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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 120 : SPECIAL ENVIRONMENTAL REVOLVING FUND

Subchapter 002 : Municipal Loans

(Cite as: 24 V.S.A. § 4763a)
  • § 4763a. Loans for potable water supplies

    When a household has been involuntarily disconnected from a public water supply system and that disconnection did not occur as a result of nonpayment of fees, a loan may be made to a municipality from the Vermont Drinking Water Revolving Loan Fund, established in section 4753 of this title, for the design, land acquisition if necessary, and construction of a potable water supply, as that term is defined in 10 V.S.A. chapter 64. In such cases, the following conditions shall apply:

    (1) Guaranteed repayment of the loan will be based on a municipal bond, but actual repayment may be made with funds from the owner of the potable water supply, as set forth in an agreement between the owner and the municipality.

    (2) All conditions and limitations of section 4755 of this title shall apply to loans made under this section.

    (3) No loan shall be made to a municipality under this section nor shall any part of any revolving loan made under this section be expended until both of the following take place:

    (A) The Secretary certifies to the Bond Bank that the wastewater system and potable water supply permit necessary for the design and construction of the proposed potable water supply to be financed by the loan have been issued to the owner of the supply.

    (B) The applicant municipality certifies to the Bond Bank that the owner of the proposed potable water supply has secured all State and federal permits, licenses, and approvals necessary to construct and operate the improvements to be financed by the loan. (Added 2011, No. 104 (Adj. Sess.), § 28f, eff. May 7, 2012.)