§ 4595. Annual budget
§ 4595. Annual budget (a) On or before December 1 in each year, the Bank shall adopt an annual budget for the succeeding year. The budget shall set forth the general categories of expected expenditures and the amount on account of each and shall include a provision or reserve for contingencies or over expenditures as […]
§ 4596. Care and custody of bonds
§ 4596. Care and custody of bonds The Bank may enter into agreements or contracts with any bank, trust companies, banking or financial institutions within or without the State as may be necessary, desirable, or convenient in the opinion of the Bank for rendering services to the Bank in connection with the care, custody, or […]
§ 4621. Form of obligation; faith and credit
§ 4621. Form of obligation; faith and credit (a) Bonds and notes issued under this chapter are not in any way a debt or liability of the State and do not create or constitute any indebtedness, liability or obligation of the State nor are they or do they constitute a pledge of the faith and […]
§ 4622. Negotiability of bonds or notes
§ 4622. Negotiability of bonds or notes Whether or not the notes and bonds are of such form and character as to be negotiable instruments under the terms of the Uniform Commercial Code 9A V.S.A. § 1-101 et seq., the notes and bonds are hereby made negotiable instruments within the meaning of and for all […]
§ 4577. Staff
§ 4577. Staff The Bank may employ such officers, agents, and employees as it may require and determine their qualifications, terms of office, duties, and compensation all without regard to 3 V.S.A. chapter 13. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
§ 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; […]
§ 4592. Supplementary powers
§ 4592. Supplementary powers The Bank, in addition to any other powers granted in this chapter, has the following powers: (1) In connection with any loan to a governmental unit, to consider the need, desirability, or eligibility of the loan, the ability of the governmental unit to secure borrowed money from other sources and the […]
§ 4593. Prohibited acts
§ 4593. Prohibited acts Under this chapter, a bank may not: (1) make loans of money to any person, firm, or corporation other than a government or a governmental agency or subdivision, or purchase securities issued by any person, firm, or corporation other than a governmental unit or for investment except as provided in this […]
§ 4594. Annual report; audit
§ 4594. Annual report; audit On or before the last day of February in each year, the Bank shall make a report of its activities for the preceding calendar year to the Governor and to the General Assembly. Each report shall set forth a complete operating and financial statement covering its operations during the year. […]
§ 4572. Membership; vacancies
§ 4572. Membership; vacancies The Bank established by section 4571 of this title shall consist of the following five directors: the State Treasurer, or his or her designee, who shall be a director ex officio, and four directors appointed by the Governor with the advice and consent of the Senate for terms of two years. […]