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
014
:
BROADBAND EXPANSION LOAN PROGRAM
(Cite as: 10 V.S.A. § 280ff)
-
§ 280ff. Funding
(a) The State Treasurer, in consultation with the Secretary of Administration, shall negotiate
an agreement with the Authority incorporating the provisions of this section and consistent
with the requirements of this subchapter.
(b) State appropriations to the Authority are based on the Authority’s contributions to
loan loss reserves for the Program in accordance with generally accepted accounting
principles. Any difference between the actual loan losses incurred by the Authority
in a fiscal year shall be adjusted in the following year’s appropriation.
(1) This is a revolving loan program.
(2) The accumulated total of the appropriation shall not exceed $8,500,000.00 over the
life of the Program.
(3) The Authority shall absorb its historical loan loss reserve rate before any State
funds are expended.
(4) Additionally, the Authority shall absorb up to $3,000,000.00 in Program losses shared
with the State on a pro rata basis. (Added 2019, No. 79, § 15, eff. June 20, 2019; amended 2021, No. 71, § 10, eff. June 8, 2021.)