reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4674. Relation to bond sales

§ 4674. Relation to bond sales
Notwithstanding any other provision of this chapter, bonds shall not be issued by the Bank unless there is in the Reserve Fund or Revenue Bond Reserve Fund, as applicable to such bonds, the required debt service reserve for all bonds then issued and outstanding and the bonds to be issued, provided, however, that the Bank may satisfy this requirement by depositing so much of the proceeds of the bonds to be issued, upon their issuance, as is needed to achieve the required debt service reserve. The Bank may at any time issue its bonds or notes for the purpose of increasing the amount in the Reserve Fund or the Revenue Bond Reserve Fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the Bank with respect to the fund. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 22, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4675. Annual appropriation

§ 4675. Annual appropriation
In order to assure the maintenance of the required debt service reserve in each reserve fund established pursuant to this chapter, there shall be appropriated annually and paid to the Bank for deposit in each reserve fund, such sum as shall be certified by the Chair of the Bank to the Governor or to the Governor-Elect, as is necessary to restore such fund to an amount equal to the required debt service reserve. The Chair shall annually, on or before February 1, make and deliver to the Governor or to the Governor-Elect, his or her certificate stating the sum required to restore the fund to the amount aforesaid, and the Governor or Governor-Elect shall, on or before March 1, submit a request for appropriations for the sum so certified, and the sum so certified shall be appropriated and paid to the Bank during the then current State fiscal year. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 23, eff. May 15, 1987; 2011, No. 40, § 55b, eff. May 20, 2011.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4676. General Fund

§ 4676. General Fund
(a) The Bank shall establish and maintain a fund called the “General Fund” in which there shall be deposited:
(1) fees received or charges made by the Bank for use of its services or facilities;
(2) any monies which the Bank shall transfer thereto from the reserve fund pursuant to section 4672 of this title from the Reserve Fund established pursuant to section 4671 of this title;
(3) monies received by the Bank as payments of principal of or interest on municipal bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or investment obligations of the Bank, or received as proceeds of sale of bonds or notes of the Bank, and required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein;
(4) any monies required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein; and
(5) any monies transferred thereto from any other fund or made available for the purpose of the Fund by the State or for the operating expenses of the Bank; provided, however, that no such deposit or transfer shall be required if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.
(b) any monies in the General Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Reserve Fund established pursuant to section 4671 of this title, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank presently outstanding and any bonds or notes on a parity therewith, and any bonds or notes issued to refund such bonds or notes, all when they become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any monies in the General Fund may be used to make loans to governmental units under this chapter and for all other purposes of the Bank including payment of its operating expenses. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 24, eff. May 15, 1987; 2023, No. 72, § 29, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4677. Operating expenses

§ 4677. Operating expenses
No amount may be paid out of the General Fund or from any account therein, which account the Bank may establish therein for the purpose of payment of its operating expenses, for operating expenses of the Bank in any year in excess of the amount provided for the operating expenses of the Bank by the annual budget then in effect with respect to that year or any amendment thereof in effect at the time of the payment. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4678. Special accounts

§ 4678. Special accounts
The Bank may establish in the General Fund accounts, subaccounts or special accounts that in its opinion are necessary, desirable, or convenient for its purposes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4679. Additional accounts

§ 4679. Additional accounts
The Bank may establish additional reserves or other funds or accounts as may be, in its discretion, necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutions. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4680. Application of funds; excess

§ 4680. Application of funds; excess
Money or investments in any fund or account of the Bank established or held for any bonds, notes, indebtedness, or liability to be paid, funded, or refunded by issuance of bonds or notes shall, unless the resolution authorizing the bonds or notes provides otherwise, be applied to the payment or retirement of the bonds, notes, indebtedness, or liability, and to no other purpose. If in any fund or account there are any monies in excess of the amount required for payment, funding, or refunding, the monies may be removed from that fund or account but only to the extent that the monies or investments thereafter remaining in the fund or account are not less than the outstanding bonds, notes, indebtedness, or liability of the Bank to be paid, funded, or refunded and for which that fund or account was established or held. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4681. Revenue Bond Reserve Fund

§ 4681. Revenue Bond Reserve Fund
(a) The Bank shall establish and maintain a special fund called the “Vermont Municipal Bond Bank Revenue Bond Reserve Fund” in which there shall be deposited:
(1) all monies appropriated by the State for the purpose of such Fund;
(2) all proceeds of bonds required to be deposited therein by terms of any contract between the Bank and its bondholders or any resolution of the Bank with respect to the proceeds of bonds; and
(3) any other moneys or funds of the Bank which it determines to deposit therein; provided, however, that no such deposit shall be made if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.
(b) Monies in the Revenue Bond Reserve Fund shall be held and applied solely to the payment of the interest on and principal of bonds of the Bank as provided by resolution of the Bank as they become due and payable and for the retirement of bonds. Money may not be withdrawn from the Revenue Bond Reserve Fund if it reduces the amount in the Revenue Bond Reserve Fund to an amount less than the “required debt service reserve,” as defined in this subsection, except for payment of interest then due and payable on bonds and the principal of bonds then maturing and payable and for retirement of bonds in accordance with the terms of any contract between the Bank and its bondholders and for which payments other monies of the Bank are not then available. As used in this subsection “required debt service reserve” means, as of any date of computation, the amount or amounts required to be on deposit in the Revenue Bond Reserve Fund as provided by resolution of the Bank. Required debt service reserve shall not be required by resolution of the Bank to exceed “maximum debt service reserve.” As used in this subsection “maximum debt service reserve” means, as of any date of computation, the largest amount of money required by the terms of all contracts between the Bank and its bondholders to be raised in any succeeding calendar year for the payment of interest on and maturing principal of outstanding bonds and payments required by the terms of any contracts to sinking funds established for the payment or redemption of bonds, all calculated on the assumption that the bonds will cease to be outstanding after date of the computation by reason of the payment of the bonds at their respective maturities and the payments of the required monies to sinking funds and the application thereof in accordance with the terms of all contracts to the retirement of bonds.
(c) Nothing contained in this section shall require the deposit of monies or funds in the Revenue Bond Reserve Fund which are required to be deposited in the Reserve Fund established pursuant to section 4671 of this chapter. (Added 1987, No. 55, § 25, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4682. Investment of Revenue Bond Reserve Fund

§ 4682. Investment of Revenue Bond Reserve Fund
(a) Monies at any time in the Revenue Bond Reserve Fund may be invested in the same manner as permitted for investment of funds belonging to the State or held in the Treasury.
(b) For purposes of valuation, investments in the Revenue Bond Reserve Fund shall be valued at the lowest of the par value, cost to the Bank or market value of such investments. Valuation on any particular date shall include the amount of interest then earned or accrued to that date on any monies or investments in the Revenue Bond Reserve Fund. (Added 1987, No. 55, § 26, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4683. Revenue Fund

§ 4683. Revenue Fund
(a) The Bank shall establish and maintain a fund called the “Revenue Fund” in which there shall be deposited:
(1) fees received or charges made by the Bank for use of its services or facilities;
(2) any monies that the Bank shall transfer thereto pursuant to section 4672 of this title from the Revenue Bond Reserve Fund established pursuant to section 4681 of this title;
(3) monies received by the Bank as payments of principal of or interest on municipal bonds or revenue bonds purchased by the Bank, or received as proceeds of sale of any municipal bonds or revenue bonds or investment obligations of the Bank, or otherwise in repayment of loans made by the Bank, or received as proceeds of sale of bonds or notes of the Bank, and required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein;
(4) any monies required under the terms of any resolution of the Bank or contract with the holders of its bonds or notes to be deposited therein; and
(5) any monies transferred thereto from any other fund or made available for the purpose of the Fund by the State or for the operating expenses of the Bank; provided, however, that no such deposit or transfer shall be made if such action would impair in any way any contracts between the Bank and its bondholders or noteholders.
(b) Any monies in the Revenue Fund may, subject to any contracts between the Bank and its bondholders or noteholders, be transferred to the Revenue Bond Reserve Fund, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the Bank as provided by resolution of the Bank when they become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any monies in the Revenue Fund may be used for making loans to governmental units under this chapter and for all other purposes of the Bank including payment of its operating expenses. (Added 1987, No. 55, § 27, eff. May 15, 1987; amended 2023, No. 72, § 30, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4684. Revenue Fund operating expenses

§ 4684. Revenue Fund operating expenses
No amount may be paid out of the Revenue Fund or from any account therein, which account the Bank may establish therein for the purpose of payment of its operating expenses, for operating expenses of the Bank in any year in excess of the amount provided for the operating expenses of the Bank by the annual budget then in effect with respect to that year or any amendment thereof in effect at the time of the payment. (Added 1987, No. 55, § 28, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4685. Special accounts in Revenue Fund

§ 4685. Special accounts in Revenue Fund
The Bank may establish in the Revenue Fund accounts, subaccounts, or special accounts which in its opinion are necessary, desirable, or convenient for its purposes. (Added 1987, No. 55, § 29, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4701. Rights of holders paramount

§ 4701. Rights of holders paramount
In order to carry out its purpose under this chapter of making loans to governmental units, by purchase of the municipal bonds or revenue bonds of those governmental units, and by receipt of its income from service charges and from payments of interest on the maturing principal of municipal bonds or revenue bonds purchased and held by it, and in order to produce revenues or income to the Bank sufficient at all times to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the Bank must at all times, and to the greatest extent possible, so plan to issue its bonds and notes and so lend money to governmental units by the purchase of municipal bonds or revenue bonds of governmental units so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the Bank or affecting other matters under this chapter. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 30, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4702. Default in payment

§ 4702. Default in payment
If the Bank defaults in the payment of principal or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty days, or if the Bank fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 per centum in aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the Office of the Clerk of the County of Washington and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes herein provided. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4703. Powers of trustee on default

§ 4703. Powers of trustee on default
A trustee appointed under section 4702 of this title may, and shall in the trustee’s name, upon written request of the holders of 25 per centum in principal amount of the outstanding notes or bonds:
(1) By suit, action, or proceeding, enforce all rights of the noteholders or bondholders, including the right to require the Bank to collect rates, charges, and other fees and to collect interest and amortization payments on loans made to governmental units and on municipal bonds, revenue bonds, and notes held by it adequate to carry out any agreement as to, or pledge of, the rates, charges, and other fees and of the interest and amortization payments, and to require the Bank to carry out any other agreements with the holders of the notes or bonds and to perform its duties under this chapter;
(2) Bring suit upon the notes or bonds;
(3) By action or suit, require the Bank to account as if it were the trustee of an express trust for the holders of the notes or bonds;
(4) By action or suit in equity, enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds;
(5) Declare all the notes or bonds due and payable, and if all defaults are made good, then with the consent of the holders of 25 per centum of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences;
(6) The trustee shall in addition to the foregoing have all the powers necessary for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 31, eff. May 15, 1987; 2023, No. 72, § 31, eff. June 19, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4704. Superior Court jurisdiction

§ 4704. Superior Court jurisdiction
The Superior Courts have jurisdiction of any suit, action, or proceeding by a trustee on behalf of noteholders or bondholders. The venue of any suit, action, or proceeding shall be laid in the County of Washington. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4705. Notice on default

§ 4705. Notice on default
Before declaring the principal of notes or bonds due and payable, the trustee must first give 30 days’ notice in writing to the Governor, the Bank, the State Treasurer, and the Attorney General of the State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4706. Personal liability

§ 4706. Personal liability
Neither the members of the Bank nor any person executing bonds or notes issued under this chapter are liable personally on the bonds or notes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4707. Exemption from execution and sale

§ 4707. Exemption from execution and sale
All property of the Bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against it nor may any judgment against the Bank be a charge or lien upon its property, but nothing herein contained shall apply to or limit the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the Bank on its revenues or other monies. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4708. Pledge of revenues; lien thereof

§ 4708. Pledge of revenues; lien thereof
Any pledge of revenues or other monies made by the Bank is binding from the time when the pledge is made. Revenues or other monies so pledged and thereafter received by the Bank shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the Bank, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4709. Federal insurance or guaranty

§ 4709. Federal insurance or guaranty
The Bank may obtain from any department or agency of the United States of America any available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part thereof, on any bonds or notes issued by the Bank, or on any municipal bonds or revenue bonds of governmental units purchased or held by the Bank, and notwithstanding any other provisions of this chapter may enter into any agreement or contract with respect to any insurance or guaranty except to the extent that it would in any way impair or interfere with the ability of the Bank to perform and fulfill the terms of any agreement made with the holders of the bonds or notes of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 2, eff. Feb. 14, 1972; 1987, No. 55, § 32, eff. May 15, 1987.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 119 - Vermont Bond Bank › § 4710. Surety for deposits by Bank

§ 4710. Surety for deposits by Bank
All banks, trust companies, savings banks, investment companies, and other persons carrying on a banking business are hereby authorized to give to the Bank a good and sufficient undertaking with such sureties as shall be approved by the Bank to the effect that the Bank or banking institution as hereinbefore described shall faithfully keep and pay over to the order of or upon the warrant of the Bank or its authorized agent all such funds as may be deposited with it by the Bank and agreed interest thereon under or by reason of this chapter, at such times or upon such demands as may be agreed with the Bank or in lieu of these sureties, deposit with the Bank or its authorized agent or any trustee therefor or for the holders of any bonds, as collateral, such securities as the Bank may approve. The deposits of the Bank may be evidenced by an agreement in such form and upon such terms and conditions as may be agreed upon by the Bank and the depository bank or banking institution. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4751. Declaration of policy

§ 4751. Declaration of policy
It is hereby declared to be in the public interest to foster and promote timely expenditures by municipalities for water systems, clean water projects, and solid waste management, each of which is declared to be an essential governmental function when undertaken and implemented by a municipality. It is also declared to be in the public interest to promote expenditures for certain existing privately owned public water systems and certain privately owned potable water supply systems to bring those systems into compliance with federal and State standards and to protect public health and the environment. Additionally, it is declared to be in the public interest to promote clean water projects to protect and improve the quality of waters of the State. (Added 1987, No. 75, § 1; amended 1997, No. 62, § 65, eff. June 26, 1997; 1999, No. 148 (Adj. Sess.), § 50, eff. May 24, 2000; 2007, No. 52, § 45, eff. May 28, 2007; 2015, No. 103 (Adj. Sess.), § 24, eff. May 12, 2016; 2017, No. 185 (Adj. Sess.), § 1, eff. May 28, 2018.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4753b. Acceptance of funds

§ 4753b. Acceptance of funds
(a) The Commissioner of Environmental Conservation, with the approval of the Secretary of Natural Resources, may accept federal grants made available through the federal Clean Water Act and the federal Drinking Water Act in accordance with this chapter. Acceptance of this grant money is hereby approved, provided all notifications are made under subsection 4760(a) of this title.
(b) The Commissioner shall report receipt of a grant under this section to the Chairs of the Senate Committee on Institutions and the House Committee on Corrections and Institutions and the Joint Fiscal Committee. (Added 2009, No. 43, § 38, eff. May 27, 2009; amended 2013, No. 142 (Adj. Sess.), § 41; 2015, No. 131 (Adj. Sess.), § 28.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4754. Loan application

§ 4754. Loan application
A municipality may apply for a loan, the proceeds of which shall be used to acquire, design, plan, construct, enlarge, repair, or improve a clean water project, public water supply systems as defined in subdivision 4752(9) of this title, or a solid waste handling and disposal facility, or certain privately-owned clean water projects as described in section 4763 of this title, or to implement a related management program. In addition, the loan proceeds shall be used to pay the outstanding balance of any engineering planning advances made to the municipal applicant under this chapter and determined by the Secretary to be due and payable following construction of the improvements to be financed by the proceeds of the loan. The Bond Bank may prescribe any form of application or procedure required of a municipality for a loan hereunder. The application shall include such information as the Bond Bank shall deem necessary for the purpose of implementing this chapter. (Added 1987, No. 75, § 1; amended 1987, No. 76, § 18; 1999, No. 148 (Adj. Sess.), § 53, eff. May 24, 2000; 2001, No. 109 (Adj. Sess.), § 12, eff. May 16, 2002; 2015, No. 103 (Adj. Sess.), § 28, eff. May 12, 2016; 2017, No. 185 (Adj. Sess.), § 4, eff. May 28, 2018.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4757. Revolving loan funds; additional uses

§ 4757. Revolving loan funds; additional uses
In addition to providing a source of funds from which loans may be made to municipalities under this chapter, each fund created under section 4753 of this chapter may be used for one or more of the following purposes:
(1) To make loans, to refund bonds or notes of a municipality issued after March 7, 1985 for sewerage works, or after July 1, 1993 for water supply systems for the purpose of financing the construction of any capital improvements or management program described in section 4753 and certified under section 4756 of this title.
(2) To guarantee or insure, directly or indirectly, the payment of notes or bonds issued or to be issued by a municipality for the purpose of financing the construction of any capital improvement or management program described in section 4754 of this title and certified under section 4756.
(3) To guarantee or insure, directly or indirectly, funds established by municipalities for the purpose of financing construction of any capital improvement described in section 4754 of this title.
(4) To invest available fund balances, and to credit the net interest income thereon to the particular fund providing investment funds.
(5) To pay the costs of the Bond Bank, VEDA, and the agency associated with the administration of each fund; provided, however, that no more than four percent of the aggregate of the highest fund balances in any fiscal year shall be used for such purposes, and that a separate account be established outside the Drinking Water State Revolving Fund for such purposes. As used in this subsection, costs shall include fiscal, clerical, administrative, and issuance expenditures directly attributable and allocated to the maintenance implementation and administration of the loan funds created under this chapter.
(6) To pay from the Vermont Environmental Protection (EPA) Pollution Control Revolving Fund or the Vermont Wastewater and Potable Water Revolving Loan Fund the costs of administration of loans awarded under section 4763b of this title. (Added 1987, No. 75, § 1; amended 1997, No. 62, § 71, eff. June 26, 1997; 2013, No. 137 (Adj. Sess.), § 2, eff. May 22, 2014; 2023, No. 79, § 6, eff. July 1, 2023.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4758. Loan priorities

§ 4758. Loan priorities
(a) Periodically, and at least annually, the Secretary shall prepare and certify to the Bond Bank a project priority list of those municipalities whose publicly or privately owned clean water projects are eligible for financing or assistance under this chapter. In determining financing availability for clean water projects under this subchapter, the Secretary shall apply the criteria adopted pursuant to 10 V.S.A. § 1628.
(b) [Repealed.] (Added 1987, No. 75, § 1; amended 1997, No. 62, § 72, eff. June 26, 1997; 1999, No. 148 (Adj. Sess.), § 54, eff. May 24, 2000; 2001, No. 109 (Adj. Sess.), § 13, eff. May 16, 2002; 2015, No. 103 (Adj. Sess.), § 30, eff. May 12, 2016; 2017, No. 185 (Adj. Sess.), § 6, eff. May 28, 2018.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4759. Regulations

§ 4759. Regulations
The Secretary and the Bond Bank may adopt rules and policies necessary to implement the provisions of this chapter in order to ensure the self-sustaining nature of the funds created under section 4753 of this chapter, and also to ensure compliance with the requirements of Title VI of the federal Clean Water Act and section 1452 of the federal Safe Drinking Water Act, and with any regulations promulgated by the U.S. Environmental Protection Agency which may require the State to implement a State environmental review process as a condition to receipt of federal funding. (Added 1987, No. 75, § 1; amended 1997, No. 62, § 73, eff. June 26, 1997; 1997, No. 134 (Adj. Sess.), § 3.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4760. Contractual authority; reports

§ 4760. Contractual authority; reports
(a) The Secretary and the Bond Bank may enter into agreements on behalf of the State with agencies of the United States of America as may be necessary to obtain grants and awards in furtherance of the stated purposes for which the loan funds created under section 4753 of this title are established; provided, however, that notification of each of such agreements shall be made in a timely fashion to the Chair of the House Committee on Appropriations and the Senate Committee on Appropriations while the General Assembly is in session, and at all other times to the Chair of the Joint Fiscal Committee, and further provided that acceptance of any such grant or award be approved as provided by law.
(b) [Repealed.] (Added 1987, No. 75, § 1; amended 1993, No. 59, § 23, eff. June 3, 1993; 1997, No. 62, § 74, eff. June 26, 1997; 2013, No. 142 (Adj. Sess.), § 94.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4761. Noncontestability

§ 4761. Noncontestability
No action at law or in equity shall be brought or maintained that directly or indirectly challenges, attacks, or questions or in any manner contests the formation, or the existence as a body corporate and politic of any municipality whose bonds, notes, or other instruments of debt issued and held by the Bond Bank on behalf of the State after six months from the date of issue; nor shall any action at law or in equity be brought or maintained that directly or indirectly challenges, attacks, or questions or in any manner contests the legality or validity of bonds, notes, or other instruments of debt, issued or unissued, voted by a municipality for the purpose of financing any project eligible for financing under any loan fund created under section 4753 of this chapter after six months from the date upon which such municipality met pursuant to warning and voted affirmatively to issue bonds, notes, or other form of debt to finance in whole or in part any such eligible project, or upon vote of a question of rescission thereof, whichever occurs later. This section shall be construed liberally to effect the legislative purpose to validate and make certain the legal existence of all municipalities whose bonds, notes, or other instruments of debt have been issued and are held by the Bond Bank on behalf of the State for any of the purposes stated in section 4753, and to bar every right to question in any manner the existence of any such municipality or the validity of any bond, note, or other instrument of debt voted by it for such purposes, and to bar every remedy therefor notwithstanding any defects or irregularities, jurisdictional or otherwise, after expiration of the six-month period established in this section. (Added 1987, No. 75, § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4762. Delinquent loan payments

§ 4762. Delinquent loan payments
Delinquent loan payments due the bank under section 4755 of this title may, with an interest rate of ten percent per annum greater than the interest rate of the loan, be recovered by action in a court of competent jurisdiction against the political subdivision liable therefore or may be deducted, with interest, by, or at the request of, the bank from any other monies payable to such subdivision by any department or agency of the State. (Added 1987, No. 75, § 1.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4763. Loans to municipalities for privately owned clean water projects

§ 4763. Loans to municipalities for privately owned clean water projects
(a) Where the Secretary has determined that a privately owned clean water project is the preferred alternative to abate or control a pollution problem or to provide water quality benefits, a loan may be made to a municipality from the Vermont Environmental Protection Agency Pollution Control Revolving Fund established in section 4753 of this title. In such cases, the following conditions shall apply:
(1) Guaranteed repayment of the loan will be based on a municipal bond, but actual repayment may be made with funds from the owner, as set forth in an agreement between the owner and the municipality.
(2) In all cases, there shall be a binding agreement between the owner and the municipality that provides for the proper operation and maintenance of the privately owned clean water project for at least the term of the loan.
(3) All conditions and limitations of section 4755 of this title apply to loans made under this section.
(4) No construction loan shall be made to a municipality under this subsection, nor shall any part of any revolving loan made under this subsection be expended until all of the following take place:
(A) The Secretary certifies to the Bond Bank that all land use, subdivision, public building, and water supply and wastewater permits necessary to construct and operate any improvements to be financed by the loan have been issued to the owner of the privately owned clean water project.
(B) The applicant municipality certifies to the Bond Bank that the owner has secured all State and federal permits, licenses, and approvals necessary to construct and operate the clean water project to be financed by the loan.
(C) The Secretary certifies to the Bond Bank that the loan eligibility priority established under section 4758 of this title entitles the applicant municipality to immediate financing or assistance under this chapter.
(D) The applicant municipality, in the case of applications by towns, cities, and incorporated villages, and with respect to all loans awarded after July 1, 1992, certifies to the Bond Bank that the project conforms to a duly adopted capital budget and program, consistent with chapter 117 of this title, for meeting the pollution control needs of the municipality.
(E) The applicant municipality, in the case of an application by a district, certifies to the Bond Bank that the project conforms to a capital budget and program duly adopted by the district in accordance with the provisions of its charter.
(b) The Bond Bank may make loans to a municipality for the preparation of final engineering plans and specifications for the construction of a privately owned clean water project or element of such a project in the same manner as set forth in subsection 4756(b) of this title. (Added 1999, No. 148 (Adj. Sess.), § 55, eff. May 24, 2000; amended 2017, No. 185 (Adj. Sess.), § 7, eff. May 28, 2018.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4763a. Loans to municipalities for privately owned potable water supplies

§ 4763a. Loans to municipalities for privately owned potable water supplies
When a household has been involuntarily disconnected from a public water supply system and that disconnection did not occur as a result of nonpayment of fees, a loan may be made to a municipality from the Vermont Drinking Water Revolving Loan Fund, established in section 4753 of this title, for the design, land acquisition if necessary, and construction of a potable water supply, as that term is defined in 10 V.S.A. chapter 64. In such cases, the following conditions shall apply:
(1) Guaranteed repayment of the loan will be based on a municipal bond, but actual repayment may be made with funds from the owner of the potable water supply, as set forth in an agreement between the owner and the municipality.
(2) All conditions and limitations of section 4755 of this title shall apply to loans made under this section.
(3) No loan shall be made to a municipality under this section nor shall any part of any revolving loan made under this section be expended until both of the following take place:
(A) The Secretary certifies to the Bond Bank that the wastewater system and potable water supply permit necessary for the design and construction of the proposed potable water supply to be financed by the loan have been issued to the owner of the supply.
(B) The applicant municipality certifies to the Bond Bank that the owner of the proposed potable water supply has secured all State and federal permits, licenses, and approvals necessary to construct and operate the improvements to be financed by the loan. (Added 2011, No. 104 (Adj. Sess.), § 28f, eff. May 7, 2012; amended 2017, No. 185 (Adj. Sess.), § 8, eff. May 28, 2018.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4763d. Municipal match of federal revolving funds

§ 4763d. Municipal match of federal revolving funds
(a) A municipality may choose to provide the State money necessary to match federal monies available to the Vermont EPA Drinking Water State Revolving Fund established by subdivision 4753(a)(3) of this title, and thereby become eligible to receive a loan from the Revolving Fund in the amount of the total cost of a water facility project approved under this section. Such a loan from the Revolving Fund, for up to the total project cost, shall be approved by municipal voters and secured by the full faith and credit of the municipality or anticipated revenues from municipal water charges.
(b) The amount of such a municipal match of federal funds shall be equal to one-sixth of the total project cost, which shall constitute a sum in addition to the amount of a loan for the total project cost to be received by the municipality from the Revolving Fund. A municipality is authorized to borrow monies needed for the match amount, from sources other than the Revolving Fund, which shall be approved by municipal voters and secured by the full faith and credit of the municipality or anticipated revenues from municipal water charges, or a municipality may use other funds or tax revenues available to it for this purpose.
(c) Upon request of the owner of a privately owned public water system, a municipality may apply for and support an application for a community development block grant to receive use of State and federal funds, provided:
(1) the private water system owner agrees to pay all administrative and legal costs incurred by the municipality in pursuit of the grant;
(2) the municipality finds that the project to be supported by the grant is consistent with applicable local and regional plans, and local ordinances or other local enactments;
(3) the private water system owner, to the extent practicable, undertakes the administration of logistical and legal work necessary to prepare the application materials; and
(4) the private water system owner agrees to hold the municipality harmless from any claims of liability arising from the grant application or project.
(d) The Secretary may use federal funds to award grants to municipalities to complete studies, or for start-up costs associated with the physical and operational consolidation of public water systems or the interconnection of public water systems. The Secretary shall establish amounts, eligibility, priorities, policies, and procedures in the annual State Intended Use Plan (IUP), as required by the Safe Drinking Water Act, 42 U.S.C. § 300f et seq. (Added 2015, No. 103 (Adj. Sess.), § 32, eff. May 12, 2016.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4764. Planning

§ 4764. Planning
(a) Engineering planning advance. A municipality or a combination of two or more municipalities desiring an advance of funds for engineering and land use planning for public water supply systems, as defined in subdivision 4752(9) of this title, or improvements, or for clean water projects or improvements, may apply to the Department for an advance under this chapter. As used in this subsection, “engineering planning” may include source exploration, surveys, reports, designs, plans, specifications, or other engineering services necessary in preparation for construction of the types of systems or facilities referred to in this section. Not more than 25 percent of funds awarded to a municipality as a planning advance pursuant to this subsection may be utilized to evaluate land use implications of facilities, including impacts on the State Planning Goals as set forth in section 4302 of this title, availability of housing, and economic development.
(b) Regional engineering planning. The Department, with the approval of the Secretary, may use up to ten percent of the total capital appropriation for construction grants to undertake regional engineering planning and process research. Funds approved for regional engineering planning may be awarded directly to a lead municipality and administered in accordance with this chapter.
(c) Funding. In each fiscal year, the Department may use up to 30 percent of the total capital appropriation for construction grants provided under 10 V.S.A. chapter 55 to award engineering planning advances.
(d) Technical assistance from Regional Planning Commission. Any municipality may contract with the Regional Planning Commission established under section 4341 of this title to assist in administration and management of the planning advance and coordination of engineering services and to evaluate land use implications. Costs associated with these services from the Regional Planning Commission shall be eligible for reimbursement under an engineering planning advance described in subsection (a) of this section. (Added 2015, No. 103 (Adj. Sess.), § 33, eff. May 12, 2016; amended 2017, No. 185 (Adj. Sess.), § 13, eff. May 28, 2018; 2021, No. 50, § 29, eff. June 1, 2021.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4765. Application for loans to municipalities

§ 4765. Application for loans to municipalities
The application shall be supported by data covering:
(1) a description of the project;
(2) a description of the engineering service to be performed;
(3) an explanation of the need for the project;
(4) an estimate of the cost of the project;
(5) the amount of advance requested;
(6) a schedule for project implementation; and
(7) such other information and assurances as the Department may require. (Added 2015, No. 103 (Adj. Sess.), § 34, eff. May 12, 2016; 2019, No. 141 (Adj. Sess.), § 4, eff. July 13, 2020; 2021, No. 20, § 260.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4766. Award of advance

§ 4766. Award of advance
(a) The Department may award an engineering planning advance, as defined in section 4764 of this title, in an amount determined by standards established by the Department, and pursuant to the following:
(1) for public water supply systems, as defined in subdivision 4752(9) of this title, when it finds the same to be necessary in order to preserve or enhance the quality of water provided to the inhabitants of the municipality, or to alleviate an adverse public health condition, or to allow for orderly development and growth of the municipality, except that no funds may be awarded until the Department determines that the applicant has complied with the provisions of 10 V.S.A. § 1676a, unless such funds are solely for the purpose of determining the effect of the proposed project on agriculture; or
(2) for planning of clean water projects, in order to enable a municipality to comply with water quality standards established under 10 V.S.A. chapter 47.
(b) The Department shall award an advance for engineering planning under this section only when it finds:
(1) that the cost of the project is reasonable for its intended purpose; and
(2) that local funds are not readily available. (Added 2015, No. 103 (Adj. Sess.), § 35, eff. May 12, 2016; 2017, No. 185 (Adj. Sess.), § 14, eff. May 28, 2018.)
2023 Vermont Statutes › Title 24 - Municipal and County Government › Chapter 120 - Special Environmental Revolving Fund › § 4767. Payment of awards

§ 4767. Payment of awards
On receipt of the engineering planning documents and their approval by the Department, the Department shall certify the award to the Commissioner of Finance and Management who shall issue his or her warrant for payment of the award from the construction grant funds available to the Department. The Department may direct the Commissioner of Finance and Management to issue his or her warrant for partial payments of the award upon receipt and approval of portions of the total engineering work to be performed under the advance, together with the recipient’s certification that costs for which reimbursement has been requested have been incurred and paid by the recipient municipality. The recipient shall provide supporting evidence of payment upon the request of the Department. Partial payments shall be made not more frequently than monthly. Interest costs incurred in local short-term borrowing of the engineering planning advance shall be reimbursed as part of the advance. (Added 2015, No. 103 (Adj. Sess.), § 36, eff. May 12, 2016.)