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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 10 : Conservation and Development

Chapter 012 : VERMONT ECONOMIC DEVELOPMENT AUTHORITY

Subchapter 005 : DIRECT MORTGAGE LOANS

(Cite as: 10 V.S.A. § 261)
  • § 261. Additional powers

    In addition to powers enumerated elsewhere in this chapter, the Authority may:

    (1) Make loans secured by mortgages, which may be subordinate to one or more prior mortgages, upon application by the proposed mortgagor, who may be a private corporation, 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 subchapter 3 of this chapter. The Authority may provide for the repayment and redeposit of such loans in the manner provided hereinafter.

    (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 mortgages and make payments on prior mortgages 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. Monies used by the Authority in the purchase of any prior mortgages, or any payments thereon, shall be withdrawn from the Vermont Jobs Fund, and any monies derived from the sale of any prior mortgages shall be deposited by the Authority in the Vermont Jobs Fund.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.)