§ 4781. Eligibility and loan application (a) The Vermont Economic Development Authority (VEDA) is authorized to make loans on behalf of the State to private entities for a clean water project; provided, however, that no State funds are used. Such loans shall be issued and administered by VEDA pursuant to this subchapter. (b) A private […]
§ 4782. Conditions of loan agreement (a) VEDA may make loans to applicants on behalf of the State for one or more of the purposes set forth in subsection 4781(b) of this title. Each loan shall be made subject to the following conditions: (1) The loan shall be evidenced by a note payable over a […]
§ 4783. Qualifications for eligibility; certification No loan to an applicant shall be made under this subchapter until: (1) The applicant has certified all of the following to VEDA: (A) all State and federal permits and licenses necessary to undertake the project for which financing has been sought will be obtained prior to the expenditure […]
§ 4784. Loan priorities (a) The Secretary shall at least annually prepare and certify to VEDA a list of privately owned clean water projects, ranked in priority order, that are eligible for financial assistance under this subchapter. (b) In determining financing ability for clean water projects under this subchapter, the Secretary shall apply the criteria […]
§ 4785. Liability against default Under no circumstance shall the State become responsible for owning or operating a clean water project when the loan recipient defaults on a loan obligation or abandons the project. (Added 2017, No. 185 (Adj. Sess.), § 11, eff. May 28, 2018.)
§ 4786. Action for receivership Upon default of a loan, VEDA shall have the right to petition the Superior Court in the county in which the clean water project is located, or the Public Utility Commission for projects subject to the jurisdiction of the Commission, to appoint a receiver. (Added 2017, No. 185 (Adj. Sess.), […]
§ 4787. Loan consolidation Loans, or the outstanding balance of loans, made for the purpose of preparing engineering plans for a project may be consolidated with any subsequent loans for construction. (Added 2017, No. 185 (Adj. Sess.), § 11, eff. May 28, 2018.)
