Title 10, Conservation and Development

§ 280ii. Vermont Agricultural Credit Program (a) The Vermont Agricultural Credit Program provides 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 s…

§ 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 appropr…

§ 280jj. General powers (a) The Authority shall have the powers necessary to carry out the purposes and provisions of this Program and subchapter, including those general powers conferred on the Authority in section 216 of this title. (b) The Authority shall have the powers neces…

§ 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…

§ 280kk. Loan eligibility standards A farmer, forest products business, or a limited liability company, partnership, corporation, or other business entity with a minimum 20 percent ownership of which is vested in one or more farmers, forest products businesses, or a nonprofit cor…

§ 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 requ…

§ 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…

§ 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 provisi…

§ 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 obligati…

§ 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…

§ 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…

§ 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 f…

§ 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 authori…

§ 280t. Security agreements securing borrower obligations; pledges of general revenues or project revenues (a) Governmental obligations may be secured by one or more security agreements between the governmental unit and a corporate trustee, which may be a trust company or bank ha…

§ 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…

§ 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 f…

§ 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 …

§ 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 ef…

§ 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.)