§ 51 — Amendment of the Authority agreement

(a)(1) Amendments to this chapter may be proposed by a petition signed by five percent of the voters of the members, or by the Board, by a resolution expressing the intention to amend the chapter.
(2) A copy of such resolution shall be mailed to the legislative bodies of the members and to each director at least 10 days prior to the meeting scheduled to act on the proposal of amendment.
(b) Unless a majority of the members request, in writing, on or before the date of the meeting scheduled to act on the amendment that the Board hold a special meeting of the Authority to vote on the amendment, the Board may adopt the amendment.
(c)(1) Within 10 days of the adoption of the amendment by the Board or by the voters of the Authority, the Secretary of the Authority shall certify to the Secretary of State each proposal of amendment.
(2) The Secretary of State and the General Assembly shall then proceed as with municipal charter amendments under 17 V.S.A. § 2645.
(d) No amendment shall substantially impair the rights of the holders of any bonds or other notes or other evidence of indebtedness or substantially affect any obligations under long-term contracts of the Authority then outstanding or in effect or the rights of the Authority to procure the means for payment, continuation, or termination thereof. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)