognized credit rating agencies that rate general obligation debt of the state of Vermont.
(2) To acquire by purchase, lease, gift, or otherwise, or to obtain options for the acquisition of property necessary to carry out the purposes of this chapter, real or personal, improved or unimproved, tangible or intangible, including an interest in land of less than fee; to hold and dispose of real and personal property; to enter into all contracts, leases, agreements, and arrangements; and to do all lawful acts and things necessary or incidental to the performance of its duties and the execution of its powers under this chapter.
(3) To pledge or assign any money, fees, charges, or other revenues of the authority and any proceeds derived by the authority from the sale of property or from insurance or condemnation awards.
(4) To sue and be sued in its own name and plead and be impleaded; service of process upon the authority in any action shall be made by service upon the secretary of state, either by hand or by leaving a copy of the process at the office of the secretary.
(5) To adopt and amend bylaws, rules, and regulations for the calling and conduct of its meetings and for the conduct of its affairs.
(6) To employ personnel who, in the discretion of the authority, may be in the classified system under chapter 13 of Title 3, and to employ or contract with agents, consultants, legal advisors, and other persons and entities as may be necessary or desirable for its purposes, upon such terms as the authority may determine.
(7) To contract with the state of Vermont or any agency or political subdivision thereof, public corporations or bodies, private corporations or individuals for any purposes related to the authority.
(8) To apply and contract for and to expend assistance from the United States or other sources, whatever the form.
(9) To administer its own funds and to invest or deposit funds which are not needed currently to meet the obligations of the authority.
(10) To do business inside or outside the state.
(11) To apply to the appropriate agencies of the state, other states, the United States, and to any other proper agency for permits, licenses, certificates, or approvals which may be necessary, and to construct, maintain, and operate the facilities in accordance with these licenses, permits, certificates, or approvals;
(12) To contract with respect to the purchase, sale, delivery, exchange, interchange, wheeling, pooling, transmission, or use of project electric power and energy and to otherwise participate in intrastate, interstate, and international wholesale arrangements with respect to those matters.
(13) Alone or jointly, to plan, finance, acquire, construct, improve, purchase, operate, maintain, use, share costs of, own, lease, sell, dispose of or otherwise participate in the facilities or portions of the facilities, the product or service from them, securities or obligations issued or incurred in connection with the financing of them, or research and development relating to them, within or outside the state. The authority may also enter into and perform contracts with any person with respect to the foregoing.
(14) To exercise all powers necessary or incidental to affect any or all of the purposes for which the authority is created.
(15) To sell project electric power at wholesale within or outside the state.
(16) To purchase, maintain, and operate the facilities.
(17) To contract for the use of transmission and distribution facilities owned by others solely for the purpose of engaging in wholesale transactions. (Added 2003, No. 121 (Adj. Sess.), § 101, eff. June 8, 2004.)