reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280s. Borrower obligations

§ 280s. Borrower obligations
(a) Subject to the provisions of this subchapter, governmental obligations issued by a governmental unit shall conform to the requirements of subchapter 4 of this chapter.
(b) Notwithstanding any law to the contrary, if a governmental unit has authorized a loan in accordance with this subchapter and the issuance of governmental obligations under any bond act, the governmental unit may, subject to the loan agreement and the approval of the Board, issue notes to the Authority or any other person in anticipation of the receipt of the proceeds of the loan. The issue of such notes shall be governed by the provisions of this subchapter relating to the issue of governmental obligations other than notes, to the extent applicable, provided the maturity date of such notes shall not exceed three years from the date of issue of such notes or the expected date of completion of the project financed thereby, as determined by the Board, if later. Notes issued for less than the maximum maturity date may be renewed by the issue of other notes maturing no later than the maximum maturity date.
(c) A governmental unit may issue governmental obligations to refund or pay at maturity or earlier redemption any governmental obligations outstanding under any loan agreement or to refund or pay any other debt of the governmental unit issued to finance the qualified project to which such loan agreement pertains. Governmental obligations for refunding may be issued in sufficient amounts to pay or provide for the principal of the obligations refunded, any redemption premium thereon, any interest accrued and to accrue to the date of payment of such obligations, the costs of issuance of such refunding obligations and any reserves required by the applicable loan agreement. An issue of refunding governmental obligations, the amount and dates of maturity or maturities and other details thereof, the security thereof and the rights, duties, and obligations of the governmental unit with respect thereto shall be governed by the provisions of this subchapter relating to the issue of governmental obligations other than refunding obligations as the same may be applicable.
(d) Except as otherwise provided in this subchapter, the applicable bond act, or by agreement between the Board and a governmental unit, all governmental obligations shall be general obligations of the governmental unit issuing the same for which its full faith and credit are pledged and for the payment of which all taxable property in the governmental unit shall be subject to ad valorem taxation without limitation as to rate or amount except as otherwise provided by law. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280u. Guarantees; other credit enhancement

§ 280u. Guarantees; other credit enhancement
(a) The Board may provide guarantees secured solely by, or purchase of insurance or other enhancements through, amounts on deposit in the program, to qualified borrowers in accordance with the provisions of this section.
(b) All of the assets and obligations directly covered by guarantees or other forms of credit enhancement shall be assets or obligations of governmental units or private entities that are, without guarantee or enhancement, listed by a nationally recognized statistical rating organization at a rating not below the third highest rating of such organization.
(c) The assets and obligations that may be directly covered by guarantees issued by the Board are:
(1) bonds, debentures, notes, evidence of debt, loans, and interest therein, of qualified borrowers, the proceeds of which are to be used for a qualified project; and
(2) leases of personal, real, or mixed property to be used for a qualified project.
(d) The Program may charge and collect premiums or other fees for the guarantees or other credit enhancement provided pursuant to this subchapter, including fees for services performed in connection with the approval and processing of the guarantees or the credit enhancement provided pursuant to this subchapter. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280v. Termination of the Program; remaining assets and liabilities

§ 280v. Termination of the Program; remaining assets and liabilities
The Program shall continue until terminated by law; provided, however, that no such law shall take effect so long as there shall be outstanding bonds secured by the fund unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the Program, assets that remain after provision for the payment or satisfaction of all bonds issued pursuant to this subchapter shall vest in the State, in the Transportation Fund and General Fund in equal proportion to the percentages of funds initially invested in the bank. For the purpose of this section only, federal transportation funds invested in the bank shall be considered State transportation funds. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280w. Records of receipts, expenditures, and disbursements

§ 280w. Records of receipts, expenditures, and disbursements
The Authority, in cooperation with the Agency, shall at all times keep full and accurate accounts of all receipts, expenditures, and disbursements from the Program and all assets and liabilities of the Program incurred pursuant to this subchapter that shall be open to inspection by any officer or duly appointed agent of the State. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280x. Obligations; credit of the State not pledged

§ 280x. Obligations; credit of the State not pledged
Obligations issued under the provisions of this subchapter shall not be deemed to constitute a debt or liability of the State. Each obligation issued under this subchapter shall contain on the face thereof a statement to the effect that the Authority shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor, and that neither the faith and credit nor the taxing power of the State is pledged to the payment of the principal of or the interest on such obligations. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280y. Public records

§ 280y. Public records
The Authority shall establish policies and procedures to ensure that information relating to the cost of any qualified project is considered a public record, and subject to the provisions of 1 V.S.A. chapter 5, subchapter 2. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280aa. Findings and purpose

§ 280aa. Findings and purpose
(a)(1) Vermont-based businesses in seed, start-up, and growth stages are a vital source of innovation, employment, and economic growth in Vermont. The continued development and success of these businesses is dependent upon the availability of flexible, risk-based capital.
(2) Because the primary assets of Vermont-based businesses in seed, start-up, and growth stages often consist almost entirely of intellectual property or insufficient tangible assets to support conventional lending, these companies frequently may not have access to conventional means of raising capital, such as asset-based bank financing.
(b) To support the growth of Vermont-based businesses in seed, start-up, and growth stages and the resultant creation of higher-wage employment in Vermont, the General Assembly hereby creates in this subchapter the Vermont Entrepreneurial Lending Program. (Added 2009, No. 54, § 28, eff. June 1, 2009; amended 2013, No. 179 (Adj. Sess.), § F.100; 2013, No. 199 (Adj. Sess.), § 4.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280bb. Vermont Entrepreneurial Lending Program

§ 280bb. Vermont Entrepreneurial Lending Program
(a) There is created the Vermont Entrepreneurial Lending Program to be administered by the Vermont Economic Development Authority. The Program shall seek to meet the working capital and capital-asset financing needs of Vermont-based businesses in seed, start-up, and growth stages. The Program shall specifically seek to fulfill capital requirement needs that are unmet in Vermont, including:
(1) loans to manufacturing businesses and software developers with innovative products that typically reflect long-term, organic growth;
(2) loans up to $1,000,000.00 in growth-stage companies that do not meet the underwriting criteria of other public and private entrepreneurial financing sources;
(3) loans to businesses that are unable to access adequate capital resources because the primary assets of these businesses are typically intellectual property or similar nontangible assets; and
(4) loans to advanced manufacturers and other Vermont businesses for product development and intellectual property design.
(b) The Authority shall adopt regulations, policies, and procedures for the Program as are necessary to increase the amount of investment funds available to Vermont businesses whose capital requirements are not being met by conventional lending sources.
(c) When considering entrepreneurial lending through the Program, the Authority shall give additional consideration and weight to an application of a business whose business model and practices will have a demonstrable effect in achieving other public policy goals of the State, including:
(1) The business will create jobs in strategic sectors such as the knowledge-based economy, renewable energy, advanced manufacturing, wood products manufacturing, and value-added agricultural processing.
(2) The business is located in a designated downtown, village center, growth center, industrial park, or other significant geographic location recognized by the State.
(3) The business adopts energy and thermal efficiency practices in its operations or otherwise operates in a way that reflects a commitment to green energy principles.
(4) The business will create jobs that pay a livable wage and significant benefits to Vermont employees.
(5) The business will create environmental benefits or will manufacture environmentally responsible products.
(d) The Authority shall include provisions in the terms of a loan made under the Program to ensure that a loan recipient shall maintain operations within the State for a minimum of five years from the date on which the recipient receives the loan funds from the Authority or shall otherwise be required to repay the outstanding funds in full. (Added 2009, No. 54, § 28, eff. June 1, 2009; amended 2013, No. 179 (Adj. Sess.), § F.100; 2013, No. 199 (Adj. Sess.), § 4; 2015, No. 51, § E.1, eff. June 3, 2015.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280cc. Creation; purpose; definitions

§ 280cc. Creation; purpose; definitions
(a) There is established within the Authority the Vermont Sustainable Energy Loan Fund, referred to in this subchapter as “the Fund,” the purpose of which shall be to enable the Authority to make loans and provide other forms of financing for projects that stimulate and encourage development and deployment of sustainable energy projects in the State of Vermont.
(b) In this subchapter:
(1) “Renewable energy” shall have the same meaning as in 30 V.S.A. § 8002(17).
(2) “Sustainable energy” means energy efficiency, renewable energy, and technologies that enhance or support the development and implementation of renewable energy or energy efficiency, or both. (Added 2013, No. 87, § 1, eff. June 17, 2013.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280dd. Loan programs administered within the Fund

§ 280dd. Loan programs administered within the Fund
(a) The Fund shall consist of:
(1) Existing sustainable energy loans made by the Authority, the Vermont Small Business Development Corporation, and the Vermont Agricultural Credit Corporation.
(2) Sustainable energy loans originated under the following programs:
(A) The Small Business Energy Efficiency Loan Program, under which the Authority provides loans for qualifying commercial energy efficiency improvements.
(B) The Renewable Energy Loan Program, which the Authority may create to provide loans for qualifying renewable energy projects.
(C) The Agricultural Energy Loan Program, which the Authority may create to provide loans for qualifying agriculture- and forest product-based sustainable energy projects.
(D) The Energy Efficiency Loan Guarantee Program, which the Authority may create to provide loan guarantees to participating lending institutions that enroll loans for sustainable energy projects in the Program.
(3) Programs created by the Authority pursuant to subsection (c) of this section.
(b) The Fund shall be administered by the Authority and shall not be subject to 32 V.S.A. chapter 7, subchapter 5.
(c) The Authority may establish:
(1) New financing programs that the Authority determines are necessary to encourage and promote sustainable energy projects and reduce reliance upon fossil fuel sources.
(2) Policies and procedures for programs within the Fund that the Authority determines are necessary to carry out the purposes of this subchapter.
(d) For all sustainable energy loans, the Authority shall maintain records on the projected reductions in greenhouse gas emissions and, for energy efficiency loans, the projected energy savings from the financed improvements and shall provide data on the projected greenhouse gas emissions reductions and projected energy savings to the Department of Public Service, the Public Utility Commission, and the Agency of Natural Resources on request. The methods used for calculating and reporting this data shall be the same methods used in programs delivered under 30 V.S.A. § 209(d) and (e). The data provided shall be used for the purpose of tracking progress toward the greenhouse gas reduction goals of section 578 of this title and the building efficiency goals of section 581 of this title. (Added 2013, No. 87, § 1, eff. June 17, 2013.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280ff. Funding

§ 280ff. Funding
(a) The State Treasurer, in consultation with the Secretary of Administration, shall negotiate an agreement with the Authority incorporating the provisions of this section and consistent with the requirements of this subchapter.
(b) State appropriations to the Authority are based on the Authority’s contributions to loan loss reserves for the Program in accordance with generally accepted accounting principles. Any difference between the actual loan losses incurred by the Authority in a fiscal year shall be adjusted in the following year’s appropriation.
(1) This is a revolving loan program.
(2) The accumulated total of the appropriation shall not exceed $8,500,000.00 over the life of the Program.
(3) The Authority shall absorb its historical loan loss reserve rate before any State funds are expended.
(4) Additionally, the Authority shall absorb up to $3,000,000.00 in Program losses shared with the State on a pro rata basis. (Added 2019, No. 79, § 15, eff. June 20, 2019; amended 2021, No. 71, § 10, eff. June 8, 2021.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 14A - The Entrepreneurs' Seed Capital Fund › § 290. Definitions

§ 290. Definitions
For purposes of this chapter:
(1) “Follow-on investment” means any investment in a Vermont firm following the initial investment.
(2) “Fund manager” means the investment management firm responsible for creating the fund, securing capital commitments, and implementing the fund’s investment strategy, consistent with the requirements of this section. The fund manager shall be paid a fee that reflects a percentage of the fund’s capital under management and a performance-fee share based on the fund’s economic performance, as determined by the Authority.
(3) “Seed capital” means first, nonfamily, nonfounder investment in the form of equity or convertible securities issued by a firm that had, in the 12 months preceding the date of the funding commitment, annual gross sales of less than $3,000,000.00. (Added 2009, No. 54, § 25, eff. June 1, 2009.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 302. Policy, findings, and purpose

§ 302. Policy, findings, and purpose
(a) The dual goals of creating affordable housing for Vermonters, and conserving and protecting Vermont’s agricultural land, forestland, historic properties, important natural areas, and recreational lands are of primary importance to the economic vitality and quality of life of the State.
(b) In the best interests of all of its citizens and in order to improve the quality of life for Vermonters and to maintain for the benefit of future generations the essential characteristics of the Vermont countryside, and to support farm, forest, and related enterprises, Vermont should encourage and assist in creating affordable housing and in preserving the State’s agricultural land, forestland, historic properties, important natural areas and recreational lands, and in keeping conserved agricultural land in production and affordable for future generations of farmers.
(c) It is the purpose of this chapter to create the Vermont Housing and Conservation Trust Fund to be administered by the Vermont Housing and Conservation Board to further the policies established by subsections (a) and (b) of this section. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 2011, No. 118 (Adj. Sess.), § 1; 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 303. Definitions

§ 303. Definitions
As used in this chapter:
(1) “Board” means the Vermont Housing and Conservation Board established by this chapter.
(2) “Fund” means the Vermont Housing and Conservation Trust Fund established by this chapter.
(3) “Eligible activity” means any activity which will carry out either or both of the dual purposes of creating affordable housing and conserving and protecting important Vermont lands, including activities which will encourage or assist:
(A) the preservation, rehabilitation, or development of residential dwelling units that are affordable to:
(i) lower income Vermonters; or
(ii) for owner-occupied housing, Vermonters whose income is less than or equal to 120 percent of the median income based on statistics from State or federal sources;
(B) the retention of agricultural land for agricultural use, and of forestland for forestry use;
(C) the protection of important wildlife habitat and important natural areas;
(D) the preservation of historic properties or resources;
(E) the protection of areas suited for outdoor public recreational activity;
(F) the protection of lands for multiple conservation purposes, including the protection of surface waters and associated natural resources;
(G) the development of capacity on the part of an eligible applicant to engage in an eligible activity.
(4) “Eligible applicant” means any:
(A) municipality;
(B) State agency as defined in section 6301a of this title;
(C) nonprofit organization qualifying under Section 501(c)(3) of the Internal Revenue Code; or
(D) cooperative housing organization, the purpose of which is the creation or retention of affordable housing for lower income Vermonters and the bylaws of which require that such housing be maintained as affordable housing for lower income Vermonters on a perpetual basis.
(5) “Lower income” means less than or equal to the median income based on statistics from State or federal sources.
(6) “Important natural area” means any area containing one or more endangered species as defined in chapter 123 of this title or any area essential to maintaining the ecological diversity or natural heritage of the State.
(7) “Historic property or resource” means any building, structure, object, district, area, or site that is significant in the history, architecture, archeology, or culture of this State, its communities, or the nation. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 2011, No. 138 (Adj. Sess.), § 29; 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012; 2015, No. 157 (Adj. Sess.), § T.3.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 312. Creation of Vermont Housing and Conservation Trust Fund

§ 312. Creation of Vermont Housing and Conservation Trust Fund
There is created a special fund in the State Treasury to be known as the “Vermont Housing and Conservation Trust Fund.” The Fund shall be administered by the Board and expenditures therefrom shall only be made to implement and effectuate the policies and purposes of this chapter. The Fund shall be comprised of 50 percent of the revenue from the property transfer tax under 32 V.S.A. chapter 231 and any monies from time to time appropriated to the Fund by the General Assembly or received from any other source, private or public, approved by the Board. Unexpended balances and any earnings shall remain in the Fund for use in accord with the purposes of this chapter. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1997, No. 156 (Adj. Sess.), § 40; 1999, No. 49, § 79.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 313. Expenditure of bond proceeds

§ 313. Expenditure of bond proceeds
Any proceeds of State bonds issued in support of activities under this chapter shall be used exclusively for the funding of long-term, tangible capital investments and those capital expenses allowed under federal laws governing the use of State bond proceeds as determined with the guidance of the State of Vermont’s bond counsel. No bond proceeds shall be used to fund the operational expenses of the Board. For purposes of this section, “operational expenses” shall include costs related to persons directly employed or under contract to provide administrative, clerical, financial, lobbying, policy analysis, or research services. (Added 1991, No. 256 (Adj. Sess.), § 21a, eff. June 9, 1992.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 314. Affordable housing bond; investment

§ 314. Affordable housing bond; investment
The Vermont Housing and Conservation Board shall use the proceeds of bonds, notes, and other obligations issued by the Vermont Housing Finance Agency pursuant to subdivision 621(22) of this title and transferred to the Vermont Housing and Conservation Trust Fund to fund the creation and improvement of owner-occupied and rental housing for Vermonters with very low to middle income, in areas targeted for growth and reinvestment, as follows:
(1) not less than 25 percent of the housing shall be targeted to Vermonters with very low income, meaning households with income below 50 percent of area median income;
(2) not less than 25 percent of the housing shall be targeted to Vermonters with moderate income, meaning households with income between 80 and 120 percent of area median income; and
(3) the remaining housing shall be targeted to Vermonters with income that is less than or equal to 120 percent of area median income, consistent with the provisions of this chapter. (Added 2017, No. 85, § I.2; amended 2017, No. 85, § I.11(a).)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 322. Allocation system

§ 322. Allocation system
(a) In determining the allocation of funds available for the purposes of this chapter, the Board shall give priority to projects that combine the dual goals of creating affordable housing and conserving and protecting Vermont’s agricultural land, historic properties, important natural areas or recreation lands and also shall consider, but not be limited to, the following factors:
(1) the need to maintain balance between the dual goals in allocating resources;
(2) the need for a timely response to unpredictable circumstances or special opportunities to serve the purposes of this chapter;
(3) the level of funding or other participation by private or public sources in the activity being considered for funding by the Board;
(4) what resources will be required in the future to sustain the project;
(5) the need to pursue the goals of this chapter without displacing lower income Vermonters;
(6) the long-term effect of a proposed activity and, with respect to affordable housing, the likelihood that the activity will prevent the loss of subsidized housing units and will be of perpetual duration;
(7) geographic distribution of funds.
(b) The Board’s allocation system shall include a method, defined by rule, that evaluates the need for, impact, and quality of activities proposed by applicants. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1997, No. 156 (Adj. Sess.), § 45, eff. April 29, 1998.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 323. Annual report

§ 323. Annual report
Prior to January 31 of each year, the Board shall submit a report concerning its activities to the Governor and to the House Committees on Agriculture and Forestry, on Appropriations, on Corrections and Institutions, on Energy and Technology, on Natural Resources, Fish, and Wildlife, and on Ways and Means and the Senate Committees on Agriculture, on Appropriations, on Finance, on Institutions, and on Natural Resources and Energy. The report shall include the following:
(1) a list and description of activities funded by the Board during the preceding year, including commitments made to fund projects through housing bond proceeds pursuant to section 314 of this title, and project descriptions, levels of affordability, and geographic location;
(2) a list of contributions received by the Board, whatever their form or nature, and the source thereof, unless anonymity is a condition of a particular contribution;
(3) a full financial report of the Board’s activities, including a special accounting of all activities from July 1 through December 31 of the year preceding the legislative session during which the report is submitted;
(4) if more than 70 percent of the funds allocated by the Board during the previous year were allocated to either one of the dual goals of this chapter, as established in subsection 302(a) of this title, the Board shall set forth its reasons for not allocating funds more equally between the two. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 1991, No. 93, § 16, eff. June 26, 1991; 2017, No. 85, § I.3; 2017, No. 113 (Adj. Sess.), § 44.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 324. Stewardship

§ 324. Stewardship
If an activity funded by the Board involves acquisition by the State of an interest in real property for the purpose of conserving and protecting agricultural land or forestland, important natural areas, or recreation lands, the Board, in its discretion, may make a one-time grant to the appropriate State agency or municipality. The grant shall not exceed ten percent of the current appraised value of that property interest and shall be used to support its proper management or maintenance, or both. (Added 1987, No. 88, § 1, eff. June 11, 1987; amended 2011, No. 142 (Adj. Sess.), § 3, eff. May 15, 2012.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 325. Condemnation prohibited

§ 325. Condemnation prohibited
The Board shall not have the authority or power to acquire property for the purposes of this chapter through condemnation or through the exercise of the power of eminent domain. (Added 1987, No. 88, § 1, eff. June 11, 1987.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 325a. Conservation easement review appraisals

§ 325a. Conservation easement review appraisals
The Vermont Housing and Conservation Board shall ensure on a periodic basis that review appraisals are conducted of conservation easements proposed to be acquired pursuant to this chapter. (Added 1995, No. 185 (Adj. Sess.), § 14a, eff. May 22, 1996.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 325b. State of Vermont executory interest in easements

§ 325b. State of Vermont executory interest in easements
(a) As used in this section:
(1) “Qualified organization” shall have the same meaning as in section 6301a of this title; and
(2) “State agency” shall have the same meaning as in section 6301a of this title.
(b) The Agency of Agriculture, Food and Markets may hold an executory interest in agricultural conservation easements acquired by the Board under chapter 155 of this title when the acquisition of an interest in the agricultural conservation easement was financed by monies expended, in whole or in part, from the Housing and Conservation Trust Fund.
(c) An agricultural conservation easement acquired by the Board under chapter 155 of this title with monies expended, in whole or in part, from the Fund shall be subject to a memorandum of understanding between the Board, the Agency of Agriculture, Food and Markets, and any other co-holder of the agricultural conservation easement regarding oversight, performance, and enforcement of the agricultural conservation easement.
(d) The Agency of Agriculture, Food and Markets may exercise its executory interest in an agricultural conservation easement interest acquired under chapter 155 of this title if:
(1) the Board ceases to exist and its interest in the agricultural conservation easement is not otherwise released and conveyed in accordance with law;
(2) the Board releases and conveys its agricultural conservation easement interests, in whole or in part, to a State agency, municipality, qualified holder, or qualified organization in accordance with the laws of the State of Vermont; or
(3) a significant violation of the terms and conditions of an agricultural conservation easement is not resolved in accordance with the memorandum of understanding required under subsection (c) of this section for the agricultural conservation easement.
(e) The Board annually shall monitor or cause to be monitored a conserved property subject to an agricultural conservation easement for compliance with the terms and conditions of the agricultural conservation easement. The Board shall report a significant violation of the terms and conditions of an agricultural conservation easement to the Secretary of Agriculture, Food and Markets. The Secretary of Agriculture, Food and Markets may recommend to the Board or the Attorney General a course of action to be taken to address a violation of the terms and conditions of an agricultural conservation easement in accordance with the memorandum of understanding required under subsection (c) of this section. (Added 2015, No. 172 (Adj. Sess.), § E.811.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 325t. Definitions

§ 325t. Definitions
As used in this subchapter:
(1) “Board” means the Vermont Land Access and Opportunity Board.
(2) “Historically marginalized or disadvantaged community” means a community that has historically suffered from discrimination and has not had equal access to public or private economic benefits due to the race, ethnicity, gender, geography, language preference, immigrant or citizen status, sexual orientation, gender identity, socioeconomic status, or disability status of its members.
(3) “LGBTQ” means an individual who identifies as lesbian, gay, bisexual, transgender, queer, or questioning.
(4) “VHCB” means the Vermont Housing and Conservation Board. (Added 2021, No. 182 (Adj. Sess.), § 22b, eff. July 1, 2022.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15 - Vermont Housing and Conservation Trust Fund › § 325v. Acceptance of grants and contributions

§ 325v. Acceptance of grants and contributions
The Board may accept from any governmental department or agency, public or private body, or any other source, grants or contributions to be used in carrying out the provisions of this subchapter. (Added 2021, No. 182 (Adj. Sess.), § 22b, eff. July 1, 2022.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15A - The Sustainable Jobs Fund Program › § 327. Definitions

§ 327. Definitions
As used in this chapter:
(1) “Sustainable jobs” is defined as jobs created from business strategies and activities that meet the needs of the enterprise and its stakeholders today while protecting and sustaining the human and natural resources that will be needed in the future.
(2) “Eligible activity” means any activity that will carry out the dual purposes of creating quality jobs, as defined by the ten-year economic development plan adopted by the Agency of Commerce and Community Development, and conserving and preserving Vermont’s social and natural environment, including activities which will encourage or assist, but are not limited to:
(A) the start-up or expansion of the small business and micro-business sector; and
(B) existing businesses striving to minimize their impact and waste through environmentally sound products and processes.
(3) “Eligible applicant” means any for profit or nonprofit business entity that fulfills the purposes of this chapter. (Added 1995, No. 46, § 15, eff. April 20, 1995; amended 1995, No. 190 (Adj. Sess.), § 1(a).)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15A - The Sustainable Jobs Fund Program › § 328. Creation of the Sustainable Jobs Fund Program

§ 328. Creation of the Sustainable Jobs Fund Program
(a) There is created the Sustainable Jobs Fund Program to create quality jobs that are compatible with Vermont’s natural and social environment.
(b) The Vermont Economic Development Authority shall incorporate a nonprofit corporation pursuant to the provisions of subdivision 216(14) of this title to administer the Sustainable Jobs Fund Program, and to fulfill the purposes of this chapter by means of loans or grants to eligible applicants for eligible activities, provided that any funds contributed to the Program by the Authority under subsection (c) of this section shall be used for lending purposes only.
(c)(1) Notwithstanding the provisions of subdivision 216(14) of this title, the Authority may contribute not more than $1,000,000.00 to the capital of the corporation formed under this section, and the Board of Directors of the corporation formed under this section shall consist of:
(A) the Secretary of Commerce and Community Development or designee;
(B) the Secretary of Agriculture, Food and Markets or designee;
(C) a director appointed by the Governor; and
(D) eight independent directors, no more than two of whom shall be State government employees or officials, and who shall be selected as vacancies occur by vote of the existing directors from a list of names offered by a nominating committee of the Board created for that purpose.
(2)(A) Each independent director shall serve a term of three years or until his or her earlier resignation.
(B) A director may be reappointed, but no independent director and no director appointed by the Governor shall serve for more than three terms.
(C) The director appointed by the Governor shall serve at the pleasure of the Governor and may be removed at any time with or without cause.
(3) A director of the Board who is or is appointed by a State government official or employee shall not be eligible to hold the position of Chair, Vice Chair, Secretary, or Treasurer of the Board.
(d) [Repealed.]
(e) The Agency of Commerce and Community Development shall have the authority and responsibility for the administration and implementation of the Program.
(f) The Vermont Sustainable Jobs Fund Program shall work collaboratively with the Agency of Agriculture, Food and Markets to assist the Vermont slaughterhouse industry in supporting its efforts at productivity and sustainability. (Added 1995, No. 46, § 15, eff. April 20, 1995; amended 1995, No. 190 (Adj. Sess.), § 1(b); 2003, No. 122 (Adj. Sess.), § 225; 2009, No. 146 (Adj. Sess.), § G18, eff. June 1, 2010; 2011, No. 52, §§ 35a, 37, 38, eff. May 27, 2011; 2011, No. 139 (Adj. Sess.), § 51, eff. May 14, 2012; 2015, No. 157 (Adj. Sess.), § O.1, eff. June 2, 2016.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 15A - The Sustainable Jobs Fund Program › § 329. Annual report

§ 329. Annual report
Prior to January 31 of each year, the corporation formed under section 328 of this title shall submit a report concerning its activities to the Governor, to the House Committees on Appropriations, on Commerce and Economic Development, on Corrections and Institutions, on General and Housing, on Environment and Energy, and on Ways and Means and to the Senate Committees on Appropriations, on Economic Development, Housing and General Affairs, on Finance, on Institutions, and on Natural Resources and Energy. The report shall include the following information:
(1) A list and description of activities funded by the Sustainable Jobs Fund Program during the preceding year.
(2) A list of contributions received by the Board, whatever their form or nature, and the source thereof, unless anonymity is a condition of a particular contribution.
(3) A full financial report of the activities of the Sustainable Jobs Fund Program, including a special accounting of all activities from July 1 through December 31 of the year preceding the legislative session during which the report is submitted.
(4) If more than 70 percent of the funds allocated by the Sustainable Jobs Fund Program during the previous year were allocated to either one of the dual goals of this chapter in such a manner that the other goal was not achieved as established in section 326 of this title, and subdivisions 326(a)(5) and (6) of this title in particular, the Program shall set forth its reasons for the manner of allocation.
(5) A summary of work completed in the Farm-to-Plate Investment Program, including progress toward meeting the program goals, information regarding any advisory panel meetings, an accounting of all revenues and expenses related to the Program, and recommendations regarding future Program activity. The report shall also include information regarding the status of State government procurement of local foods. (Added 1995, No. 46, § 15, eff. April 20, 1995; amended 2009, No. 54, § 36, eff. June 1, 2009; 2019, No. 14, § 12, eff. April 30, 2019.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 16A - Vermont Agricultural Credit Program › § 374a. Creation of the Vermont Agricultural Credit Program

§ 374a. Creation of the Vermont Agricultural Credit Program
(a) There is created the Vermont Agricultural Credit Program, which will provide an alternative source of sound and constructive credit to farmers and forest products businesses who are not having their credit needs fully met by conventional agricultural credit sources at reasonable rates and terms. The Program is intended to meet, either in whole or in part, the credit needs of eligible agricultural facilities and farm operations in fulfillment of one or more of the purposes listed in this subsection by making direct loans and participating in loans made by other agricultural credit providers:
(1) to encourage diversification, cooperative farming, and the development of innovative farming techniques;
(2) to increase energy efficiency and reduce energy consumption in agricultural facilities, including the construction of water pollution control facilities which implement best management practices for farm waste abatement pursuant to 6 V.S.A. chapter 215;
(3) to encourage innovative and diversified processing, marketing, and distribution of Vermont agricultural products;
(4) to assist beginning farmers to start new farms and new agricultural facilities to commence or strengthen their operations;
(5) to assist or financially strengthen existing farms; and
(6) to refinance loans incurred by eligible borrowers for any of the purposes enumerated in subdivisions (1) through (5) of this subsection.
(b) No borrower shall be approved for a loan from the corporation that would result in the aggregate principal balances outstanding of all loans to that borrower exceeding the then-current maximum Farm Service Agency loan guarantee limits, or $5,000,000.00, whichever is greater. (Added 1999, No. 25, § 1; amended 2003, No. 67, § 5, eff. June 16, 2003; 2005, No. 137 (Adj. Sess.), § 3; 2013, No. 199 (Adj. Sess.), § 6; 2015, No. 157 (Adj. Sess.), § A.6, eff. June 2, 2016.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 16A - Vermont Agricultural Credit Program › § 374c. Incorporation; board of directors

§ 374c. Incorporation; board of directors
The Vermont Economic Development Authority shall incorporate a nonprofit corporation to administer the Vermont agricultural credit program and to fulfill the goals and purposes of this chapter. The voting members of the Authority shall be the board of directors of the corporation, and the manager of the Authority shall serve as the president and chief executive officer of the corporation. Such corporation shall be organized and operate under the nonprofit corporation laws of the State of Vermont to the extent not inconsistent herewith. The Authority will have the power to contract with the corporation to provide staff and management needs of the corporation. (Added 1999, No. 25, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 16A - Vermont Agricultural Credit Program › § 374e. Agricultural Credit Development Fund

§ 374e. Agricultural Credit Development Fund
The Agricultural Credit Development Fund is created and shall be used by the corporation for the purposes of this chapter. All reasonable administrative expenses of the corporation shall be paid from the Fund. The Fund shall be credited with any appropriations made by the General Assembly, all payments of principal and interest received from loans transferred or assigned to or made by the corporation, any available grants or gifts made to the corporation, the proceeds of any sale, transfer, pledge, mortgage, hypothecation, or other disposition of loans transferred or assigned to the corporation by the Authority and loans made by the corporation pursuant to this chapter, and any funds borrowed by the corporation. Monies in the Fund may, after payment of reasonable administrative expenses and debt service on the indebtedness of the corporation incurred in furtherance of its purposes under this chapter, be loaned by the corporation directly to eligible borrowers, used to purchase or acquire portions of loans made by unrelated third party lenders to eligible borrowers, or to subsidize the payment of interest on the debt of the corporation so as to lower the interest rate on loans made by the corporation to eligible borrowers. (Added 1999, No. 25, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 16A - Vermont Agricultural Credit Program › § 374f. Records

§ 374f. Records
The corporation shall keep an accurate account of all its activities. (Added 1999, No. 25, § 1; amended 2011, No. 139 (Adj. Sess.), § 6, eff. May 14, 2012.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 16A - Vermont Agricultural Credit Program › § 374h. Loan eligibility standards

§ 374h. Loan eligibility standards
A farmer, or a limited liability company, partnership, corporation, or other business entity the majority ownership of which is vested in one or more farmers, shall be eligible to apply for a farm ownership or operating loan, provided the applicant is:
(1) a resident of this State and will help to expand the agricultural economy of the State;
(2) an owner, prospective purchaser, or lessee of agricultural land in the State or of depreciable machinery, equipment, or livestock to be used in the State;
(3) a person of sufficient education, training, or experience in the operation and management of an agricultural facility or farm operation of the type for which the applicant requests the loan;
(4) an operator or proposed operator of an agricultural facility, farm operation, or forest products business for whom the loan reduces investment costs to an extent that offers the applicant a reasonable chance to succeed in the operation and management of an agricultural facility or farm operation;
(5) a creditworthy person under such standards as the corporation may establish;
(6) able to provide and maintain adequate security for the loan by a mortgage on real property or a security agreement and perfected financing statement on personal property;
(7) able to demonstrate that the applicant is responsible and able to manage responsibilities as owner or operator of the farm operation, agricultural facility, or forest products business;
(8) able to demonstrate that the applicant has made adequate provision for insurance protection of the mortgaged or secured property while the loan is outstanding;
(9) a person who possesses the legal capacity to incur loan obligations;
(10) in compliance with such other reasonable eligibility standards as the corporation may establish;
(11) able to demonstrate that the project plans comply with all regulations of the municipality where it is to be located and of the State of Vermont;
(12) able to demonstrate that the making of the loan will be of public use and benefit;
(13) able to demonstrate that the proposed loan will be adequately secured by a mortgage on real property or by a security agreement on personal property; and
(14) there will be sufficient projected cash flow to service a reasonable level of debt, including the loan or loans, being considered by the corporation. (Added 1999, No. 25, § 1; amended 2003, No. 67, § 7, eff. June 16, 2003; 2015, No. 157 (Adj. Sess.), § A.6, eff. June 2, 2016.)