reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 1 - Economic Development › § 3. Economic development; principles; review and assessment

§ 3. Economic development; principles; review and assessment
(a) For purposes of the Vermont Statutes Annotated and State economic development programs and assistance, “economic development” means the process of generating economic wealth and vitality, security, and opportunity for all Vermonters.
(b) There are established the following four interrelated principles for future economic development in Vermont:
(1) Vermont’s businesses, educators, nongovernmental organizations, and government form a collaborative partnership that results in a highly skilled multigenerational workforce to support and enhance business vitality and individual prosperity.
(2) Vermont invests in its digital, physical, and human infrastructure as the foundation for all economic development.
(3) Vermont State government takes advantage of its small scale to create nimble, efficient, and effective policies and regulations that support business growth and the economic prosperity of all Vermonters.
(4) Vermont leverages its brand and scale to encourage a diverse economy that reflects and capitalizes on our rural character, entrepreneurial people, and reputation for environmental quality.
(c) The four principles shall be used to guide the design and implementation of each economic development program, policy, or initiative that is sponsored or financially supported by the State, its subdivisions, agencies, authorities, or private partners.
(d) [Repealed.] (Added 2009, No. 54, § 4, eff. June 1, 2009; amended 2015, No. 11, § 2.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 1 - Economic Development › § 7. Economic development; assistance and incentives benchmark reports

§ 7. Economic development; assistance and incentives benchmark reports
(a) For purposes of this section, “economic development assistance recipient” means any business entity, including a for-profit corporation, a nonprofit corporation, a partnership, or a sole proprietorship that receives economic development assistance from State funds administered by a governmental agency, from State funds administered by a private entity, or from federal funds administered by the State, whether such assistance is in the form of a grant, a loan, a State tax abatement, a tax credit, a tax increment financing program, or such other form of economic development assistance or incentive as the Secretary of Commerce and Community Development may identify by rule.
(b) Each economic development recipient shall state, on a form approved by the agency granting assistance, or awarding a tax credit or abatement, or approving any other form of economic development assistance, the number of new jobs that will be created or existing jobs that will be retained as a result of such assistance, the wages and employee benefits associated with such jobs, and a description of any other public benefits associated with such economic development assistance. Such statement shall be made prior to any such grant, award, or approval. Such statements and the information contained therein shall not be available for public inspection until 90 days after the granting of assistance, or the awarding of a tax credit or abatement, or the approving any other form of economic development assistance or incentive. After the expiration of such 90-day period such statements and information shall not be considered confidential, and may be inspected and copied pursuant to 1 V.S.A. chapter 5, subchapter 3 (public records law), notwithstanding the provisions of any other law.
(c) Each economic development recipient shall report annually, in a manner and on a form prescribed by the Commissioner of Economic Development, the amount or monetary value of economic assistance or incentive granted, awarded or approved, and such information as is necessary to determine whether the recipient has reached its job creation or other public benefit goals stated pursuant to subsection (b) of this section.
(d) The Commissioner of Economic Development shall adopt such rules as are necessary to carry out the purposes of this section. (Added 1995, No. 190 (Adj. Sess.), § 12g; amended 2009, No. 33, § 18.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 1 - Economic Development › § 8. Southern Vermont Economic Development Zone

§ 8. Southern Vermont Economic Development Zone
There is created the Southern Vermont Economic Development Zone, comprising the geographic areas served by the Brattleboro Development Credit Corporation and the Bennington County Industrial Corporation. (Added 2015, No. 51, § F.3, eff. June 3, 2015.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 1 - Economic Development › § 9. Investment in Vermont Community Loan Fund

§ 9. Investment in Vermont Community Loan Fund
Notwithstanding any provision of 32 V.S.A. § 433(a) to the contrary, the State Treasurer is authorized to invest up to $2,000,000.00 of short-term operating or restricted funds in the Vermont Community Loan Fund on terms acceptable to the Treasurer and consistent with prudent investment principles and guidelines pursuant to 32 V.S.A. § 433(b)-(c). (Added 2015, No. 157 (Adj. Sess.), § F.6; amended 2019, No. 72, § E.131; 2019, No. 120 (Adj. Sess.), § A.14, eff. June 30, 2020.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 1 - Economic Development › § 10. Vermont State Treasurer; credit facility for local investments

§ 10. Vermont State Treasurer; credit facility for local investments
(a) Notwithstanding any provision of 32 V.S.A. § 433(a) to the contrary, the Vermont State Treasurer shall have the authority to establish a credit facility of up to 10 percent of the State’s average cash balance on terms acceptable to the Treasurer and consistent with prudent investment principles and guidelines pursuant to 32 V.S.A. § 433(b)-(c) and the Uniform Prudent Investor Act, 14A V.S.A. chapter 9.
(b) The Treasurer may use amounts available under this section to provide financing for infrastructure projects in Vermont mobile home parks and may modify the terms of such financing in his or her discretion as is necessary to promote the availability of mobile home park housing and to protect the interests of the State. (Added 2015, No. 157 (Adj. Sess.), § F.9; 2019, No. 179 (Adj. Sess.), § 6, eff. Oct. 12, 2020.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 1 - Economic Development › § 11. Treasurer’s Local Investment Advisory Committee

§ 11. Treasurer’s Local Investment Advisory Committee
(a) Creation of committee. The Treasurer’s Local Investment Advisory Committee is established to advise the Treasurer on funding priorities and address other mechanisms to increase local investment.
(b) Membership.
(1) The Advisory Committee shall be composed of six members as follows:
(A) the State Treasurer or designee;
(B) the Chief Executive Officer of the Vermont Economic Development Authority or designee;
(C) the Chief Executive Officer of the Vermont Student Assistance Corporation or designee;
(D) the Executive Director of the Vermont Housing Finance Agency or designee;
(E) the Director of the Municipal Bond Bank or designee; and
(F) the Director of Efficiency Vermont or designee.
(2) The State Treasurer shall be the Chair of the Advisory Committee and shall appoint a vice chair and secretary. The appointed members of the Advisory Committee shall be appointed for terms of six years and shall serve until their successors are appointed and qualified.
(c) Powers and duties. The Advisory Committee shall:
(1) meet regularly to review and make recommendations to the State Treasurer on funding priorities and using other mechanisms to increase local investment in the State of Vermont;
(2) invite regularly State organizations, citizens’ groups, and members of the public to Advisory Committee meetings to present information on needs for local investment, capital gaps, and proposals for financing; and
(3) consult with constituents and review feedback on changes and needs in the local and State investment and financing environments.
(d) Meetings.
(1) Meetings of the Advisory Committee shall occur at the call of the Treasurer.
(2) A majority of the members of the Advisory Committee who are physically present at the same location or available electronically shall constitute a quorum, and a member may participate and vote electronically.
(3) To be effective, action of the Advisory Committee shall be taken by majority vote of the members at a meeting in which a quorum is present.
(e) Report. On or before January 15, the Advisory Committee annually shall submit a report to the Senate Committees on Appropriations, on Economic Development, Housing and General Affairs, on Finance, and on Government Operations and the House Committees on Appropriations, on Commerce and Economic Development, on Ways and Means, and on Government Operations. The report shall include the following:
(1) the amount of the subsidies associated with lending through each credit facility authorized by the General Assembly and established by the Treasurer;
(2) a description of the Advisory Committee’s activities; and
(3) any information gathered by the Advisory Committee on the State’s unmet capital needs, and other opportunities for State support for local investment and the community. (Added 2015, No. 157 (Adj. Sess.), § F.9.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 5 - State Building at Eastern States Exposition › § 51. Vermont building

§ 51. Vermont building
The Secretary of Agriculture, Food and Markets is hereby invested with the management and control of the operation and affairs of the Vermont building at Eastern States Exposition. The Secretary shall cooperate with public and private agencies for the purpose of exhibiting the resources, products, and general development of the State of Vermont and for advertising its agricultural, industrial, and recreational possibilities. (Amended 1959, No. 329 (Adj. Sess.), § 18(a), eff. March 1, 1961; 1977, No. 152 (Adj. Sess.), § 1; 2003, No. 42, § 2, eff. May 27, 2003.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 5 - State Building at Eastern States Exposition › § 52. Maintenance

§ 52. Maintenance
The Department of Buildings and General Services shall be responsible for the maintenance of the land and buildings and repair and alterations of the physical structure including adequate coverage by insurance. (Amended 1983, No. 141 (Adj. Sess.), § 4(a), eff. April 11, 1984.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 5 - State Building at Eastern States Exposition › § 53. Assistants

§ 53. Assistants
The Secretary may, with the approval of the Governor, employ such persons to carry out the operation of such building, including the rental or lease or sale of rental or exhibition space of any portion of such building upon such terms and conditions as the Secretary shall determine. (Amended 1959, No. 329 (Adj. Sess.), § 18(a), eff. March 1, 1961; 1977, No. 152 (Adj. Sess.), § 2; 2003, No. 42, § 2, eff. May 27, 2003.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 5 - State Building at Eastern States Exposition › § 54. Rental of building; disposition of funds

§ 54. Rental of building; disposition of funds
The Secretary may rent the building or parts thereof for exhibition purposes to available exhibitors with reasonable preference being given to exhibitors from this State and, with the approval of the Governor, may rent or lease any part or all of the building to such parties and upon such terms and conditions and for such purposes as they shall determine to be in the best interests of the State, and the income therefrom shall be paid to the State Treasurer and held by him or her in a separate fund for the purposes of this chapter. The Commissioner of Finance and Management shall issue his or her warrant for the payment from such fund of all sums expended or due for the purposes herein authorized. (Amended 1959, No. 328 (Adj. Sess.), § 8(b); 1959, No. 329 (Adj. Sess.), § 18(a), eff. March 1, 1961; 1977, No. 152 (Adj. Sess.), § 3; 1983, No. 195 (Adj. Sess.), § 5(b); 2003, No. 42, § 2, eff. May 27, 2003; 2011, No. 104 (Adj. Sess.), § 28a.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 7 - Geologic Surveys and Reports › § 101. Division of Geology and Mineral Resources; duties

§ 101. Division of Geology and Mineral Resources; duties
The Division of Geology and Mineral Resources shall:
(1) conduct surveys and research related to the geology, mineral resources, and topography of the State;
(2) give aid and advice as may be possible relating to the development and working of rock or mineral deposits suitable for building, road making, and economic or other purposes;
(3) provide information and education to government, industry, other institutions and organizations, and to citizens regarding the geology, mineral resources, and topography of the State;
(4) provide technical information and advice regarding the management of mineral resources on State-owned lands, and cooperate where possible by providing geologic expertise and advice to persons conducting regulatory programs for the State;
(5) provide geological services for the Natural Gas and Oil Resources Board;
(6) maintain records of old and new information relating to the geology, mineral resources, and topography of the State;
(7) prepare and publish reports on the geology, mineral resources, and topography of the State. (Amended 1959, No. 328 (Adj. Sess.), § 8(b); 1983, No. 195 (Adj. Sess.), § 5(b); 1989, No. 245 (Adj. Sess.), § 3; 2015, No. 29, § 17.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 7 - Geologic Surveys and Reports › § 103. Contracts; maps

§ 103. Contracts; maps
(a) For the purpose of maintaining the geologic, mineral resource, and topographic surveys of this State, the Division of Geology and Mineral Resources may contract with agencies or departments of the U.S. government, for such work as may be required, including the methods of its execution and the order in which the mapping, research, and other surveys of the different parts of the State shall be completed; provided that the agencies or departments with whom the Division enters into a contract under this section shall agree to expend annually, on the part of the United States, upon such work a sum equal to or greater than that made annually available by this State for these purposes.
(b) All maps and other products shall conform to the highest quality and standards established by this State and the participating federal agency. All maps shall be made adaptable to the most modern techniques of production, reproduction and display. (Amended 1989, No. 245 (Adj. Sess.), § 4.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 7 - Geologic Surveys and Reports › § 104. Expenditure of monies

§ 104. Expenditure of monies
The monies annually available for the purposes of section 103 of this title shall be expended by the State in accordance with the provisions of that section and relevant federal regulations. (Amended 1959, No. 328 (Adj. Sess.), § 8(b); 1983, No. 195 (Adj. Sess.), § 5(b); 1989, No. 245 (Adj. Sess.), § 5.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 7 - Geologic Surveys and Reports › § 105. Geological publications and products; account

§ 105. Geological publications and products; account
A special fund account to be known as the State Geological Publications Account is created. The Account shall contain all receipts from the sale of geological publications and products produced and sold by the State Geologist, and may be expended by the State Geologist for the purpose of supporting the production of geological publications and products. All balances in the Account at the end of any fiscal year shall be carried forward and remain part of the Account. Disbursements from the Account shall be made by the State Treasurer on warrants drawn by the Commissioner of Finance and Management. (Added 1987, No. 225 (Adj. Sess.), § 1; amended 1997, No. 155 (Adj. Sess.), § 33.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 8 - Geographic Information › § 121. Definitions

§ 121. Definitions
As used in this chapter:
(1) “VGIS” means the Vermont Geographic Information System developed pursuant to the comprehensive strategy developed by the Center as required by section 122 of this title.
(2) “Electronic products and services” means computer-related services and products provided by the Center, including:
(A) Electronic manipulation of the data contained in public records in order to tailor the data to a customer’s request, or to develop a product that meets the needs of customers.
(B) Duplication of public records in alternative formats not used by the Center, providing periodic updates of an electronic file or database, or duplicating an electronic file or database.
(C) Provision of on-line access to an electronic file or database or any form of electronic access to the information system of the Center.
(D) Provision of software developed by or for the Center.
(E) Generating maps, listings, or other standard or customized products from an electronic geographic information system.
(3) “Media” means the physical material on which written, printed, or electronically encoded information is stored. (Added 1993, No. 204 (Adj. Sess.), § 2, eff. June 17, 1994.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 8 - Geographic Information › § 122. Vermont Center for Geographic Information, incorporated; establishment

§ 122. Vermont Center for Geographic Information, incorporated; establishment
(a) The State of Vermont shall support a comprehensive strategy for the development and use of a geographic information system, including:
(1) data and mapping standards;
(2) potential applications and their priorities;
(3) priorities for collecting and digitizing information;
(4) geographic location standards for all data collection;
(5) software and hardware standards;
(6) management needs;
(7) private sector cooperation;
(8) costs and benefits of use;
(9) [Repealed.]
(10) ways to make information gathered available to regional and municipal entities, commercial entities, the public, and others;
(11) ways to ensure that data gathered by governmental entities conforms to the geographic information system; and
(12) an implementation schedule.
(b) In order to develop and implement that strategy, and to ensure that all data gathered by State agencies that is relevant to the VGIS shall be in a form that is compatible with, useful to, and shared with that geographic information system, there is hereby established the Vermont Center for Geographic Information (the Center) as a unit of the Data Management Division under the Agency of Digital Services.
(c) [Repealed.] (Added 1993, No. 204 (Adj. Sess.), § 2, eff. June 17, 1994; amended 2013, No. 179 (Adj. Sess.), § E.800.1; 2018, No. 11 (Sp. Sess.), § F.101; 2019, No. 49, § 6, eff. June 10, 2019; 2023, No. 6, § 77, eff. July 1, 2023.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 8 - Geographic Information › § 127. Resource mapping

§ 127. Resource mapping
(a) On or before January 15, 2013, the Secretary of Natural Resources shall complete resource mapping based on the Geographic Information System (GIS). The mapping shall identify natural resources throughout the State that may be relevant to the consideration of energy projects. The Center for Geographic Information shall be available to provide assistance to the Secretary in carrying out the GIS-based resource mapping.
(b) The Secretary of Natural Resources shall consider the GIS-based resource maps developed under subsection (a) of this section when providing evidence and recommendations to the Public Utility Commission under 30 V.S.A. § 248(b)(5) and when commenting on or providing recommendations under chapter 151 of this title to District Commissions on other projects. (Added 2011, No. 170 (Adj. Sess.), § 16c, eff. May 18, 2012.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 8 - Geographic Information › § 128. Vermont Center for Geographic Information Special Fund

§ 128. Vermont Center for Geographic Information Special Fund
(a) A special fund is created for the operation of the Vermont Center for Geographic Information in the Agency of Digital Services. The fund shall consist of revenues derived from the charges by the Agency of Digital Services pursuant to subsection (c) of this section for the provision of Geographic Information products and services, interest earned by the fund, and sums which from time to time may be made available for the support of the Center and its operations. The fund shall be established and managed pursuant to 32 V.S.A. chapter 7, subchapter 5 and shall be available to the Agency to support activities of the Center.
(b) The receipt and expenditure of monies from the special fund shall be under the supervision of the Secretary of Digital Services.
(c) Notwithstanding 32 V.S.A. § 603, the Secretary of Digital Services is authorized to impose charges reasonably related to the costs of the products and services of the Vermont Center for Geographic Information, including the cost of personnel, equipment, supplies, and intellectual property. (Added 2015, No. 57, § 28, eff. June 11, 2015; amended 2018, No. 11 (Sp. Sess.), § F.100.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 9 - Geographic Names › § 151. Terminology and spelling

§ 151. Terminology and spelling
(a) The State Librarian is authorized to furnish for any federal or state publication the proper terminology and spelling of any geographic name in Vermont and may advise the U.S. Postal service regarding the proper selection and spelling of the name of a Vermont post office or any railroad company regarding the use and spelling of the name of a Vermont station. The State Librarian is authorized to function in collaboration with the U.S. board on geographic names and to conduct his or her operations similarly.
(b) The names used in the topographic maps of the State now being prepared by the U.S. Geological Survey in cooperation with the State shall be spelled in accordance with the recommendations of the State Librarian. (Amended 1959, No. 329 (Adj. Sess.), § 45, eff. March 1, 1961.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 9 - Geographic Names › § 152. Authority to name geographic locations

§ 152. Authority to name geographic locations
The Board of Libraries is hereby designated the State agency to name geographic locations, including mountains, streams, lakes, and ponds, upon petition signed by not less than 25 interested persons or by petition of an administrative department of the State. (Added 1961, No. 139, § 3, eff. May 24, 1961; amended 1969, No. 226 (Adj. Sess.), § 2, eff. March 31, 1970; 2015, No. 40, § 25, eff. March 1, 2016; 2017, No. 74, § 16.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 9 - Geographic Names › § 153. Procedure

§ 153. Procedure
When the Board receives a petition to act under section 152 of this title it shall give reasonable notice to each administrative department of the State having jurisdiction of the location to be named and to each town in which the location lies of the time and place when it will hear all interested parties. (Added 1961, No. 139, § 4, eff. May 24, 1961; 2015, No. 40, § 26, eff. March 1, 2016.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 9 - Geographic Names › § 154. Standards

§ 154. Standards
The Board in choosing names shall give preference to historical events, historic persons, and flora and fauna native to Vermont; names characteristic to Vermont; and its traditions and local place names where long usage has made them appropriate and useful. (1961, No. 139, § 5, eff. May 24, 1961.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 214. Members; disqualification

§ 214. Members; disqualification
A member of the Authority may not participate in any decision:
(1) Under subchapter 3 of this chapter affecting a local development corporation if the member is a stockholder or member of that corporation;
(2) Upon any insurance contract under subchapter 2 of this chapter or loan under subchapter 5 of this chapter, if the member is a member, director, trustee, employee, or officer of; or has any interest direct or indirect in; or owns any stock, bonds, or other liabilities issued by or authorized by the prospective mortgagor, mortgagee, or tenant;
(3) Upon a bond issue under subchapter 4 of this chapter if the member is an officer or director of a bank or trust company that is a prospective purchaser of the bonds or a prospective trustee under the trust indenture securing the bonds. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, § 3, eff. April 22, 1977.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 215. Manager; duties

§ 215. Manager; duties
The manager shall be the chief administrative officer of the Authority and shall direct and supervise the administrative affairs and technical activities of the Authority in accordance with any rules, regulations, and policies set forth by the Authority. In addition to any other duties, the manager shall:
(1) attend all meetings of the Authority, act as its secretary and keep minutes of its proceedings;
(2) approve all accounts of the Authority, including accounts for salaries, per diems, and allowable expenses of any employee or consultant thereof, and expenses incidental to the operation of the Authority;
(3) make an annual report to the Authority documenting the actions of the Authority, and such other reports as the Authority may request;
(4) work closely with the Agency of Commerce and Community Development and provide assistance to the various divisions of that Agency to facilitate the planning and financing of projects;
(5) make recommendations and reports, in cooperation with the Agency of Commerce and Community Development, to the Authority on the merits of any proposed project, on the status of local development corporations, and on suitable industrial sites;
(6) perform such other duties as may be directed by the Authority in the carrying out of the purposes of this chapter. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1995, No. 190 (Adj. Sess.), § 1(a).)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 217. Records; annual report; audit

§ 217. Records; annual report; audit
(a) The Authority shall keep an accurate account of all its activities and of all its receipts and expenditures. Information and records in connection with an application for an insurance contract under subchapter 2 of this chapter shall be preserved for three years after the application has been denied or, if the application is accepted, for three years after the mortgage has been discharged and thereafter until the Authority orders them destroyed.
(b) Prior to February 1 in each year, the Authority shall submit a report of its activities for the preceding fiscal year to the Governor and to the General Assembly. The report shall set forth a complete operating and financial statement covering its operations during the year. The Authority shall cause an audit of its books and accounts to be made at least once in each year by a certified public accountant and its cost shall be considered an expense of the Authority and a copy shall be filed with the State Treasurer. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this subsection.
(c) The Auditor of Accounts of the State and his or her authorized representatives may at any time examine the accounts and books of the Authority including its receipts, disbursements, contracts, funds, investments, and any other matters relating to its financial statements.
(d) At such time as the Authority has exhausted all rights and remedies to enforce the terms of a financing document or mortgage serving as security for a loan, the identity of the borrower and the outstanding principal balance of the loan shall become a public record. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 3, eff. March 27, 1975; 1999, No. 131 (Adj. Sess.), § 1a; 2013, No. 142 (Adj. Sess.), § 16.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 217a. Application

§ 217a. Application
Among such other things as may be required by the Authority, any application for financing or for mortgage insurance under this chapter shall state in detail on the application the nature and purpose of the business and its products for which the loan, revenue bonds or mortgage insurance is intended to benefit. (Added 1983, No. 33, § 3a, eff. April 22, 1983; amended 1987, No. 203 (Adj. Sess.), § 3, eff. May 27, 1988.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 218. Construction

§ 218. Construction
(a) The powers conferred by this chapter are supplemental and alternative to other powers conferred by law.
(b) No notice, proceedings, or approval, including licensure under 8 V.S.A. chapter 73, shall be required with respect to any action taken under this chapter, except as provided in this chapter.
(c) Purchases and contracts required for the establishment or expansion of an eligible facility may be made or let without regard to any provision of law relating to public purchases or contracts.
(d) This chapter shall be liberally construed in order to effect its purposes.
(e) The provisions of this chapter are severable, and the invalidity of any provision or provisions of this chapter shall not affect the validity of any other provision or provisions of this chapter. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1987, No. 203 (Adj. Sess.), § 17, eff. May 27, 1988; 1993, No. 89, § 3(b), eff. June 15, 1993.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 220. Transfer from Indemnification Fund

§ 220. Transfer from Indemnification Fund
The State Treasurer shall transfer from the Indemnification Fund created in former section 222a of this title to the Authority all current and future amounts deposited to that Fund. (Added 2015, No. 157 (Adj. Sess.), § A.4, eff. June 2, 2016.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 231. Assistance to local development corporations

§ 231. Assistance to local development corporations
Upon application of a local development corporation, the Authority may loan money to that local development corporation, upon such terms and conditions as it may prescribe, for the purpose of industrial park planning and development, for constructing or improving a speculative building or small business incubator facility on land owned or held under lease by the local development corporation, for purchase or improvement of existing buildings suitable for or which can be made suitable for industrial or small business incubation facility purposes and for the purchase of land in connection with any of the foregoing. Before the local development corporation receives such funds for such purposes from the Authority, it shall give to the Authority security for the repayment of the funds. The security shall be in such form and amounts as the Authority may determine and shall, in each instance, include a first mortgage on the land, or the leasehold, building, and appurtenances financed by such funds. Loans by the Authority to local development corporations for the construction of speculative buildings or improvements to those buildings shall be repaid in full, including interest and other charges, within 90 days after the building is occupied if the building is being sold, or within five years after the property is occupied if the building is being leased, or within such period of time deemed reasonable by the Authority. Loans by the Authority to local development corporations for the construction, purchase, or improvement of small business incubator facilities shall be repaid in full, including interest and other charges, within ten years after the property is occupied. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, 1986 § 8, eff. April 22, 1977; 1985, No. 136 (Adj. Sess.), § 7, eff. April 24, 1991, No. 76, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 232. Issuance of loans for speculative buildings and small business incubator facilities

§ 232. Issuance of loans for speculative buildings and small business incubator facilities
Before issuing any loan under this subchapter for construction of a speculative building or small business incubator facilities and the purchase of land in connection therewith, the Authority, or the Authority’s loan officer pursuant to the provisions of subdivision 216(15) of this title, shall determine and incorporate the following findings in its minutes. Such findings when adopted by the Authority shall be conclusive:
(1) The project is within the scope of this chapter, will be of public use and benefit, and may reasonably be expected to create new employment opportunities.
(2) The proposed site for the speculative building or small business incubator facilities will be located on adequate land owned or to be acquired by the local development corporation or leased by the local development corporation on terms satisfactory to the Authority.
(3) An adequate access road from a public highway is provided to the proposed site and that such utilities as water, sewer, and power facilities are available, or will be available when the speculative building or small business incubator facilities is completed.
(4) The project plans comply with all applicable environmental, zoning, planning and sanitary laws and regulations of the municipality where it is to be located and of the State of Vermont.
(5) The local development corporation is responsible and has presented evidence to demonstrate its ability to carry out the project as planned.
(6) Evidence has been presented demonstrating the feasibility of the site as a location for business, and additional evidence has been presented that an adequate supply of labor is available within the labor market area to serve a business located on the site or in the small business incubator facility.
(7) The local development corporation has made adequate provisions for insurance protection of the building while it is unoccupied and suitable arrangements have been made for fire protection and maintenance while it is unoccupied.
(8) The project will be without unreasonable risk of loss to the Authority.
(9) The local development corporation is unable to secure on reasonable terms the funds required for the project without the assistance of the Authority, or in the alternative, the making of the loan will serve as a substantial inducement for the establishment or expansion of a speculative building or small business incubator. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1985, No. 136 (Adj. Sess.), § 8, eff. April 24, 1986; 1991, No. 76, § 2; 1995, No. 46, § 7, eff. April 20, 1995.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 233. Depressed areas

§ 233. Depressed areas
The Authority shall give preference to the areas within labor market districts declared to be economically depressed areas as defined by the Vermont Agency of Commerce and Community Development or the Vermont Department of Labor, or to the area that is a designated job development zone under chapter 29, subchapter 2 of this title. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1981, No. 66, § 5(a), eff. May 1, 1981; 1985, No. 172 (Adj. Sess.), § 2; 1995, No. 190 (Adj. Sess.), § 1(a); 2005, No. 103 (Adj. Sess.), § 3, eff. April 5, 2006.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 236. Taxes

§ 236. Taxes
(a) While a part of a building or industrial park owned by a local development corporation and subject to a mortgage to the Authority or the State of Vermont under this subchapter remains unoccupied, that portion that remains unoccupied shall be exempt from all taxes and special assessments of the State or a municipality. Instead of taxes, payments shall be made by the local development corporation to the municipality in which the speculative building or industrial park is located for highway maintenance, fire protection, or for other services.
(b) Any property to which the Authority holds title by reason of foreclosure upon a mortgage or other security given by a local development corporation in connection with a loan made under this subchapter, or voluntary conveyance in lieu thereof, shall, as long as it is not leased or rented, be exempt from all taxes and special assessments of the State and all local municipal property taxes for the remaining balance of the tax year in which title becomes vested in the Authority and the entire next succeeding year, provided however, that thereafter the Authority shall pay 50 percent of the local municipal property taxes annually assessed against such property during the term of the Authority’s ownership. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, § 9, eff. April 22, 1977; 1981, No. 54, § 14, eff. April 28, 1981.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 237. Issuing of loans for industrial park planning and development projects

§ 237. Issuing of loans for industrial park planning and development projects
Before issuing any loan under this subchapter for industrial park planning and development, and the purchase of land in connection therewith, the Authority shall determine and incorporate in its minutes the findings that:
(1) The proposed industrial park is on adequate land owned or to be owned by the local development corporation or leased by the local development corporation on terms satisfactory to the Authority.
(2) An adequate access road from a public highway is provided to the proposed site, and utilities, including water, sewer, and power facilities, are available or will be available for any future tenant located in the park.
(3) The total industrial park will be planned by architects and engineers acceptable to the Authority.
(4) No more than 80 percent of the fair market value of the industrial park, as shown by appraisal by an appraiser acceptable to the Authority, is to be financed under the loan.
(5) The park project is within the scope of this chapter, will be of public use and benefit, and may reasonably be expected to create new employment opportunities.
(6) The park project complies with all applicable environmental, zoning, planning and sanitary laws and regulations of the municipality in which it is to be located and of the State of Vermont.
(7) The local development corporation is responsible and has presented evidence to demonstrate its ability to carry out the park project as planned.
(8) Evidence has been presented demonstrating the feasibility of the site as a location for industry, and additional evidence has been presented that an adequate supply of labor is available within the labor market area to serve an industry located on the site.
(9) The park project will be without unreasonable risk of loss to the Authority, and the local development corporation is unable to secure on reasonable terms the funds required for the project without the assistance of the Authority. Such findings when adopted by the Authority shall be conclusive. (Added 1973, No. 197 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 241. Powers of municipalities

§ 241. Powers of municipalities
Municipalities shall have the following powers in addition to any other powers given them by law:
(1) To engage in projects under this subchapter within the municipality or partially within the municipality but entirely within the State, to acquire ownership or possessory interests in eligible facilities and related property, and to dispose of them;
(2) To issue bonds to pay project costs, or to reimburse a user or a related person for payments for project costs made before or after the bonds are issued, or to refund bonds previously issued;
(3) To execute financing documents and security documents and to perform obligations and exercise powers created by them;
(4) In the event of default by a user under a financing document, but only to the extent authorized by the financing document or security document, to dispose of all or part of the eligible facility by sale or otherwise for the benefit of the bondholders under the security document;
(5) To make contracts or take any other action that is necessary or desirable in connection with the exercise of the foregoing powers. Nothing in this chapter shall be construed to authorize a municipality to operate an eligible facility itself or to conduct any business enterprise with it.
(6) To acquire and to enter into commitments to acquire any federally guaranteed security and to pledge or otherwise use any such federally guaranteed security in such manner as the Authority shall approve to secure or otherwise provide a source of repayment on any of its bonds or to enter into any appropriate agreement with one or more users whereby the municipality may make a loan to any such user for the purposes of enabling such user to fund or refund directly or indirectly, the cost of acquiring or entering into commitments to acquire any federally guaranteed security; provided, however, that the federally guaranteed security is evidence of a federally insured project loan or, if not such evidence, that the Authority determines that the federally guaranteed security has been issued to pass through a federally insured project loan. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 8, eff. March 27, 1975; 1981, No. 54, § 8, eff. April 28, 1981; 1993, No. 89, § 3(b), eff. June 15, 1993.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 242. Financing documents

§ 242. Financing documents
(a) A financing document shall:
(1) provide for payments by the user at such times and in such amounts as are necessary in order to pay the debt service on all bonds issued to finance the project as they become due; and
(2) obligate the user to pay all the costs and expenses of operation, maintenance, upkeep, and insurance of the eligible facility.
(b) A financing document may:
(1) provide for payments by the user that include amounts in addition to the amounts required to pay debt service;
(2) obligate a user to make payments before the eligible facility exists or becomes functional and to make payments after the eligible facility has ceased to exist or be functional to any extent and from any cause whatsoever;
(3) obligate a user to make payments regardless of whether the user is in possession or is entitled to be in possession of the eligible facility;
(4) allocate responsibility between the municipality and the user for making purchases and contracts required for the project;
(5) contain an option for the user to acquire any ownership or possessory interest that the municipality may have in the eligible facility for nominal consideration upon payment of the bonds or upon the user’s making adequate and secure provision for their payment and provide for the automatic transfer of the municipality’s interest in the facility upon the effective exercise of the option;
(6) provide that some or all of the user’s obligations shall be unconditional and shall be binding and enforceable in all circumstances whatsoever notwithstanding any other provision of law; and
(7) contain such other provisions and covenants relating to the use, maintenance, repair, insurance, and replacement of the eligible facility as the municipality and the user deem necessary for the protection of themselves or others. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 9, eff. March 27, 1975; 1993, No. 89, § 3(b), eff. June 15, 1993.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 243. Security documents

§ 243. Security documents
(a) An assignment, pledge, mortgage or other encumbrance of all or part of a municipality’s right to receive payments with respect to an eligible facility contained in a security document shall be fully effective from the time when the security document is executed with or without any subsequent physical delivery or segregation of the money and without any filing or recording under the Uniform Commercial Code or otherwise.
(b) A security document may contain covenants of the municipality as to:
(1) the creation and maintenance of reserves;
(2) the issuance of other bonds with respect to the eligible facility;
(3) the custody, investment and application of monies;
(4) the disposition of insurance or condemnation proceeds;
(5) the use of surplus bond proceeds;
(6) action by the municipality in the event of a default by the user under the financing document;
(7) the subjecting of additional property to the lien of the security document;
(8) any other matter which affects the security for the bonds in any way;
(9) pledging any federally guaranteed security and monies received therefrom whether such security is acquired by the municipality or by a user to secure the payment of the bonds.
(c) A security document may limit the rights of bondholders to enforce obligations of the municipality thereunder or under the financing document. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 10, eff. March 27, 1975; 1981, No. 54, § 10, eff. April 28, 1981; 1993, No. 89, § 3(b), eff. June 15, 1993.)