§7015. Construction costs

Link to law: http://legislature.vermont.gov/statutes/section/10/161/07015
Published: 2015

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The Vermont Statutes Online



Conservation and Development






7015. Construction costs

(a) In lieu of

proposing a financing plan for the construction costs to the legislature under

subsection 7012(i) of this title, the authority may solicit offers to purchase

or otherwise commit or contract for disposal capacity in the disposal facility

authorized by this chapter. In the solicitation the authority should provide an

estimate of the proposed design capacity and the expected construction costs.

(b) No offer may

be accepted unless the terms of all such commitments or contracts, taken

together, provide for the complete prepayment of all construction costs,

exhaust the proposed capacity, contain acceptable terms and conditions and are

otherwise in the best interest of the state.

(c) The

commitments or contracts shall be nontransferable, without approval of the

authority, shall provide for payment on an equal and pro rata basis for all

generators and shall provide for the right of the authority to reacquire, at

any time, pro rata from all such commitments or contracts sufficient capacity

to meet emergencies or necessary contingencies.

(d) If the total

capacity of all offered commitments or contracts is less than the expected

low-level radioactive waste, or if the commitments or contracts provide less

than all the construction costs, or if the offers are for any other reason

unsatisfactory, then the authority shall reduce the design capacity of the

facility, try to negotiate terms and conditions which will provide the complete

construction costs and carry out the purposes of this chapter.

(e) The

authority may, for any reason, decide to not accept all offers received under

this section and decide to pursue an alternative method of financing the

construction costs of the disposal facility. If the authority decides not to

accept any such offers, it shall propose a financing plan to the legislature

within 90 days or by the date set out in subdivision 7002(a)(9) of this title,

whichever is later. (Added 1989, No. 296 (Adj. Sess.), § 3, eff. June 29,