2017 Vermont Statutes
Title 30 - Public Service
Chapter 90 - Vermont Hydroelectric Power Authority
§ 8048 Obligations not obligations of the State
§ 8048. Obligations not obligations of the State
(a) The Authority shall have the benefit of sovereign immunity to the same extent as the State of Vermont.
(b) Notwithstanding subsection (a) of this section:
(1) obligations of the Authority under a contract authorized by this chapter shall not be deemed to constitute an obligation, indebtedness, or a lending of credit of the State; and
(2) no financing or security document, bond, or other instrument issued or entered into in the name and on behalf of the Authority under this chapter shall in any way obligate the State to raise any money by taxation or use other funds for any purpose to pay any debt or meet any financial obligation to any person at any time in relation to a facility, project, or program financed in whole or in part by the issue of the Authority's bonds under this chapter. (Added 2015, No. 130 (Adj. Sess.), § 4, eff. May 25, 2016.)
