§ 245-19. Electric plant; regulation

The Village's operation of its electric plant, as defined herein, shall take place in accordance with 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, with regard to the financing, improvements, expansion, and disposal of the municipal electric plant and its operations. However, the powers conferred by these sections shall be supplemental to, construed in harmony with, and not in restriction of, the powers conferred in this charter. With specific reference to the legislative authorization contained in 24 V.S.A. chapter 53, subchapter 2, sections 1821-1828, entitled  "Indebtedness for Public Utility Purposes," the Village is permitted to issue revenue-backed bonds or general obligation bonds for any capital improvement purpose related to its responsibilities to operate such utilities for the benefit of the people of the Village, provided each such issue of bonds is approved in accordance with law, and any restriction in this charter or the general law regarding the maximum outstanding debt that may be issued in the form of general obligation bonds shall not restrict the issuance of any bonds issued by the Village and payable out of the net revenues from the operation of a public utility project. The activities of the Village in connection with the powers conferred herein shall be subject to regulation only to the extent specifically required by Title 30 and other applicable law, but only to the extent that the Village is engaging in activities that are specifically subject by law to regulation. The Public Utility Commission shall at all times exercise its regulatory powers in such a manner as to permit the Village to fulfill all of its prudently incurred obligations, including its obligations to the holders of the bonds issued by the Village. However, the Public Utility Commission shall not prohibit appropriate cost allocations among departments of the Village.