Vermont Statutes Title 24 Sec. 4642
Terms Used In Vermont Statutes Title 24 Sec. 4642
- 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.
- 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
- Notes: means any notes of the Bank issued under this chapter. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- 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
- 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
§ 4642. Amount and purpose; general obligation
(a) The Bank may issue its bonds or notes in such principal amounts as it shall deem necessary to provide funds for any purposes under this chapter, including:
(1) The making of loans;
(2) The payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds or notes issued by it whether the bonds or notes or interest to be funded or refunded have or have not become due;
(3) The establishment or increase of reserves to secure or to pay bonds or notes or interest thereon and all other costs or expenses of the Bank incident to and necessary or convenient to carry out its corporate purposes and powers.
(b) Except as otherwise provided in this chapter or by the Bank, every issue of bonds or notes shall be general obligations payable out of any revenues or funds of the Bank, subject only to any agreements with the holders of particular bonds or notes pledging any particular revenues or funds. Any bonds or notes may be additionally secured by a pledge of any grant or contributions from the United States of America or the State or any governmental unit or any person, firm, or corporation or a pledge of any income or revenues, funds, or monies of the Bank from any source whatsoever. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)