Title 10, Title 10: Conservation and Development

§ 622. Powers relative to purchase of and sale to mortgage lenders of mortgage loans; loans through mortgage lenders The Agency shall have the following powers in addition to others granted in this chapter: (1) To invest in, purchase or make commitments to purchase, and take assi…

§ 623. Terms and conditions of the purchase and sale to mortgage lenders of mortgage loans; loans through mortgage lenders (a) No mortgage or other obligation purchased from a mortgage lender shall be eligible for purchase or commitment to purchase by the Agency hereunder unless …

§ 624. Making of loans to housing sponsors (a) The Agency may: (1) Make, undertake commitments to make, purchase, undertake commitments to purchase, and participate with mortgage lenders in the making of mortgage loans, and to make grants, loans, and advances to housing sponsors …

§ 625. Procedure prior to financing of multi-family housing undertaken by housing sponsors The Agency may not finance any residential housing undertaken by a housing sponsor under subdivision 624(a)(1) of this title unless: (1) the residential housing is primarily for occupancy b…

§ 626. Rules; insulation of structures (a) The Agency may adopt rules, but they shall be under 3 V.S.A. chapter 25, providing standards for the insulation, design, and equipping of buildings to minimize, insofar as is practicable and economical, the transfer of heat or cold betwe…

§ 627. Mortgage purchases (a) In addition to other powers granted in this chapter, the Agency shall have the power to participate with mortgage lenders in a program whereby mortgage loans, rehabilitation loans, and eligible securities are purchased from mortgage lenders by the Ag…

§ 628. Mortgage credit certificates In addition to other powers granted in this chapter, the Agency shall have the power to establish a qualified mortgage credit certificate program and to issue mortgage credit certificates as provided in this section. The terms “qualified mortga…

§ 631. Bonds and notes (a)(1) The Agency may issue its negotiable notes and bonds in such principal amount as the Agency determines to be necessary to provide sufficient funds for achieving any of its corporate purposes, including the payment of interest on notes and bonds of the…

§ 632a. Reserve and pledged equity funds (a) The Agency may create and establish one or more special funds, herein referred to as “debt service reserve funds” or “pledged equity funds.” (b) The Agency shall pay into each debt service reserve fund: (1) Any monies appropriated and …

§ 633. Refunding obligations — Issuance The Agency may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding that have been issued under the provisions of this chapter, including the payment of any redemption premium there…

§ 634. Refunding obligations — Sale Refunding obligations issued as provided in section 633 of this title may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes…

§ 635. Remedies of bondholders and noteholders (a) In the event that the Agency defaults in the payment of principal or of interest on any bonds or notes issued under this chapter after they become due, whether at maturity or upon call for redemption, and the default continues fo…

§ 636. Pledge of the State The State does hereby pledge to and agree with the holders of the notes and bonds issued under this chapter that the State will not limit or restrict the rights hereby vested in the Agency to perform its obligations and to fulfill the terms of any agree…

§ 637. Sovereign immunity, credit of State not pledged The Agency shall have the benefit of sovereign immunity to the same extent as the State of Vermont. Commissioners, officers, employees, and the executive director of the Agency shall be deemed employees of the State for purpo…

§ 638. Notes and bonds as legal investments Notwithstanding any other law, the State and all public officers, governmental units, and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, inves…

§ 639. Annual reports; audit (a) On or before the last day of January in each year, the Agency shall submit a report of its activities for the preceding fiscal year to the Governor and to the General Assembly, specifically the committees in the House and Senate with jurisdiction …

§ 640. Authorization to accept appropriated monies The Agency is authorized to accept and expend such monies as may be appropriated or approved from time to time by the General Assembly for effectuating its corporate purposes including the payment of the initial expenses of admin…

§ 641. Tax exemption (a) All property of the Agency is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes, franchise fees, and special assessments of whatever nature of the State or any subdivision. All bonds or notes…

§ 642. Liberal construction Neither this chapter nor anything herein contained is or shall be construed as a restriction or limitation upon any powers that the Agency might otherwise have under any laws of this State, and this chapter is cumulative to any such powers. This chapte…

§ 643. Inconsistent provisions in other laws superseded Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general, special, or local, the provisions of this chapter shall be controlling. (Added 1973, No. 260 (Adj. Sess.), § 3, eff. A…