§ 422.
227 words·~1 min read·
/vt/422A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 422. Rates sufficient to pay for services and bonds to be charged
(a)Whenever bonds are issued pursuant to this article, said City shall charge and collect adequate rates and charges for electric energy and for gas and all other services, facilities, and commodities sold, furnished, or supplied by the electric plant and system and gas plants and system sufficient to provide for the proper operation and maintenance of said systems and for the payment of the principal of and interest on all indebtedness payable from said revenues, and all other payments in connection therewith. All such revenues shall be paid into the City Treasury in a special fund to be called the “Light Department Fund,” and shall be subject to the covenants contained in any ordinance or resolution authorizing the issuance of bonds under this article.
(b)In no case shall funds collected from electric ratepayers be used to cross-subsidize or finance the repayment of any debt instrument used to fund the construction, operation, or utilization of any new cable television, fiber optic cable, or other telecommunications network or telecommunications business, and the expenses from such enterprises may not be included in the cost of electric service, except to the extent that the City has utilized such funds directly for its own utility plant or electric services. (Amended 1999, No. M-14 (Adj. Sess.), § 5a.)