Vermont Statutes Title 24. Municipal and County Government, § 1821. Definitions

(1) “Bond” means any bond or note issued by the municipal corporation and payable out of the net revenues from the operation of a public utility project.

(2) “Cost of operation and maintenance” shall mean the expenses for operation, maintenance, repairs, and ordinary replacements properly and directly attributable to the operation or ordinary maintenance of the public utility project.

(3) “Net revenues” shall mean revenues less cost of operation and maintenance.

(4) “Project” shall mean an undertaking for the acquisition, construction, reconstruction, improvement, financing, enlargement, extension, or betterment of any of the following public utility systems:

(5) “Revenues” mean all revenues, rates, fees, charges, rents, or other income and receipts received by the municipal corporation from any source, or accrued to the municipal corporation, or any department, board, or agency thereof, in connection with the management and operation of a public utility project or system, and shall also include any interest received on any monies or securities of the municipal corporation which are pledged to the payment of the municipal corporation's bonds, and any federal or State grants-in-aid with respect to such project or system.