§ 261. Additional powers
In addition to powers enumerated elsewhere in this chapter, the Authority may:
(1) Make loans secured by mortgages or other assets, which may be subordinate to one or
more prior mortgages or liens, upon application by the proposed obligor, who may be
a private corporation, nonprofit organization, partnership, person, or municipality
financing an eligible project described in subdivision 212(6) of this title, upon such terms as the Authority may prescribe, for the purpose of financing the
establishment or expansion of eligible facilities. Such loans shall be made from the
Vermont Jobs Fund established under this chapter. The Authority may provide for the
repayment and redeposit of such loans as provided in this subchapter.
(2) Take title by foreclosure to any eligible facility where such acquisition is necessary
to protect any loan previously made by the Authority; pay all costs arising out of
such foreclosure and acquisition from monies held in the Vermont Jobs Fund; and sell,
transfer, and convey any such eligible facility to any responsible buyer. If the sale,
transfer, and conveyance cannot be effected with reasonable promptness, the Authority
may, in order to minimize financial losses and sustain employment, lease the eligible
facility to a responsible tenant or tenants.
(3) Purchase prior secured loans and make payments on prior secured loans on any eligible
facility where the purchase or payment is necessary to protect any loan previously
made by the Authority. In addition, the Authority may sell, transfer, convey, and
assign any such prior mortgage or security. Monies used by the Authority in the purchase
of any prior mortgage or security, or any payments thereon, shall be withdrawn from
the Vermont Jobs Fund, and any monies derived from the sale of any prior mortgage
or security shall be deposited by the Authority in the Vermont Jobs Fund.
(4) Purchase and own personal property for the purpose of leasing such personal property
under financing leases, which leases transfer the ownership of leased personal property
to each lessee following the payment of all required lease payments as specified in
each lease agreement.
(5) Execute lease agreements pursuant to subdivision (4) of this section.
(6) Provide loans and assistance under this subchapter for the planning, development,
or improvement of an industrial park or an eligible project within an industrial park. (Added 1973, No. 197, (Adj. Sess.), § 1; amended 1975, No. 187 (Adj. Sess.), § 4; 1993, No. 89, § 3, eff. June 15, 1993; 1995, No. 46, § 10, eff. April 20, 1995; 2013, No. 199 (Adj. Sess.), § 36; 2015, No. 41, § 23, eff. June 1, 2015; 2021, No. 91 (Adj. Sess.), § 1, eff. April 20, 2022; 2025, No. 26, § 1, eff. July 1, 2025.)