Title 10, Conservation and Development

§ 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, t…

§ 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…

§ 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 inves…

§ 253. Authority projects (a) The Authority 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 t…

§ 254. Authority bonds (a) From time to time the Authority may issue bonds to pay project costs of a project that has been approved by the Authority, to reimburse a user for the payment of costs made before or after the bonds are issued or to refund bonds previously issued. (b) N…

§ 261. Additional powers In addition to powers enumerated elsewhere in this chapter, the Authority may: (1) Make loans secured by mortgages or other assets, which may be subordinate to one or more prior mortgages or liens, upon application by the proposed obligor, who may be a pr…

§ 262. Findings Before making any loan, the Authority shall receive from an applicant a loan application in such form as the Authority may by rule prescribe, and the Authority, or the Authority’s loan officer pursuant to the provisions of subdivision 216(15) of this title, shall …

§ 263. Loan; limitations (a) When it has been determined by the Authority that the establishment or expansion of a particular eligible facility will accomplish the public purposes of this act, the Authority may contract to loan to the obligor an amount not in excess of 40 percent…

§ 264. Accelerated repayment provisions Any direct 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 obligor and pledged as security for the loan. For t…

§ 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 exten…

§ 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 opportunit…

§ 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 Job…

§ 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 flexibl…

§ 280b. The Vermont Sustainable Jobs Strategy (a)(1) Before issuing any funds to an eligible facility or eligible project under section 280a of this title, the Authority shall make a determination that the facility or project materially supports one of the following objectives: (…

§ 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-base…

§ 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 f…

§ 280d. Definitions As used in this subchapter: (1) “Agency” means the Agency of Transportation. (2) “Authority” means the Vermont Economic Development Authority established under section 213 of this title. (3) “Board” means the State Infrastructure Bank Board as established unde…

§ 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 origin…

§ 280e. State Infrastructure Bank Program (a) There is created a State Infrastructure Bank Program, to be a program to assist the improvement, rehabilitation, expansion, and construction of transportation projects within the State to contribute to the economic welfare of the Stat…

§ 280ee. Broadband Expansion Loan Program (a) Creation. There is established within the Authority the Vermont Broadband Expansion Loan Program, the purpose of which is to enable the Authority to make loans that expand broadband service to unserved and underserved Vermonters as pa…

§ 280f. Applicability of general provisions The definitions under section 212 of this chapter shall not apply to this subchapter. (Added 1997, No. 43, § 1.)

§ 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 Au…

§ 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 …

§ 280gg. Disaster Recovery Loan Fund (a)(1) There is established within the Authority the Vermont Disaster Recovery Loan Fund, referred to in this subchapter as “the Fund,” the purpose of which is to enable the Authority to provide loans and other forms of financial assistance to…

§ 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 re…

§ 280hh. Definitions As used in this subchapter: (1) “Agricultural facility” means land and rights in land, buildings, structures, machinery, and equipment that is used for, or will be used for, producing, processing, preparing, packaging, storing, distributing, marketing, or tra…

§ 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: (…

§ 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.)