Skip to navigation Skip to content Skip to subnav
Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 120 : SPECIAL ENVIRONMENTAL REVOLVING FUND

Subchapter 003 : PRIVATE LOANS

(Cite as: 24 V.S.A. § 4772)
  • § 4772. Qualifications for eligibility; certification

    No loan to an applicant shall be made under this subchapter until:

    (1) The applicant has certified to VEDA that:

    (A) all State and federal permits and licenses, including land use, subdivision, water supply and wastewater permits, and water supply construction and operating permits, necessary to undertake the project for which financing has been sought will be obtained prior to expending construction funds under the loan;

    (B) the applicant has established a rate charge or assessment schedule that will generate sufficient revenue to pay the principal and interest on the loan and to pay reasonably anticipated costs of operating and maintaining the financed project and the system of which it is a part. VEDA may require that the rate charge or assessment schedule be approved by VEDA prior to approving a loan. Nothing in this subchapter shall affect the obligation of an applicant who is subject to the jurisdiction of the Public Utility Commission under 30 V.S.A. § 102 and 203(3) to obtain prior approval of a rate change from such Commission pursuant to 30 V.S.A. § 225;

    (C) if the applicant is subject to the jurisdiction of the Public Utility Commission under 30 V.S.A. §§ 102 and 203(3), it has obtained the following approvals and has provided VEDA with copies of those approvals:

    (i) the certificate of public good issued by the Public Utility Commission pursuant to 30 V.S.A. §§ 231 (public good) and 108 approving the loan; and

    (ii) the decision and order of the Public Utility Commission approving rates that are to be charged by the applicant.

    (2) The Secretary has certified to VEDA that:

    (A) the applicant and the project qualify for financing or assistance under section 4773 of this title and that the project has priority for receipt of financial assistance; and

    (B) the applicant has or as a result of the proposed project will have the technical, managerial, and financial capability to ensure compliance with the requirements of the federal Safe Drinking Water Act as amended. (Added 1997, No. 62, § 75, eff. June 26, 1997; amended 1997, No. 134 (Adj. Sess.), § 5.)