Vt. Stat. Ann. tit. 24, § 4646

No resolution or other action of the Bank providing for the issuance of bonds may be adopted or otherwise made effective without the prior approval in writing of the Governor and the State Treasurer. The powers conferred by this section on the Governor and the State Treasurer shall be exercised with due regard for the rights of the holders of bonds of the Bank at any time outstanding, and nothing in, or done pursuant to, this section shall in any way limit, restrict, or alter the obligation or powers of the Bank or any director, officer, or representative of the Bank to carry out and perform in every detail each and every covenant, agreement, or contract at any time made or entered into by or on behalf of the Bank with respect to its bonds or for the benefit, protection, or security of the holders thereof.