Title 24, Title 24: Municipal and County Government

§ 1887. Short title The provisions of this subchapter shall be known as the “Vermont Municipal Bond Registration Act.” (Added 1983, No. 24, § 1, eff. April 6, 1983.)

§ 1891. Definitions As used in this subchapter: (1) “Municipality” means a city, town, or incorporated village. (2) “District” or “TIF” means a tax increment financing district. (3) “Legislative body” means the mayor and alderboard, the city council, the selectboard, and the pres…

§ 1892. Creation of district (a) Upon a finding that such action will serve the public purposes of this subchapter and subject to subsection (d) of this section, the legislative body of any municipality may create within its jurisdiction a special district to be known as a tax in…

§ 1893. Purpose The purpose of tax increment financing districts is to provide revenues for improvements that serve the district and related costs, which will stimulate development or redevelopment within the district, provide for employment opportunities, improve and broaden the…

§ 1894. Power and life of district (a) Incurring indebtedness. (1) A municipality approved under 32 V.S.A. § 5404a(h) may incur indebtedness against revenues of the tax increment financing district at any time during a period of up to five years following the creation of the dist…

§ 1895. Original taxable value (a) Certification. As of the date the district is created, the lister or assessor for the municipality shall certify the original taxable value and shall certify to the legislative body in each year thereafter during the life of the district the amo…

§ 1896. Tax increments (a) In each year following the creation of the district, the listers or assessor shall include not more than the original taxable value of the real property in the assessed valuation upon which the treasurer computes the rates of all taxes levied by the mun…

§ 1898. Powers supplemental; construction (a) The powers conferred by this subchapter are supplemental and alternative to other powers conferred by law, and this subchapter is intended as an independent and comprehensive conferral of powers to accomplish the purposes set forth he…

§ 1899. Bonds as legal investments All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking or investment business; all insurance companies, in…

§ 1900. Distribution In addition to all other provisions of this subchapter, with respect to any tax increment financing district, of the municipal and education tax increments received in any tax year that exceed the amounts committed for the payment of the financing for improve…

§ 1901. Information reporting Every municipality with an active tax increment financing district shall: (1) Develop a system, segregated for the tax increment financing district, to identify, collect, and maintain all data and information necessary to fulfill the reporting requir…

§ 1903. Definitions As used in this subchapter: (1) “District” or “TIF” means a tax increment financing district. (2) “Improvements” means the installation, new construction, or reconstruction of infrastructure to benefit a municipal tax increment financing district, including ut…

§ 1904. Municipal tax increment financing district (a) General authority. Notwithstanding any provision of subchapter 5 of this chapter or 32 V.S.A. § 5404a to the contrary, upon approval of the legislative body of any municipality, a municipality may create a municipal tax incre…

§ 1906. Definitions As used in this subchapter: (1) “Affordable housing” has the same meaning as in section 4303 of this title. (2) “Affordable housing development” means a housing development of which at least 15 percent of the units are affordable housing units. Affordable unit…

§ 1907. Purpose The purpose of the Community and Housing Infrastructure Program is to encourage the development of new primary residences for households of low and moderate income across both rural and urban areas of all Vermont counties that would not be created but for the infr…

§ 1908. Creation of housing infrastructure project and housing development site (a) The legislative body of a municipality may create within its jurisdiction a housing infrastructure project, which shall consist of improvements that stimulate the development of housing, and a hou…

§ 1909. Housing infrastructure agreement (a) The housing infrastructure agreement for a housing infrastructure project shall: (1) clearly identify the sponsor for the housing infrastructure project; (2) clearly identify the developer and the housing development for the housing de…

§ 1910. Housing infrastructure project application; Vermont Economic Progress Council (a) Application. A municipality, upon approval of its legislative body, may apply to the Vermont Economic Progress Council to use tax increment financing for a housing infrastructure project. (b…

§ 1910a. Indebtedness (a) A municipality approved for tax increment financing under section 1910 of this subchapter may incur indebtedness against revenues of the housing development site at any time during a period of up to five years following the creation of the housing develo…

§ 1910b. Original taxable value; tax increment (a) As of the date the housing development site is created, the lister or assessor for the municipality shall certify the original taxable value and shall certify to the legislative body in each year thereafter during the life of the…

§ 1910c. Use of tax increment; retention period (a) Uses of tax increments. A municipality may apply tax increments retained pursuant to this subchapter to debt incurred within the period permitted under section 1910a of this subchapter, to related costs, and to the direct paymen…

§ 1910d. Information reporting (a) A municipality with an active housing infrastructure project shall: (1) develop a system, segregated for the housing infrastructure project, to identify, collect, and maintain all data and information necessary to fulfill the reporting requireme…

§ 1910e. Auditing Annually on or before April 1 until the year following the end of the period for retention of education property tax increment, a municipality with a housing infrastructure project approved under this subchapter shall ensure that the special tax increment financ…

§ 1910f. Rulemaking; guidance (a) Authority to adopt rules and guidance. (1) The Vermont Economic Progress Council may adopt rules that are reasonably necessary to implement this subchapter. (2) The Vermont Economic Progress Council shall issue guidance to implement this subchapt…