Vermont Statutes Title 24 (Appendix). Municipal Charters, App. c. 126 § 84. Electric Department; assets, finances, and indebtedness

(a) The Town of Lyndon Electric Department shall inherit all of the assets, accounts, and liabilities of the Village of Lyndonville Electric Department, subject to the management of the Board of Electric Commissioners under the general supervision of the Selectboard. The Department shall operate under the statutory authority and requirements of 30 V.S.A. chapter 79, relating to municipal electric plants, and 24 V.S.A. chapter 53, relating to municipal indebtedness, all of which control the financing, improvements, expansion, and disposal of the municipal electric plant and its operations.

(b) With specific reference to the legislative authorization contained in 24 V.S.A. chapter 53, subchapter 2, the Board of Electric Commissioners is permitted to issue either revenue-backed bonds or general obligation bonds, or both, for any capital improvement purpose related to its responsibilities to operate such utilities for the benefit of its ratepayers, provided each issuance of bonds is approved according to law.

(c) The Town of Lyndon Electric Department shall take over for administrative purposes all contractual benefits and obligations inherited by the Town of Lyndon under the Merger Plan as approved by the Town and the Village that involve or apply to its operations as an electric utility without any further act, deed, or instrument being necessary, or the approval of any agency of State government.

(d) Annually, the Town of Lyndon Electric Department shall contribute to the Town of Lyndon in lieu of taxes in the form of either a cash payment or the equivalent in free services and municipal rate benefits in an amount equaling the amount of money that would have been received by the Town of Lyndon in ad valorem real estate taxes were such department a privately owned utility, or both.