Vermont Statutes
Chapter 119 - Municipal Bond Bank
§ 4591. General powers

§ 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.)

Structure Vermont Statutes

Vermont Statutes

Title 24 - Municipal and County Government

Chapter 119 - Municipal Bond Bank

§ 4551. Definitions

§ 4552. Law governing

§ 4553. Liberal construction

§ 4554. Administration expenses

§ 4555. Duties of State Treasurer

§ 4556. Cooperation by government agencies; cost

§ 4571. Establishment

§ 4571a. Reports

§ 4572. Membership; vacancies

§ 4573. Removal from office; oath

§ 4574. Officers; quorum

§ 4575. Bonding of members

§ 4576. Compensation; expenses

§ 4577. Staff

§ 4591. General powers

§ 4592. Supplementary powers

§ 4593. Prohibited acts

§ 4594. Annual report; audit

§ 4595. Annual budget

§ 4596. Care and custody of bonds

§ 4621. Form of obligation; faith and credit

§ 4622. Negotiability of bonds or notes

§ 4623. Bonds or notes as legal investment

§ 4624. Tax exemption

§ 4641. Loans to governmental units

§ 4642. Amount and purpose; general obligation

§ 4643. Form of issuance

§ 4644. Sale price

§ 4645. Administrative consent or conditions not required

§ 4646. Approval of Governor and Treasurer

§ 4647. Payment or refunding of notes

§ 4648. Terms of agreement with bond or noteholder

§ 4649. Purchase and disposition of own obligations

§ 4650. Interest rates

§ 4651. Exchange of coupon bonds

§ 4652. Waiver of defenses; rights of holder

§ 4653. Bond anticipation notes

§ 4654. Marketability; certification

§ 4655. Presumption of validity

§ 4671. Reserve fund

§ 4672. Withdrawal or transfer

§ 4673. Investment

§ 4674. Relation to bond sales

§ 4675. Annual appropriation

§ 4676. General Fund

§ 4677. Operating expenses

§ 4678. Special accounts

§ 4679. Additional accounts

§ 4680. Application of funds; excess

§ 4681. Revenue Bond Reserve Fund

§ 4682. Investment of Revenue Bond Reserve Fund

§ 4683. Revenue Fund

§ 4684. Revenue Fund operating expenses

§ 4685. Special accounts in Revenue Fund

§ 4701. Rights of holders paramount

§ 4702. Default in payment

§ 4703. Powers of trustee on default

§ 4704. Superior Court jurisdiction

§ 4705. Notice on default

§ 4706. Personal liability

§ 4707. Exemption from execution and sale

§ 4708. Pledge of revenues; lien thereof

§ 4709. Federal insurance or guaranty

§ 4710. Surety for deposits by Bank