The Vermont Statutes Online
Subchapter 003 : Private Loans(Cite as: 24 V.S.A. § 4770)
§ 4770. Eligibility
(a) For the purpose of this subchapter, "VEDA" means the Vermont economic development authority which is authorized to make loans on behalf of the state under this chapter when the loan recipient is a privately-owned public water system. Such loans shall be issued and administered by VEDA pursuant to this subchapter.
(b) The owner or owners of a privately-owned community water system or a privately-owned nonprofit, noncommunity public water system may apply to VEDA for a loan from the Vermont EPA drinking water state revolving fund established under subchapter 1 of this chapter, the proceeds of which may be used to acquire requisite permits, design, plan, construct, repair, or improve an existing privately-owned public community water system in order to comply with federal and state standards and protect the public health. In addition, the owner or owners of a privately-owned, nonprofit community water system may apply to VEDA for a loan from the Vermont drinking water planning loan fund established in section 4753 of this chapter.
(1) A municipality, as defined under section 126 of Title 1, is not eligible for a loan under this subchapter.
(2) A nonprofit organization is eligible to apply for a loan under this subchapter if that organization qualifies as tax exempt.
(c) VEDA and the secretary may prescribe any form of application or procedure required of the applicant for a loan hereunder, and may impose an application and an administrative fee determined reasonable and necessary to cover administrative costs. Fee proceeds shall be deposited in the administrative fee account established in subsection 4755(a) of this chapter. The loan application shall request such information as VEDA deems necessary to implement this subchapter.
(d) Notwithstanding the eligibility criteria of subsection (a) of this section, loan proceeds may not be used for:
(1) laboratory fees for monitoring;
(2) operations and maintenance expenses; or
(3) projects primarily intended to serve future growth. (Added 1997, No. 62, § 75, eff. June 26, 1997; amended 1997, No. 134 (Adj. Sess.), § 4; 1997, No. 148 (Adj. Sess.), § 50, eff. April 29, 1998; 2001, No. 61, § 40, eff. June 16, 2001.)