§ 280aa. Findings and purpose
§ 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 flexible, risk-based capital. (2) Because the primary assets of Vermont-based businesses in seed, start-up, and […]
§ 280bb. Vermont Entrepreneurial Lending Program
§ 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-based businesses in seed, start-up, and growth stages. The Program shall specifically seek to fulfill capital requirement […]
§ 280cc. Creation; purpose; definitions
§ 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 for projects that stimulate and encourage development and deployment of […]
§ 280dd. Loan programs administered within the Fund
§ 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 originated under the following programs: (A) The Small Business Energy Efficiency Loan Program, under which the […]
§ 280ee. Broadband Expansion Loan Program
§ 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 part of a plan to achieve universal broadband coverage in a municipality or […]
§ 280ff. Funding
§ 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 Authority are based on the Authority’s contributions to loan loss reserves for the Program in […]
§ 280s. Borrower obligations
§ 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 authorized a loan in accordance with this subchapter and the issuance of governmental […]
§ 280t. Security agreements securing borrower obligations; pledges of general revenues or project revenues
§ 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 having the powers of a trust company within or without the State, or […]
§ 280u. Guarantees; other credit enhancement
§ 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 assets and obligations directly covered by guarantees or other forms of […]
§ 280v. Termination of the Program; remaining assets and liabilities
§ 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 for the payment or satisfaction thereof. Upon termination of the […]