§ 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 under this subchapter. (4) “Bond act” means any general or special law authorizing a governmental […]
§ 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 State by providing jobs and other economic opportunities for the people of the State […]
§ 280f. Applicability of general provisions The definitions under section 212 of this chapter shall not apply to this subchapter. (Added 1997, No. 43, § 1.)
§ 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 conditions and requirements respecting any grant, gift, […]
§ 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 received by the Agency or the State and eligible for deposit therein […]
§ 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: (1) to provide financial assistance, including through […]
§ 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 appropriate federal agencies in all matters related to […]
§ 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 fees, charges, and interest rates in […]
§ 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 require. (b) In addition to other requirements prescribed by the Board, […]
§ 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 of federal monies pursuant to 23 U.S.C. § […]
§ 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 provisions of this subchapter. (b) The State Infrastructure […]
§ 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 obligations of the Authority or another entity), used to fund […]
§ 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 trust agreement or credit enhancement agreement shall be valid and binding […]
§ 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 as secured loans or as unsecured […]
§ 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 from which the governmental unit derives project revenues, in […]
§ 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 (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 (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 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 […]
§ 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 pursuant to this subchapter that shall be open to inspection by any officer […]
