reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 244. Bonds

§ 244. Bonds
(a) Bonds authorized under this subchapter may, without limitation, be issued:
(1) in one or more series of one or more denominations and bearing one or more rates of interest;
(2) in bearer form or registered form with or without privileges of conversion and reconversion from one form to the other;
(3) payable in serial installments or as term bonds, and any series may consist of both types of bonds, provided that all of the bonds of every series shall mature no later than 40 years after their dates; and
(4) subject to redemption prior to maturity, with or without the payment of any redemption premium, in accordance with the provisions of the security document.
(b) Bonds shall bear the manual signature of the treasurer of the municipality and the manual or facsimile signature or signatures of the mayor or a majority of the selectboard or trustees as the case may be. Interest coupons, if any, shall bear the facsimile signature of the treasurer. If the municipality has a corporate seal, bonds shall bear the seal or a facsimile of the seal. Bonds executed in accordance with this subchapter shall be valid notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to hold office.
(c) Every bond shall bear a statement on its face that it does not constitute an indebtedness of the municipality except to the extent permitted by this subchapter. Bonds may be sold at public or private sale by the officers authorized to sign them. The price at which bonds are sold may be par or may be more or less than par, but the original purchaser of the bond shall be obligated to pay accrued interest for the period, if any, from the date of the bonds to the date of delivery. All bonds issued under this subchapter and interest coupons applicable thereto, if any, shall be deemed to be negotiable instruments and to be investment securities under the Uniform Commercial Code.
(d) No purchaser of bonds shall be in any way bound to see to the proper application of the proceeds thereof. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 11, eff. March 27, 1975.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 245. Municipal proceedings

§ 245. Municipal proceedings
All actions of a municipality in the exercise of its powers with respect to a project and the financing thereof shall be authorized by resolution adopted by majority vote of all of the members of its governing body. Unless otherwise provided in the resolution, or in the city charter in the case of a city, each resolution shall take effect upon its passage. The terms and details of any transaction may be delegated by the governing body to those authorized by the governing body to enter into the transaction on behalf of the municipality. (Added 1973, No. 197 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 247. Obligations of the municipality

§ 247. Obligations of the municipality
No financing or security document, bond, or other instrument issued or entered into under this subchapter shall in any way obligate a municipality to use its taxing power for any purpose in relation to an eligible facility financed under this subchapter. No municipality may pay or promise to pay any debt or meet any financial obligation to any person at any time in relation to an eligible facility financed under this subchapter, except from monies received or to be received under the provisions of a financing or security document entered into under this subchapter or except as may be required by other provisions of law. Bonds issued under the subchapter shall not be deemed indebtedness of the municipality for the purposes of any debt limit. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 13, 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 › § 248. Trustees and trust funds

§ 248. Trustees and trust funds
A state or national chartered bank, Vermont bank, or Vermont trust company may serve as trustee for the benefit of bondholders under a security document; and the trustee may at any time own all or any part of the bonds issued under that security document, unless otherwise provided therein. All monies received or held by a municipality or by a trustee pursuant to a financing or security document, other than funds received or held by the municipality for its own use, shall be deemed to be trust funds and shall be held and applied solely in accordance with the applicable document, but the person paying the money to the municipality or the trustee shall not be in any way bound to see to its proper application. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 14, eff. March 27, 1975.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 249. Remedies

§ 249. Remedies
Except as provided in any financing or security document entered into or any bond issued under this subchapter, each of the parties to the financing or security document or any bondholder may enforce the obligation of any other person to him or her under the bond or instrument by appropriate legal proceedings in a court of competent jurisdiction. A receiver may be appointed for an eligible facility in any such proceeding. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 15, 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 › § 250. Bonds exempt from taxation

§ 250. Bonds exempt from taxation
All bonds issued under this subchapter and the income therefrom shall be exempt from taxation by the State of Vermont and all of its political subdivisions, agencies, or instrumentalities, except that bonds shall not be exempt from inheritance, transfer, and estate taxes or taxes in the nature thereof. (Added 1973, No. 197 (Adj. Sess.), § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 251. Taxation of eligible facilities

§ 251. Taxation of eligible facilities
All real and personal property comprising an eligible facility financed under this subchapter shall be set in the grand list and taxed to the tenant of the facility as if the tenant were the owner of the property in fee. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1993, No. 89, § 3(b), eff. June 15, 1993.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 252. Bonds eligible for investment

§ 252. Bonds eligible for investment
Bonds issued under this subchapter shall be legal investments for all persons without limit as to the amount held, regardless of whether they are acting for their own account or in a fiduciary capacity; such bonds shall likewise be legal investments for all public officials authorized to invest public funds. No person offering to buy or sell or buying or selling the bonds shall be required to obtain any license or register any transaction in connection with them. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 16, eff. March 27, 1975.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 253. State projects

§ 253. State projects
(a) The State of Vermont may engage in projects within the state in accordance with the provisions of this subchapter. For the purposes of this section and section 254 of this title:
(1) The word “municipality” as used in the sections of this subchapter other than this section shall mean the “State of Vermont”;
(2) The provisions of section 245 of this title shall not apply; and
(3) The provisions of this subchapter other than this section and section 254 of this title shall, where appropriate, be deemed to be modified or superseded by the provisions of this section and section 254 of this title.
(b) For the purposes of engaging in a project, the Authority shall act in the name of the State and on its behalf as its agent and instrumentality for the execution of financing documents, security documents, bonds, and other appropriate instruments or for the taking of any action with respect to a project financed in whole or in part by the issue of bonds under section 254 of this title.
(c) Title to or possessory interest in any eligible facility that is financed in whole or in part by the issue of bonds pursuant to section 254 of this title may be taken and held in the name of the State. In performing its functions under this section, the Authority may exercise any and all powers conferred upon municipalities by this subchapter, but the Authority shall not execute any financing document, security document, or bond with respect to a project until the Authority has made the findings required by section 246 of this title.
(d) The Authority shall establish guidelines for the type and location of projects that shall be considered in evaluating applications for financing under this subchapter. These guidelines shall be used to prioritize projects and shall include factors such as the number of permanent jobs created or retained; the wage rates of the jobs created; the availability and suitability of private market financing; the employment multiplier effect; the potential for alleviating unemployment in distressed areas; the potential effect on the revitalization of depressed commercial areas; the potential to stimulate markets for recycled materials to be used as raw materials; whether the project is located in the job development zone as designated under chapter 29, subchapter 2 of this title; and a potential for increasing capital investment. In the consideration of nonmanufacturing projects, priority shall be given to those projects located within areas suffering from the loss of commercial or service enterprises, loss of commercial or service sales, buildings with large vacancy rates, or physically deteriorating structures. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 17, eff. March 27, 1975; 1975, No. 187 (Adj. Sess.), § 2; 1983, No. 159 (Adj. Sess.), § 2, eff. April 14, 1984; 1985, No. 172 (Adj. Sess.), § 3; 1991, No. 202 (Adj. Sess.), § 10, eff. May 27, 1992; 1993, No. 89, § 3(b), eff. June 15, 1993.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 261. Additional powers

§ 261. Additional powers
In addition to powers enumerated elsewhere in this chapter, the Authority may:
(1) Make loans secured by mortgages, which may be subordinate to one or more prior mortgages, upon application by the proposed mortgagor, who may be a private corporation, nonprofit organization, partnership, person, or municipality financing an eligible project described in subdivision 212(6) of this title, upon such terms as the Authority may prescribe, for the purpose of financing the establishment or expansion of eligible facilities. Such loans shall be made from the Vermont Jobs Fund established under subchapter 3 of this chapter. The Authority may provide for the repayment and redeposit of such loans as provided in this subchapter.
(2) Take title by foreclosure to any eligible facility where such acquisition is necessary to protect any loan previously made by the Authority; pay all costs arising out of such foreclosure and acquisition from monies held in the Vermont Jobs Fund; and sell, transfer, and convey any such eligible facility to any responsible buyer. If the sale, transfer, and conveyance cannot be effected with reasonable promptness, the Authority may, in order to minimize financial losses and sustain employment, lease the eligible facility to a responsible tenant or tenants.
(3) Purchase prior mortgages and make payments on prior mortgages on any eligible facility where the purchase or payment is necessary to protect any loan previously made by the Authority. In addition, the Authority may sell, transfer, convey, and assign any such prior mortgage. Monies used by the Authority in the purchase of any prior mortgages, or any payments thereon, shall be withdrawn from the Vermont Jobs Fund, and any monies derived from the sale of any prior mortgages shall be deposited by the Authority in the Vermont Jobs Fund.
(4) Purchase and own personal property for the purpose of leasing such personal property under financing leases, which leases transfer the ownership of leased personal property to each lessee following the payment of all required lease payments as specified in each lease agreement.
(5) Execute lease agreements pursuant to subdivision (4) of this section.
(6) Provide loans and assistance under this subchapter for the planning, development, or improvement of an industrial park or an eligible project within an industrial park. (Added 1973, No. 197, (Adj. Sess.), § 1; amended 1975, No. 187 (Adj. Sess.), § 4; 1993, No. 89, § 3, eff. June 15, 1993; 1995, No. 46, § 10, eff. April 20, 1995; 2013, No. 199 (Adj. Sess.), § 36; 2015, No. 41, § 23, eff. June 1, 2015; 2021, No. 91 (Adj. Sess.), § 1, eff. April 20, 2022.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 264. Accelerated repayment provisions

§ 264. Accelerated repayment provisions
Any direct mortgage loan made on or after July 1, 1988 under this subchapter shall be conditioned upon the maintenance of a reasonable level of employment at the facility or facilities owned by the mortgagor and pledged as security for the loan. For the purposes of this section, a reasonable level of employment shall be deemed not to have been maintained whenever a mortgagor employing 50 or more employees at such facility or facilities permanently transfers, within any three-year period, 50 percent or more of those employees or employment positions to any out-of-state facility. Upon breach of this condition, the Authority may declare all principal and interest of the mortgage loan immediately due and payable and may commence foreclosure on any property held as security for the mortgage loan or take any other lawful steps to obtain payment. (Added 1987, No. 203 (Adj. Sess.), § 4, eff. May 27, 1988.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 279c. Vermont Export Finance Program

§ 279c. Vermont Export Finance Program
(a) The Authority may, directly or indirectly, extend export finance to Vermont businesses, or to non-Vermont businesses where a substantial beneficiary of the export finance would be a Vermont business. The Authority may only directly extend export finance where the transaction will be guaranteed or insured against nonpayment by the Export-Import Bank of the United States, the U.S. Small Business Administration, or a comparable source of risk mitigation. Such export finance may include extending working capital loans to finance the pre-export costs of manufacturing, preparing, or accumulating products destined for export by overseas importers, the post-export costs of holding export receivables, as well as purchasing export receivables that are payable by overseas importers.
(b) The Authority may use any cash on hand in the Vermont Jobs Fund established under subchapter 3 of this chapter, any appropriations made by the General Assembly for this purpose, loans from banks, export finance specialty lenders, the Treasurer, or other sources in order to provide funds for lending under this subchapter. The Authority may pledge its assets as security for such loans.
(c) The Authority may sell any loans or participations in loans made under this subchapter to financial institutions.
(d) The Authority may extend export finance on such terms and conditions as it deems appropriate. Export finance directly extended by the Authority shall conform to the terms and conditions of the applicable risk mitigation offered by the Export-Import Bank of the United States, the U.S. Small Business Administration, or a comparable source of risk mitigation.
(e) Any excess of revenues over expenses derived from this program shall be deposited in the development fund. (Added 1995, No. 46, § 13, eff. April 20, 1995.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280. Public financing policy

§ 280. Public financing policy
(a) It is policy of the State to engage in publicly supported financing activities that carry out the economic development policies of the State, including the following policies:
(1) Vermont should encourage enterprises that maximize job opportunities for Vermonters, produce a diversity of goods and services, and support sustainable development in the Vermont economy.
(2) Vermont should encourage entrepreneurial investments by the private sector in businesses that promote a sustainable economy and that are compatible with Vermont’s economic, social, and environmental values.
(3) Vermont should help its citizens start, maintain, and expand enterprises that:
(A) make use of the traditional skills of Vermont’s people while developing new capabilities necessary to compete in a changing economic environment; and
(B) produce value-added products or services, thereby maximizing reinvestment within Vermont.
(b) As used in this chapter, the term “sustainable development” means meeting the needs of the present without compromising the ability of future generations to meet their own needs. (Added 1995, No. 46, § 14, eff. April 20, 1995.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280a. Eligible projects; authorized financing programs

§ 280a. Eligible projects; authorized financing programs
(a) The Authority may develop, modify, and implement any existing or new financing program, provided that any specific project that benefits from such program shall meet the criteria contained in the Vermont Sustainable Jobs Strategy adopted under section 280b of this title, and provided further that the program shall meet the criteria contained in the Vermont Sustainable Jobs Strategy adopted under section 280b of this title. These programs may include:
(1) the Mortgage Insurance Program, administered under chapter 12, subchapter 2 of this title;
(2) the Loans to Local Development Corporations Program, administered under chapter 12, subchapter 3 of this title;
(3) the Industrial Revenue Bond Program, administered under chapter 12, subchapter 4 of this title;
(4) the Direct Loan Program, administered under chapter 12, subchapter 5 of this title;
(5) the SBA 504 Certified Development Company and Small Business Loan Programs of the Authority’s Vermont 504 Corporation, administered by the Authority under subdivision 216(13) of this title;
(6) the Small Business Development Corporation Program, administered by the Authority under subdivision 216(14) of this title;
(7) one or more programs targeting economically distressed regions of the State, and specifically including the Authority to develop a program to finance or refinance up to 100 percent of the existing assets or debts of a health, recreation, and fitness organization that is exempt under Section 501(c)(3) of the Internal Revenue Code, the income of which is entirely used for its exempt purpose, that owns and operates a recreation facility located in a distressed region of the State;
(8) an Export Finance Program, administered by the Authority under chapter 12, subchapter 9 of this title;
(9) a Vermont Sustainable Energy Loan Fund and any programs created thereunder, administered by the Authority under subchapter 13 of this chapter;
(10) any other program implemented after the adoption of the sustainable jobs strategy pursuant to section 280b of this title designed to meet Vermont’s need for sustainable economic development;
(11) a program that would award grants made to eligible and qualified recipients as directed by the Agency of Agriculture, Food and Markets or the Agency of Natural Resources for the purpose of funding water quality initiatives approved by the agencies, provided that the maximum amount of grants awarded by the Authority pursuant to the program shall not exceed $1,340,238.00 in the aggregate.
(b) This section shall not apply to the Job Start Program authorized by chapter 12, subchapter 7 of this title, and the agricultural finance programs authorized by chapter 16 of this title. (Added 1995, No. 46, § 14; amended 2003, No. 122 (Adj. Sess.), § 281, eff. June 10, 2004; 2011, No. 63, § E.800; 2013, No. 87, § 5, eff. June 17, 2013; 2015, No. 39, § 20.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280b. The Vermont sustainable jobs strategy

§ 280b. The Vermont sustainable jobs strategy
(a) The Governor, with the advice of the Secretary of Commerce and Community Development and the Authority, shall adopt a Vermont sustainable jobs strategy for the State, in accordance with the provisions of this section.
(b)(1) The Vermont sustainable jobs strategy shall contain the criteria upon which the Authority shall develop, modify, and implement its public financing programs, and the criteria for determining whether investments should be made in an eligible project. Such criteria shall include a requirement that, before making any investment or other financial commitment, the Authority shall determine that the proposed project is of public use and benefit and is without unreasonable risk of loss to the Authority.
(2) In adopting the Vermont sustainable jobs strategy, the Governor shall consider:
(A) the policies established in section 280 of this title; and
(B) the economic policy and economic development plan of the State, as developed by the Economic Progress Council under subchapter 3 of chapter 29 of this title.
(c)(1) Before adopting the Vermont sustainable jobs strategy, the Governor shall direct the Authority and the Secretary of Commerce and Community Development to solicit information and recommendations from the people and businesses of the State.
(2) After soliciting information and recommendations, the Authority and the Secretary shall jointly develop a proposed Vermont sustainable jobs strategy. In developing a proposed strategy, the Authority and the Secretary shall consider how best to integrate Vermont’s economic, social, and environmental values into a Vermont sustainable jobs strategy. The Authority and the Secretary shall jointly present their proposed strategy to the House Committee on Commerce and the Senate Committee on Economic Development, Housing and General Affairs meeting in joint hearing.
(3) After legislative presentation, the Authority and the Secretary may amend the proposed strategy, and shall present the proposed strategy as amended to the Governor. The Governor may adopt the proposed strategy, or may return the proposed strategy to the Authority and the Secretary for further development and legislative presentation. After adoption of the Vermont sustainable jobs strategy, any amendments to the strategy may be adopted by the Governor in accordance with the process established by this section. (Added 1995, No. 46, § 14, eff. April 20, 1995; amended 1995, No. 190 (Adj. Sess.), § 1(b).)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280g. State Infrastructure Bank Program; duties; powers

§ 280g. State Infrastructure Bank Program; duties; powers
(a) The Board, in addition to any other powers and duties conferred or imposed on it by this chapter or any other law, shall have the following powers and duties:
(1) to apply for, receive, administer, and comply with the conditions and requirements respecting any grant, gift, or appropriation of property, services, or monies;
(2) to make loans to or enter into leases with qualified borrowers to finance the costs of qualified projects, to acquire, hold, and sell borrower obligations evidencing the loans at such prices and in such manner as the Board shall deem advisable, and to pledge borrower obligations to secure bonds issued pursuant to this subchapter;
(3) to enter into guarantees secured solely by, or purchase insurance or other credit enhancement through, amounts on deposit in the Program;
(4) to enter into contracts, arrangements, and agreements to provide any other form of financial assistance through amounts on deposit in the Program that the Board may consider appropriate;
(5) to enter into contracts, arrangements, and agreements with other persons and execute and deliver all trust agreements, loan agreements, and other instruments necessary or convenient to the exercise of the powers granted in this subchapter;
(6) to enter into an agreement, contract, or other arrangement directly or indirectly with the Agency or Authority or with a private enterprise in furtherance of and in accordance with the provisions of ISTEA or the NHS Act, as applicable;
(7) to obtain insurance necessary or convenient to the exercise of the power granted in this subchapter;
(8) to engage accounting, management, legal, financial, consulting, and other professional services necessary to the conduct of the Program;
(9) to distribute the benefits conferred by this subchapter throughout the State.
(10) [Repealed.]
(b) In its administration of the Program as provided in this subchapter, the Program shall comply with applicable federal requirements under ISTEA and the NHS Act and other applicable federal programs. The Program shall not be authorized or empowered to be or to constitute a bank, trust company, or licensed lender under the jurisdiction or under the control of the Department of Financial Regulation or the Comptroller of the Currency or the Treasury Department of the United States, or to be or constitute a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers’ law of the United States or Vermont.
(c) The Agency shall provide technical assistance to either the Board, Program, or the Vermont Economic Development Authority to ensure compliance pursuant to subsection (b) of this section.
(d) [Repealed.] (Added 1997, No. 43, § 1; amended 1997, No. 144 (Adj. Sess.), § 20; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2011, No. 153 (Adj. Sess.), § 28.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280h. Receipt and administration of Program funds

§ 280h. Receipt and administration of Program funds
(a) The Authority shall receive in trust, hold, administer, and disburse in and from the Program exclusively for the benefit of the beneficiaries the following monies:
(1) federal grants and awards or other federal assistance received by the Agency or the State and eligible for deposit therein under applicable federal law;
(2) amounts appropriated by the State to the Program for purposes of the Program;
(3) loan and lease payments and other payments received by the Program in respect of providing financial assistance to qualified borrowers;
(4) investment earnings on monies in the Program; and
(5) any other amounts required to be credited to the Program by any law or by any resolution, loan agreement, or trust agreement or which the State or the Secretary shall otherwise determine to deposit therein.
(b) Application of amounts in the Program shall be subject to the requirements of this subchapter and the provisions of any applicable loan agreement or trust agreement and, with respect to amounts held pursuant to grants or awards made under 23 U.S.C. § 101 et seq., or 49 U.S.C. § 5301 et seq., or any other federal law, to the applicable requirements of federal law. The Authority shall be the custodian of the Fund as provided in this subchapter, and, subject to any applicable trust agreement, the Authority is authorized to invest monies held in the Program in such investments as may be legal investments for funds of the State, subject, however, with respect to funds deposited in the Program pursuant to section 350 of the NHS Act, to the provisions of section 350(e)(3) of the NHS Act. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280i. Disbursement and use of funds

§ 280i. Disbursement and use of funds
(a) Subject to limitations under ISTEA and the NHS Act and other federal laws, other laws respecting the use of particular monies in the Program, and the provisions of any applicable trust agreement, amounts in the Program may be used only:
(1) to provide financial assistance, including through loans and leases, to finance or refinance the costs of qualified projects and to provide for all or any part of the interest costs on loans made by the Program during the construction of such qualified projects;
(2) to guarantee or purchase insurance or other credit enhancement for bonds of qualified borrowers issued to finance the costs of qualified projects;
(3) to provide reserves for or otherwise secure bonds issued pursuant to this subchapter and to provide insurance or other credit enhancement for such bonds;
(4) to provide a subsidy for, or to otherwise assist, qualified borrowers in the payment of debt service costs on loans made by the Program;
(5) to provide reserves for, or to otherwise secure, amounts payable by qualified borrowers on loans made by and leases with the Program in the event of default by a particular qualified borrower or, on a parity basis, by any qualified borrower;
(6) to earn interest on the Fund; and
(7) for the costs of administering the Program; provided, however, that not more than two percent of the federal funds contributed to the Program pursuant to section 350 of the NHS Act may be expended for such administrative costs.
(b) For necessary and convenient administration of the Fund, the Program shall establish the highway account and the transit account, as provided in section 280n of this title, and one or more additional accounts and sub-accounts within the Vermont Economic Development Authority as shall be necessary to meet the requirements of the NHS Act and any other applicable federal law requirements or as the program shall otherwise deem necessary or desirable in order to implement the provisions of this subchapter or to comply with any trust agreement. The Program may also establish in any trust agreement or otherwise, as the Secretary shall determine, one or more other funds and accounts for revenues and other funds not required to be held in the Program, and to apply and disburse such funds for the purposes of the Program. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280j. Powers and duties of the Secretary

§ 280j. Powers and duties of the Secretary
The Secretary is authorized and directed to take all necessary or incidental actions to secure for the State the benefits of ISTEA and the NHS Act, and any similar programs, including exercise of the powers:
(1) to cooperate with appropriate federal agencies in all matters related to the administration of the Program as contemplated by 23 U.S.C. § 129(a)(7) and section 350 of the NHS Act;
(2) to prepare and submit to the appropriate federal agencies applications for grants and to enter into grant agreements, cooperative agreements, operating agreements, and other agreements with the United States relating to the purposes of the Program; and
(3) to prepare and submit to the appropriate federal agencies and the Vermont General Assembly, annual and other reports and audits, in form and content satisfying federal requirements, relating to the Program. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280k. Powers and duties of the Program

§ 280k. Powers and duties of the Program
The Program is authorized and directed to take all necessary or incidental actions to secure for the State the benefits of ISTEA and the NHS Act, and any similar programs, including exercise of the powers:
(1) to establish and collect such fees, charges, and interest rates in compliance with federal requirements and as the Board determines to be reasonable, and to hold, apply and disburse such funds within or without the Program to implement the purposes of this subchapter;
(2) to establish, jointly with the Authority, fiscal controls and accounting procedures for the Program. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280l. Applications for financial assistance

§ 280l. Applications for financial assistance
(a) Any qualified borrower may file an application with the Board to obtain financial assistance from the Program. The application shall be filed in such manner and contain or be accompanied by such information as the Program may require.
(b) In addition to other requirements prescribed by the Board, an application shall:
(1) describe the nature and purpose of the proposed transportation project, including the need for the project and the reasons why the project is in the public interest;
(2) state the estimated costs of the project and the proposed sources of funding, if any, in addition to the financial assistance being sought from the Program;
(3) state the economic development benefit;
(4) demonstrate that the project has the support of the regional planning commission or the metropolitan planning organization, as the case may be, in which the project is located, which support shall not be given unless the project is in conformance with the regional plan;
(5) demonstrate conformance with Agency of Transportation design standards and level of improvement policies; and
(6) demonstrate that the public benefits of the project outweigh its public costs.
(c) Before any financial assistance under this chapter is approved for an Agency of Transportation project, the applicant shall demonstrate that:
(1) the project is part of the State’s current year transportation capital program approved by the General Assembly under 19 V.S.A. § 10g(c); or
(2) if the Legislature is not in session, the project is approved by a committee, composed of the Joint Fiscal Committee, the Chair of the House Committee on Transportation or designee, and the Chair of the Senate Committee on Transportation or designee. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280m. Loan and lease terms

§ 280m. Loan and lease terms
(a) The Board shall determine the form and content of any borrower obligation, including the term and rate or rates of interest on any loan or lease.
(b) Notwithstanding subsection (a) of this section, loans and leases financed through the application of federal monies pursuant to 23 U.S.C. § 129 or section 350 of the NHS Act shall:
(1) bear interest at or below market rates or otherwise as may be specified therein;
(2) have a repayment term of not longer than 30 years;
(3) be subject to repayment commencing not later than five years after the facility financed with the proceeds of such loan has been completed or, in the case of a highway project, the facility has opened to traffic; and
(4) be made only after all federal environmental requirements applicable to the qualified project have been complied with and all federal environmental permits obtained.
(c) Notwithstanding any provisions of this subchapter to the contrary, the Secretary may waive any of the requirements contained in this section if such waiver would not cause the loan or the Program to violate the requirements of ISTEA or the NHS Act or any other applicable federal requirement. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280n. Program Fund; accounts

§ 280n. Program Fund; accounts
(a) A State Infrastructure Bank Program Fund is created as a special fund subject to the provisions of 32 V.S.A. chapter 7, subchapter 5. The Fund shall be administered by the Authority for the purposes of the Program, in accordance with the provisions of this subchapter.
(b) The State Infrastructure Bank Program Fund shall receive funds from the following sources:
(1) any amounts required under section 350 of the NHS Act or any other federal law or program to be deposited in the highway account and such funds shall not be commingled with any other amounts on deposit in the Program;
(2) any amounts required under section 350 of the NHS Act or any other federal law or program to be deposited in the transit account and such funds shall not be commingled with any other amounts on deposit in the Program;
(3) any other State or federal funds appropriated for the Program by the General Assembly, any repayments of principal and interest of Program loans, any private monies related to the administration and operation of the Program;
(4) any grants received for the benefit of the Program.
(c) Notwithstanding 32 V.S.A. § 588(4)(A), monies may be disbursed from the Fund for Program purposes without an annual appropriation.
(d) The liabilities or obligations of the Authority with regard to its activities under the Program shall not extend beyond the funds that are deposited in the State Infrastructure Bank Program Fund, and shall not constitute a debt or pledge of the faith and credit of the State or any subdivision of the State.
(e) Any monies held in the Program shall be used solely as provided in this subchapter, subject to the applicable federal requirements.
(f) Expenditures from the Program shall be made for the following purposes:
(1) for the payment of the principal, including sinking fund payments of and premium, if any, and interest on bonds of the Authority in connection with the Program, as described in section 280o of this title, issued for the purpose of financing or refinancing any cost of a qualified project;
(2) for providing financial assistance to qualified borrowers to finance qualified projects;
(3) for the maintenance of, or provision for, any reserves, additional security, insurance, or other form of credit enhancement required or provided for in any trust agreement entered into pursuant to section 280q of this title to secure such bonds; and
(4) administration costs of the Program or for any of the foregoing. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280o. Issuance of revenue bonds

§ 280o. Issuance of revenue bonds
(a) The Authority may issue bonds to finance or refinance any cost of a qualified project or provide other financial assistance, the proceeds of which are to be deposited in the Program, or used to refinance existing obligations (whether obligations of the Authority or another entity), used to fund the cost of a qualified project.
(b) Such bonds shall be special revenue bonds of the State payable solely from revenues, credited to the Program.
(c) Notwithstanding the provisions of any law to the contrary, such bonds shall not be general obligations of the State.
(d) Bonds may be issued provided that such issuance meets the requirements of section 244 and subsections 254(b), (c), (d), (f), and (g) of this title.
(e) Sections 250, 252, and subsections 253(b), (c), and (d) of this title shall also apply to bonds issued under this subchapter, except that any reference to industrial facilities therein shall also apply to eligible projects under this subchapter.
(f) Bonds may be secured by a trust agreement entered into by the Authority, which trust agreement may pledge or assign, in whole or in part, any loan agreements or governmental obligations, and all or any part of the monies credited to the Program, subject to applicable federal requirements, and any funds or accounts established under a trust agreement, any contract or other rights to receive the same, whether then existing or coming into existence and whether then held or thereafter acquired, and the proceeds thereof. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280p. Additional security agreements, insurance, and credit enhancements

§ 280p. Additional security agreements, insurance, and credit enhancements
The Authority is also authorized to enter into additional security, insurance, or other forms of credit enhancement that may be secured on a parity or subordinate basis with the bonds. A pledge in any such trust agreement or credit enhancement agreement shall be valid and binding from the time such pledge shall be made without any physical delivery or further act, and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise, irrespective of whether such parties have notice thereof. Any such pledge shall be perfected by filing of the trust agreement or credit enhancement agreement in the records of the Authority, and no filing need be made under any other provision of law. Any such trust agreement or credit enhancement agreement may establish provisions defining defaults and establishing remedies and other matters relating to the rights and security of the holders of the bonds or other secured parties as determined by the Authority, including provisions relating to the establishment of reserves, the issuance of additional or refunding bonds, whether or not secured on a parity basis, the application of receipts, monies, or funds pledged pursuant to such agreement, hereinafter referred to as “pledged funds,” and other matters deemed necessary or desirable by the Authority for the security of such bonds, and may also regulate the custody, investment, and application of monies. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280q. Loans to qualified borrowers to finance qualified projects

§ 280q. Loans to qualified borrowers to finance qualified projects
(a) Any qualified borrower may apply to the Program for a loan to assist in financing the cost of a qualified project. At the option of the Board, and subject to applicable federal requirements, a loan may be made as secured loans or as unsecured general obligations of a qualified borrower. Each loan shall be made pursuant to a loan agreement between the Program and the qualified borrower acting by and through the officer or officers, board, committee, or other body authorized by law, or otherwise its chief executive officer.
(b) A qualified borrower may receive, apply, pledge, assign, and grant security interests in project revenues, and, in the case of a governmental unit, its general revenues to secure its obligations under loan agreements and borrower obligations as provided in this subchapter and may fix, revise, charge, and collect fees, rates, rents, assessments, and other charges of general or special application for the operation or services of any qualified project, the system of which it is a part and any other revenue producing facilities from which the qualified borrower derives project revenues to meet its obligations under any loan agreements or borrower obligation, or otherwise to provide for the construction, maintenance, and operation of a qualified project.
(c) For the purposes of entering into a loan and establishing the authorized terms and conditions thereof and for issuing any government obligations, a governmental unit shall be deemed to have the powers expressly granted to governmental units in this subchapter and the powers granted to the governmental unit in any bond act applicable to it specifically or as a member of a class of governmental instrumentalities. Liberal construction shall be given in support of the broadest interpretation of governmental unit powers derived from either this subchapter or any bonds act, provided that nothing in this subchapter shall be construed as affecting the manner of voting and other procedures of any governmental unit by the governing body thereof or any limitations on indebtedness of governmental units. (Added 1997, No. 43, § 1.)
2023 Vermont Statutes › Title 10 - Conservation and Development › Chapter 12 - Vermont Economic Development Authority › § 280r. Powers and privileges of government units

§ 280r. Powers and privileges of government units
In order to provide for the collection and enforcement of fees, rates, rents, assessments, and other charges for the operation of any qualified project, the system of which it is a part and any other revenue producing facilities from which the governmental unit derives project revenues, in addition to any other authority provided by law or any applicable bond act, governmental units are hereby granted all the powers and privileges granted to them by law with respect to any similar fee, rate, rent, assessment, or other charge. Any governmental unit may enter into agreements with the Agency:
(1) regarding the operation of a pricing system for the services producing facilities from which the governmental unit derives project revenues. Such agreements may include provisions defining the costs of such services, the qualified project and such local system and other facilities, and covenants or agreements regarding the fixing and collection of fees, rates, rents, assessments, and other charges for such costs and the maintenance of such pricing system at levels sufficient to pay or provide for all such costs and any payments due the department under any loan agreement or governmental obligations;
(2) regarding the operation of an enterprise fund established for any qualified project, and the system of which it is a part and any other revenue producing facilities from which the governmental unit derives project revenues. Such agreements may include fiscal and accounting controls and procedures, provisions regarding the custody, safeguarding, and investment of project revenues and other amounts credited thereto, the establishment of reserves and other accounts and funds and the application of any surplus funds. (Added 1997, No. 43, § 1.)