§ 6003 - Creation of West River Basin Energy Authority
§ 6003. Creation of West River Basin Energy Authority
(a) There is hereby established a body politic and corporate with duties and powers as are set forth in this chapter known as the "West River Basin Energy Authority" to carry out the provisions of this chapter. The authority is constituted a public instrumentality exercising public and essential governmental functions, and the exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state.
(b) The authority shall include such towns as shall approve membership therein through votes at duly warned annual town meetings within the towns of Brookline, Dummerston, Jamaica, Landgrove, Londonderry, Newfane, Peru, Stratton, Townshend, Wardsboro, Weston, Windham and Winhall.
(c) The powers of the authority shall be exercised by a board of directors. The board of directors shall consist of two directors from each member municipality who shall be selected by the legislative body of each member municipality. Each municipality may also select alternate directors to serve in the absence or disability of its directors. A member of the legislative body is not disqualified from serving as director or alternate director. Initially, one director from each member municipality shall have a one year term of office, and one shall have a two year term of office, thereafter, the term of office of a director shall be for two years or until a successor director has been duly selected. Any director may be removed at the pleasure of the legislative body of the municipality which selected that director, upon notice to the authority and the selection of a successor director. The board of directors of the authority shall adopt bylaws or other rules and regulations for the management of the affairs of the authority and carrying out the purpose of this chapter. The board of directors shall also elect one of its member directors as chairman of the authority and shall also elect a treasurer and secretary who may be, but need not be, directors. It may elect other officers and agents as necessary to perform those acts commonly delegated to the officers and agents of a business corporation and shall set their compensation.
(d) Despite any law or charter provision to the contrary, a director or officer of the authority who is also an officer, employee, or member of a legislative body of a municipality or other public body or of the state shall not thereby be precluded from voting or acting on behalf of the authority on a matter involving the municipality or public body or the state. Neither shall service as a director or officer of the authority constitute a conflict of interest for an officer, employee, or member of a municipality or public body or the state.
(e) The authority and its existence shall continue as long as it shall have notes, bonds or other obligations or indebtedness outstanding, including notes, bonds or other obligations or indebtedness hereafter issued or incurred, and until its existence is terminated by vote of a majority of the members of the board of directors. The net earnings of the authority, beyond that necessary for retirement of its notes, bonds or other obligations or indebtedness or to implement the public purposes and programs authorized in this chapter, shall not inure to the benefit of any person or corporation. The state reserves the right at any time to alter, amend, repeal or otherwise change the structure, organization, programs or activities of the authority, including the power to terminate the authority, subject to any limitation on the impairment of the obligation of any contract or contracts entered into by the authority.
(f) In the event that all of the members of the authority vote to dissolve it, the public service board shall determine assignment of service territories and compensation payable to the members of the authority for the fair value of the assets thereof.
(g) In no event shall the authority exist unless the town in which the generation facilities are to be located is a member of the authority under subsection (b) of this section. (Added 1981, No. 202 (Adj. Sess.), § 2(b), eff. April 25, 1982.)