§ 3851. Definitions (a) “Agency” means the Vermont Educational and Health Buildings Financing Agency. (b) “Facilities” means all or any part of any building, improvements to real property, equipment, furnishings, appurtenances, utilities, and other property, real or personal, determined by the Agency to be necessary or convenient in the operation of any eligible institution, including […]
§ 3852. Vermont Educational and Health Buildings Financing Agency; creation; members (a) A board of 13 members known as the Vermont Educational and Health Buildings Financing Agency is created. It is a body corporate and politic constituting a public instrumentality of the State. The State Treasurer or his or her designee and the Secretaries of […]
§ 3853. Powers The Agency may: (1) Sue and be sued. (2) Have a seal and alter it at pleasure. (3) Acquire property, both real and personal, in the name of the Agency, including leasehold and other interest in land necessary or convenient in the Agency’s determination for its corporate purposes, and hold, mortgage, and […]
§ 3854. Operation and management of facilities (a) The Agency may operate and manage, or may cause to be operated and managed by any agent or operator under written contract, facilities financed under this chapter. (b) The Agency, in its sole discretion, shall establish fees, rates, rents, or other charges for services or products derived […]
§ 3855. Trust funds (a) All monies received under the authority of this chapter, whether as proceeds from the sale of bonds or notes or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company […]
§ 3856. Bonds (a) The Agency is authorized to issue from time to time bonds or notes of the Agency for the purposes authorized by this chapter and refunding bonds for the purpose of refunding any bonds issued by the Agency under this chapter, including the payment of any redemption premium thereon and any interest […]
§ 3857. Liability of State The bonds and other obligations of the Agency shall not be a debt of the State of Vermont nor shall the State be liable thereon, nor shall they be payable out of any funds other than those of the Agency. (Added 1966, No. 56 (Sp. Sess.), § 8, eff. March […]
§ 3858. Legal investment The bonds and notes are hereby made securities in which all public officers and bodies of this State and all municipalities and municipal subdivisions, all insurance companies and associations, all savings banks and savings institutions, including savings and loan associations, administrators, guardians, executors, trustees, committees, and other fiduciaries, in the State […]
§ 3859. Exemptions from taxation (a) The creation of the Agency and the carrying out of its corporate purposes is in all respects for the benefit of the people of the State of Vermont and for the improvement of their education, health, welfare, and prosperity, and is a public purpose. The Agency will be performing […]
§ 3860. Remedies of bondholders (a) If the Agency defaults in the payment of principal of or interest on any of the bonds of any series after they become due, either at maturity or upon call for redemption, and the default continues for a period of 30 days, or if the Agency fails or refuses […]
§ 3861. Compensation of members and employees of Agency No officer, member, or employee of the Agency may receive, or be lawfully entitled to receive, any pecuniary profit from the operation of the Agency except reasonable compensation for services in effecting one or more of its purposes set forth under law. (Added 1966, No. 56 […]
§ 3862. Reports The Vermont Education and Health Buildings Finance Agency shall prepare and annually submit to the Governor a complete report listing all projects applied for, planned, in progress, and completed and a complete financial report duly audited and certified by a certified public accountant. (Added 1966, No. 56 (Sp. Sess.), § 14, eff. […]
