The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 10 : Conservation and Development
Chapter 012 : Vermont Economic Development Authority
Subchapter 011 : State Infrastructure Bank Program
(Cite as: 10 V.S.A. § 280d)-
§ 280d. Definitions
As used in this subchapter:
(1) “Agency” means the Agency of Transportation.
(2) “Authority” means the Vermont Economic Development Authority established under section 213 of this title.
(3) “Board” means the State Infrastructure Bank Board as established under this subchapter.
(4) “Bond act” means any general or special law authorizing a governmental unit to incur indebtedness for all or any part of the cost of a qualified project.
(5) “Bonds” means bonds, notes, or other evidence of indebtedness.
(6) “Borrower obligations” means government obligations or a promissory note of a private enterprise issued to evidence a loan.
(7) “Cost,” as applied to any qualified project, means any or all costs, whenever incurred, approved by the Agency, of carrying out a qualified project, including costs for preliminary planning or legal, fiscal, and economic investigations, reports, and studies to determine the economic or engineering feasibility of a qualified project; engineering and architectural reports, studies, surveys, designs, plans, working drawings, and specifications necessary in the construction of a qualified project; construction; expansion; facilities; improvement and rehabilitation; acquisition of real property, personal property, materials, machinery, or equipment; start-up costs; demolitions and relocations; reasonable reserves and working capital; interest on loans, borrower obligations and notes in anticipation thereof prior to and during construction of such qualified project or prior to the date of such loan, if later; administrative, legal, and financing expenses; and other expenses necessary or incidental to the above.
(8) “Financial assistance” means any financial assistance for a qualified project provided by the Board under the Program, including loans to and leases with qualified borrowers, the establishment of reserves and other security, and guarantees of and credit enhancement for the obligations of governmental units and private enterprises incurred in connection with the financing of qualified projects.
(9) “General revenues” when used with reference to a governmental unit means revenues, receipts, assessments, and other monies of a governmental unit, and all rights to receive the same, including revenue permitted to be collected by municipalities, project revenue, assessments upon or payments received from any other governmental unit that is a member or service recipient of the governmental unit, proceeds of loans made in accordance with this subchapter and of grants made in accordance with State transportation or highway grant programs, investment earnings, reserves for debt service or other capital or current expenses, receipts from any rate, charge, tax excise, or fee, all or a part of the receipts of which are payable or distributable to or for the account of the governmental unit, local aid distributions, if any, and receipts, distributions, reimbursements, and other assistance from the State or the United States; provided, however, that general revenues shall not include any monies restricted by law to specific statutorily defined purposes inconsistent with their treatment as general revenues for purposes of this subchapter.
(10) “Government obligations or governmental obligations” means bonds, notes, or other evidence of indebtedness issued by a government unit to evidence a loan.
(11) “Government unit or governmental unit” means any municipality, regional development corporation that is qualified pursuant to 24 V.S.A. chapter 76, or other instrumentality of the State or any of its political subdivisions, that is responsible for the construction, ownership, or operation of a qualified project.
(12) “Guarantee” means a contract or contracts entered into by the Program pursuant to which the Program agrees to guarantee all or a portion of the obligations of a governmental unit or private enterprise incurred to finance a qualified project.
(13) “Highway account” means the highway account of the Program, established under this subchapter.
(14) “ISTEA” means the federal Intermodal Surface Transportation Efficiency Act of 1991, P.L. 102-240, as amended.
(15) “Lease” means any form of capital or operating lease for all or a portion of a qualified project between the Program and a governmental unit or private enterprise.
(16) “Loan” means any form of financial assistance subject to repayment which is provided by the Program to a qualified borrower for all or any part of the cost of a qualified project. A loan may provide for planning, construction, bridge, or permanent financing, and be disbursed in anticipation of reimbursement for or direct payment of costs of a qualified project or take the form of a guarantee, line of credit, or other form of financial assistance.
(17) “Loan agreement” means any agreement entered into between the program and a qualified borrower pertaining to a loan or lease. A loan agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of a qualified project or any other provisions as the Board may reasonably determine. The term “loan agreement” shall include a loan agreement, lease, trust agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note resolution, loan order, or similar instrument whether secured or unsecured.
(18) “NHS Act” means the federal National Highway System Designation Act of 1995, P.L. 104-59, as amended.
(19) “Private enterprise” means a private person or entity that has entered into a contract with a public authority to design, finance, construct, or operate a qualified project that is within the jurisdiction of such public authority, provided that the public authority is responsible for complying with all applicable requirements of ISTEA and the NHS Act with respect to such qualified project.
(20) “Program” means the State Infrastructure Bank Program established pursuant to this subchapter.
(21) “Project revenues” means all rates, rents, fees, assessments, charges and other receipts derived or to be derived by a qualified borrower from a qualified project, and, if so provided in the applicable loan agreement pursuant to this subchapter, from any system of which such qualified project is a part and any other revenue producing facilities under the ownership or control of such qualified borrower, including proceeds of grants, gifts, appropriations and loans, including the proceeds of loans or grants made by the Board, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and the sale or other disposition of property; provided, however, the project revenues shall not include any ad valorem taxes levied directly by a governmental unit on any real and personal property.
(22) “Qualified borrower” means any governmental unit or private enterprise that is authorized to construct, operate, or own a qualified project.
(23) “Qualified project” means any activity, as defined in Title 23 and Title 49, Code of Federal Regulations.
(24) “Revenues” when used with respect to the Board, means any receipts, fees, revenues, or other payments received or to be received by the Program, including receipts and other payments received by or deposited in the Program, payments of principal, interest, or other charges on loans, leases, grants, appropriations or other financial assistance from the State or the United States or any political subdivision or instrumentality of either in connection with the Program, investment earnings on its funds and accounts, including the Program, and any other fees, charges, or other income received or receivable by the Program.
(25) “Secretary” means the Secretary of Transportation.
(26) “State aid distributions” means any receipts, distributions, reimbursements, or other assistance payable by the State to or for the account of a governmental unit.
(27) “Transit account” means the transit account of the Program, established pursuant to this subchapter.
(28) “Trust agreement” means any agreement entered into by the Program and the State Treasurer providing for the issuance, security, and payment of bonds issued pursuant to this subchapter. The term “trust agreement” shall include a trust agreement, trust indenture, security agreement, reimbursement agreement, bond or note resolution, or other similar instrument. (Added 1997, No. 43, § 1.)
