Vermont Statutes Annotated — Title 32 (Taxation and Finance)
32 V.S.A. § 974
Security documents
# (a)
The State Treasurer is authorized to secure bonds authorized under this subchapter by a trust agreement that pledges or assigns monies in the Transportation Infrastructure Bond Fund, by additional security, insurance, or other forms of credit enhancement that may be secured with the bonds on a parity or subordinate basis, or by both.
# (b)
Any trust agreement or credit enhancement agreement entered into pursuant to this section shall be valid and binding from the time of the agreement without any physical delivery or further act and without any filing or recording under the Uniform Commercial Code or otherwise, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise, irrespective of whether such parties have notice thereof.
# (c)
Any trust agreement or credit enhancement agreement may establish provisions defining defaults and establishing remedies and other matters relating to the rights and security of the holders of the bonds or other secured parties as determined by the State Treasurer, including provisions relating to the establishment of reserves; the issuance of additional or refunding bonds, whether or not secured on a parity basis; the application of receipts, monies, or funds pledged pursuant to the agreement; and other matters deemed necessary or desirable by the State Treasurer for the security of the bonds, and may also regulate the custody, investment, and application of monies.
# (d)
For payment of debt service obligations of Transportation Infrastructure Bonds, the full faith and credit of the State is hereby pledged. However, if pledging of full faith and credit of the State is not necessary to market a Transportation Infrastructure Bond in the best interests of the State, the Treasurer shall enter into an agreement that establishes that the full faith and credit of the State is not pledged for payment of debt service obligations of the bond. In determining whether to pledge the full faith and credit of the State, the State Treasurer shall consider the anticipated effect of such a pledge on the credit standing of the State, the marketability of the Transportation Infrastructure Bond, and other factors he or she deems appropriate. (
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In this chapter (40 sections)
- 13-932a · Administrative reimbursement for property damages
- 13-933 · Hearing
- 13-934 · Repealed. 1997, No. 156 (Adj. Sess.), § 48, eff. April 29, 1998
- 13-935 · Payment of claims
- 13-951 · Applicability
- 13-951a · Debt service funds
- 13-952 · Denominations; how issued
- 13-953 · Sales, record
- 13-954 · Proceeds
- 13-955 · Anticipation of proceeds
- 13-956 · Time available
- 13-957 · Consolidation
- 13-958 · Expiration of office
- 13-959 · Repealed. 1989, No. 52, § 17(a), eff. May 17, 1989
- 13-960 · Issuance of bonds
- 13-961 · Refunding bonds
- 13-962 · Private use compliance, notice, and approval
- 13-971 · Repealed. 1966, No. 32, § 3
- 13-972 · Transportation Infrastructure Bonds
- 13-973 · Issuance of bonds
- 13-974 · Security documents
- 13-975 · Proceeds
- 13-975a · Authority of Treasurer
- 13-975b · Debt service appropriations
- 13-976 · Anticipation of proceeds
- 13-977 · Refunding bonds
- 13-978 · Pledge
- 13-979 · Authorities
- 13-980 · Authority to issue Transportation Infrastructure Bonds
- 13-981 · Form of bonds or notes
- 13-982 · Transfer agent
- 13-983 · Confidential registry
- 13-984 · Additional powers
- 13-985 · Application
- 13-991 · Definitions
- 13-992 · Allocation; authority
- 13-993 · Public approval, out-of-state issuers
- 13-994 · Recommendation regarding private bond volume cap
- 13-995 · Agreements for the exemption of interest
- 13-996 · Delegation authorized