The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
005
:
DIRECT LOANS
(Cite as: 10 V.S.A. § 264)
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§ 264. Accelerated repayment provisions
Any direct loan made on or after July 1, 1988 under this subchapter shall be conditioned
upon the maintenance of a reasonable level of employment at the facility or facilities
owned by the obligor and pledged as security for the loan. For the purposes of this
section, a reasonable level of employment shall be deemed not to have been maintained
whenever an obligor employing 50 or more employees at such facility or facilities
permanently transfers, within any three-year period, 50 percent or more of those employees
or employment positions to any out-of-state facility. Upon breach of this condition,
the Authority may declare all principal and interest of the loan immediately due and
payable and may commence foreclosure on any property held as security for the loan
or take any other lawful steps to obtain payment. (Added 1987, No. 203 (Adj. Sess.), § 4, eff. May 27, 1988; amended 2025, No. 26, § 1, eff. July 1, 2025.)