§ 280e. State Infrastructure Bank Program
(a) There is created a State Infrastructure Bank Program, to be a program to assist the
improvement, rehabilitation, expansion, and construction of transportation projects
within the State to contribute to the economic welfare of the State by providing jobs
and other economic opportunities for the people of the State and enhancing economic
development, particularly in downtown areas.
(b)(1) A State infrastructure bank board is established within the Vermont Economic Development
Authority to administer the State Infrastructure Bank Program.
(2) The Board shall consist of two legislators and nine other members: the State Treasurer,
the Secretary of Transportation or designee, the Secretary of Commerce and Community
Development or designee, one member of the Authority, one member from the Agency of
Transportation Planning Division, one member who is a member of the board of a regional
development corporation approved under 24 V.S.A. chapter 76, one member who is a member of a regional planning commission created under 24 V.S.A. chapter 117, subchapter 3, two members at large, one Representative appointed by the Speaker
of the House, and one Senator appointed by the Committee on Committees. Selection
of Board members shall be made with consideration toward geographic representation
from throughout the State. Board members, other than legislators and State agency
officials or designees, shall be appointed by the Governor, with the advice and consent
of the Senate, to five-year terms, except that the Governor shall stagger initial
appointments so that the terms of no more than two members expire during a calendar
year. Legislative members shall be appointed on or before January 15 of the first
year of each legislative session. A quorum shall consist of six members. Members disqualified
from voting shall be considered present for purposes of determining a quorum. No action
of the Board shall be considered valid unless the action is supported by a majority
vote of the members present and voting and then only if at least four members vote
in favor of the action.
(3) Board members who are not otherwise compensated in the course of their employment
shall be compensated and receive reimbursement for necessary expenses in the same
manner provided for members of the board of the Economic Development Authority under
subsection 213(e) of this title.
(c)(1) The Board shall adopt such rules or guidelines as it deems necessary to carry out
the purposes of the program.
(2) A majority vote of Board members present and voting shall be necessary to approve
a loan or bond issuance.
(3) The Secretary of Transportation can veto any approval of the Board if he or she presents
objections to the Board based upon the lack of compliance with federal law governing
this Program.
(4) The Authority shall assign a State Infrastructure Bank Coordinator from the staff
of the Authority to manage the Program. The Coordinator shall be responsible for administration
of the Program in accordance with the policies and rules of the Board. The Coordinator
may have other responsibilities within the Authority that are outside this Program.
The Coordinator may examine any records relating to applications and may conduct such
program and fiscal audits as the Coordinator deems necessary. (Added 1997, No. 43, § 1; amended 1997, No. 120 (Adj. Sess.), § 1a.)