The Vermont Statutes Online

Title 16 : Education

Chapter 131 : Educational and Health Buildings Financing Agency

• § 3851. Definitions

  (a) “Agency” means the Vermont Educational and Health Buildings Financing Agency.

  (b) “Facilities” means all or any part of any building, improvements to real property, equipment, furnishings, appurtenances, utilities, and other property, real or personal, determined by the Agency to be necessary or convenient in the operation of any eligible institution, including facilities previously acquired or constructed by such eligible institution.

  (c) “Eligible institution” means any:

  (1) nonprofit library that serves the public;

  (2) private or independent nonprofit university, college, primary or secondary school in the State;

  (3) the University of Vermont;

  (4) the Vermont State Colleges; or

  (5)(A) nonprofit hospital as defined in 18 V.S.A. § 1902;

  (B) nonprofit institution whose purpose is devoted primarily to the maintenance and operation of diagnostic and therapeutic facilities for medical, surgical, or psychiatric care of ambulatory patients;

  (C) nonprofit licensed nursing home; or

  (D) nonprofit assisted living facility, nonprofit continuing care retirement facility, nonprofit residential care facility, or similar nonprofit facility for the continuing care of elders or the infirm, provided that such facility is owned by or under common ownership with an otherwise eligible institution, and in the case of facilities to be financed for an eligible institution provided by this subdivision (5) of this subsection (c), for which the Green Mountain Care Board, if required, has issued a certificate of need.

  (d) “Bonds” means bonds authorized to be issued by the Agency under this chapter. “Notes” means notes authorized to be issued by the Agency under this chapter.

  (e) “Cost” as applied to any facilities may embrace the cost of construction; the cost of acquisition, including the acquisition of all lands, structures, property, rights, rights of way, franchises, easements, and interests in land required for the construction or operation of any facilities; the cost of demolishing or removing any buildings or structures upon land acquired hereunder, including the cost of acquiring any lands to which the buildings or structures may be moved; the cost of all furnishings, equipment and machinery, financing charges, interest prior to and during construction or acquisition and, if deemed advisable by the Agency, for a period not exceeding two years after completion of construction or acquisition, provision for reserves, cost of architectural, engineering, financial, and legal services, plans and specifications, studies, surveys, estimates of cost and of revenue, administrative expenses, expenses necessary or incident to determining the feasibility of the facilities; and any other expenses as may be necessary or incident to the construction or acquisition of the facilities, the financing thereof, and the placing of the facilities in operation. Any obligation or expense incurred by the Agency prior to the issuance of bonds for the facilities in connection with any of the foregoing items may be included as part of the cost; provided, however, that there may be included as part of the cost the payment or reimbursement to any eligible institution of its expenditures in connection with the acquisition or construction of any facilities incurred by such eligible institution not earlier than 25 years before the financing thereof by the Agency.

  (f) “Financing agreement” means the agreement or agreements between the agency and any eligible institution or guarantor in respect of any facilities, under which the payments to the Agency shall be at least sufficient to pay all of the principal of and interest and any redemption premiums on, and to provide and maintain any reserves for, the bonds or notes that shall be issued by the Agency to pay the cost of such facilities, and to pay the expenses of the Agency in connection therewith, and without limiting the generality thereof, may consist of an agreement of lease, an installment sale contract, a purchase agreement, a conditional sale agreement, a loan agreement, a purchase money mortgage, a lease and leaseback, a lease or leases directly or indirectly with the eligible institution, or such other financing agreement or any combination of the foregoing, as the Agency may determine.

  (g) “Guarantor” means any person liable, directly or indirectly, under the provisions of a financing agreement for the unsatisfied obligations of the eligible institution under that agreement, whether designated a guarantor, surety, accommodation party, insurer, or other designation. (Added 1966, No. 56 (Sp. Sess.); § 2, eff. March 12, 1966; amended 1969, No. 224 (Adj. Sess.), § 1, eff. March 31, 1970; 1971, No. 67, §§ 1, 2, eff. April 15, 1971; 1979, No. 93 (Adj. Sess.), § 1, eff. Feb. 28, 1980; 1987, No. 30; 1991, No. 24, § 10; 1997, No. 148 (Adj. Sess.), § 68, eff. April 29, 1998; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2013, No. 79, § 49a; 2013, No. 96 (Adj. Sess.), § 80; 2019, No. 131 (Adj. Sess.), § 114.)