Executive Order No. 10-20 (No. 14-96) [Designation of Vermont Housing and Conservation Board as the “State Trust
Fund”]
WHEREAS, the General Assembly created the Vermont Housing and Conservation Board to
conserve and protect Vermont’s agricultural land and to date the Board has assisted
in the protection of 53,500 acres of agricultural land through the purchase of development
rights; and
WHEREAS, the Farms for the Future Act, passed by the United States Congress in 1990,
established the Agricultural Resource Conservation Demonstration Program (the “Program”)
by which the State of Vermont is eligible for federal assistance for up to five years
to acquire interests in land to protect and preserve important farmland for future
agricultural use; and
WHEREAS, under the Program, the Secretary of the U.S. Department of Agriculture (the
“Secretary”), acting through the Farmers Home Administration, will guarantee ten year
loans from lending institutions, pay all interest on such loans for the first five
years and pay the difference between the charged interest rate and the limited resource
rate, not less than 3 percent for the second five years; and
WHEREAS, by participating in the Program, the State of Vermont will increase its ability
to acquire interests in land to protect and preserve important farmland and create
a self-sustaining fund administered by the Vermont Housing and Conservation Board
which will reduce the risk of losing important farmland; and
WHEREAS, in order to qualify for federal assistance this year, the State must (i)
demonstrate that State/private assistance is available for acquiring interests in
land to protect and preserve important farmlands for future agricultural use; (ii)
designate a State trust fund; and (iii) negotiate and sign an Agreement with the Secretary;
and
WHEREAS, implementation of the federal Program will require a concerted and coordinated
effort by State and local governments, private nonprofit corporations, lending institutions
and the Secretary;
NOW THEREFORE, BE IT RESOLVED THAT I, Howard Dean, M.D., Governor of the State of
Vermont, by the power vested in me by 3 V.S.A. Chapter 41, do hereby designate the Vermont Housing and Conservation Board (the “Board”) as
the “State trust fund” for purposes of the Agricultural Resource Conservation Demonstration
Program, passed by the United States Congress in 1990 (the “Program”).
1. The Board is authorized to negotiate and sign an Agreement with the Secretary of the
U.S. Department of Agriculture (the “Secretary”), so that the State of Vermont will
receive federal assistance under the Program which will be used exclusively to implement
and effectuate the policies and purposes of the Vermont Housing and Conservation Trust
Fund Act, Title 10, Chapter 15 (1987, No. 88, § 1, eff. June 11, 1987) to facilitate the acquisition of interests in land to protect and preserve important
farmlands for future agricultural use in the State of Vermont;
2. The Board shall advise the Secretary of the amount of State/private assistance Vermont
will make available for acquiring interests in land to protect and preserve important
farmlands for future agricultural use and provide the Secretary with necessary verification;
3. Once the Secretary notifies the State of Vermont that it is eligible to receive federal
assistance under the Program, the Board is authorized to borrow funds from a lending
institution, provided that the loan is guaranteed by the Secretary and that the loan
proceeds are used exclusively to implement and effectuate the policies and purposes
of the Vermont Housing and Conservation Trust Fund Act;
4. During Vermont’s participation in the Program, the Board shall work with the General
Assembly, the State Treasurer, municipalities, foundations, nonprofit corporations,
businesses and private parties to set the amount of assistance the State of Vermont
will make available in State/private assistance for acquiring interests in land to
protect and preserve important farmlands for future agricultural use so that the State
of Vermont will continue to be eligible for federal assistance under the Program;
5. As part of its annual report to the Governor and the General Assembly, the Board shall
include a full financial report of funds received under the Program and a list and
a description of activities supported with such funds.
This Executive Order shall take effect upon signing and shall supersede Executive
Order #98-90 adopted December 20, 1990.
Dated September 10, 1996.