Vermont Statutes Title 24 Sec. 4591
Terms Used In Vermont Statutes Title 24 Sec. 4591
- Bank: means the Vermont Bond Bank established by section 4571 of this title. See
- Bonds: means bonds of the Bank issued under this chapter. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Governmental unit: means any county, municipality, or public body. See
- Issue: when used in reference to bonds or notes, means the physical delivery thereof or the effectuation thereof in book entry form, in each case against payment therefor. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Notes: means any notes of the Bank issued under this chapter. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Personal property: All property that is not real property.
- Revenues: means all fees, charges, monies, profits, payments of principal of or interest on municipal bonds and revenue bonds and other investments, gifts, grants, contributions, appropriations, and all other income derived or to be derived by the Bank under this chapter. See
- seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4591. General powers
The Bank has the following powers for carrying out the purposes of this chapter:
(1) to sue and be sued;
(2) to adopt an official seal and alter it at pleasure;
(3) to make and enforce rules for the conduct of its business and for use of its services and facilities;
(4) to maintain an office at any place within the State;
(5) to acquire, hold, use, and dispose of its income, revenues, funds, and monies;
(6) to acquire, rent, lease, hold, use, and dispose of other personal property for its purposes;
(7) to borrow money and to issue its negotiable bonds or notes and to provide for and secure the payment thereof and to provide for the rights of the holders thereof, and to purchase, hold, and dispose of any of its bonds or notes;
(8) to fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities;
(9) to accept gifts or grants of property, funds, money, materials, labor, supplies, or services from the United States of America or from any governmental unit or any person, firm, or corporation, and to carry out the terms or provisions or make agreements with respect to any gifts or grants, and to do any and all things necessary, useful, desirable, or convenient in connection with procuring, acceptance, or disposition of gifts or grants;
(10) to do anything authorized by this chapter, through its officers, agents, or employees or by contracts with any person, firm, or corporation;
(11) to enter into and enforce all contracts necessary, convenient, or desirable for the purposes of the Bank or pertaining to any loan to a governmental unit or any purchase or sale of municipal bonds or revenue bonds or other investments or to the performance of its duties and execution or carrying out of any of its powers under this chapter;
(12) to purchase or hold municipal bonds and revenue bonds at such prices and in such manner as the Bank deems advisable, and to sell municipal bonds and revenue bonds acquired or held by it at such prices without relation to cost and in such manner as the Bank deems advisable, all consistent with the policy of the State as declared in section 2 of this act;
(13) to invest any funds or moneys of the Bank not then required for loan to governmental units and for the purchase of municipal bonds or revenue bonds, in the same manner as permitted for investment of funds belonging to the State or held in the Treasury, except as otherwise provided by this chapter;
(14) to prescribe any form of application or procedure required of a governmental unit for the loan or purchase of its municipal bonds or revenue bonds, and to fix the terms and conditions of that loan or purchase and to enter into agreements with governmental units with respect to any loan or purchase;
(15) to do all things necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in this chapter;
(16) to maintain and administer the special funds of the State established pursuant to chapter 120 of this title. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1985, No. 127 (Adj. Sess.), § 2, eff. April 21, 1986; 1987, No. 55, §§ 7-9, eff. May 15, 1987; 1987, No. 75, § 2.)