§ 5012. General powers and duties

The Authority shall have all of the powers necessary and convenient to carry out this chapter, including those general powers provided a business corporation by 11 V.S.A. § 1852, and including the power:

(1) To receive, administer, and comply with the conditions and requirements respecting any gift, grant, donation, or appropriation of any property or money.

(2) To acquire by purchase, lease, gift, or otherwise, or to obtain options for the acquisition of any property, real or personal, improved or unimproved, tangible or intangible, including an interest in land of less than the fee.

(3) To sell, lease, mortgage, exchange, transfer, or otherwise dispose of any real or personal property or interest in them, or to grant options for any of those purposes.

(4) 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.

(5) To employ personnel who shall serve at the pleasure of the directors.

(6) To borrow money and issue its notes and bonds as provided in this chapter.

(7) To purchase electric power and energy, including all or a portion of the capacity and output of one or more specific projects.

(8) To sell electric power and energy and other products of projects to other utilities within the State, and to any person or utility outside the State. These other utilities are authorized to purchase electric power and energy sold by the Authority; provided, however, that nothing in this chapter shall be construed to authorize resale of electric power and energy purchased from the Authority except as otherwise authorized by law.

(9) To enter into joint ownership contracts and tenancies in common with any Vermont utility, whether or not such utility is a member of the Authority. With the consent of the Authority, utilities which are not members of the Authority shall be eligible to participate in projects sponsored by the Authority.

(10) To contract for the use of transmission and distribution facilities owned by others for the delivery to purchasers of electric power and energy sold by the Authority. These other owners are authorized to enter into these contracts with the Authority.

(11) To contract with respect to the purchase, sale, delivery, exchange, interchange, wheeling, pooling, transmission, or use of electric power and energy and to otherwise participate in intrastate, interstate, and international arrangements with respect to those matters, including a New England power pool as defined by chapter 14 of this title, except that this power shall not be exercised so as to conflict with or diminish in any way the powers and obligations of the Public Utility Commission under this title regarding planning and entering into agreements for the supply of electric power and energy.

(12) Jointly with utilities or on its own, to plan, finance, acquire, construct, improve, purchase, operate, maintain, use, share costs of, own, lease, sell, dispose of, or otherwise participate in projects or portions of projects, 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. It may also enter into and perform contracts with any person with respect to the foregoing. If the Authority acquires or owns an interest as a tenant in common with others in any projects within the State, the surrender or waiver by the other property owner of its right to partition the property for a period not exceeding the period for which the property is used or useful for electric utility purposes shall not be invalid and unenforceable by reason of length of the period, or as unduly restricting the alienation of such property.

(13) 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 projects in accordance with these licenses, permits, certificates, or approvals.

(14) To apply and contract for and to expend assistance from the United States or other sources, whether in form of a grant or loan or otherwise.

(15) To enter into a contract or contracts to provide all requirements service, as defined in section 4002a of this title, with some or all of its member systems, upon receipt by the systems entering into such contract of the approvals required by section 4002a.

(16) Upon entry into a contract with member systems pursuant to subdivision (15) of this section, to seek and obtain approval, in its own name, for projects and contracts otherwise requiring approval under section 248 or 2902 of this title.

(17) To make and execute all contracts and agreements and other instruments necessary or convenient in the exercise of the powers and functions of the Authority under this chapter.

(18) To enter into contracts determined by the Authority to be useful for the prudent management of its assets, purchases, funds, debts, or fuels, including interest rate or other swaps, option contracts, future contracts, forward purchase contracts, hedging contracts, and leases or other risk management instruments to the full extent that a business corporation is authorized to enter into such contracts.

(19) To acquire stock, shares, securities, membership units, or other equity or participation interests in entities that directly or indirectly construct, own, or operate electric generation or transmission facilities within or outside the State to the full extent that a business corporation is authorized to acquire such interests.

(20) To do all things necessary, convenient, or desirable to carry out the purposes of this chapter or the powers expressly granted or necessarily implied in this chapter. (Added 1979, No. 78, § 3; amended 1991, No. 170 (Adj. Sess.), § 4, eff. May 15, 1992; 2009, No. 78 (Adj. Sess.), § 39, eff. April 15, 2010.)