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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 10 : Conservation and Development

Chapter 012 : VERMONT ECONOMIC DEVELOPMENT AUTHORITY

Subchapter 011 : STATE INFRASTRUCTURE BANK PROGRAM

(Cite as: 10 V.S.A. § 280g)
  • § 280g. State Infrastructure Bank Program; duties; powers

    (a) The Board, in addition to any other powers and duties conferred or imposed on it by this chapter or any other law, shall have the following powers and duties:

    (1) to apply for, receive, administer, and comply with the conditions and requirements respecting any grant, gift, or appropriation of property, services, or monies;

    (2) to make loans to or enter into leases with qualified borrowers to finance the costs of qualified projects, to acquire, hold, and sell borrower obligations evidencing the loans at such prices and in such manner as the Board shall deem advisable, and to pledge borrower obligations to secure bonds issued pursuant to this subchapter;

    (3) to enter into guarantees secured solely by, or purchase insurance or other credit enhancement through, amounts on deposit in the Program;

    (4) to enter into contracts, arrangements, and agreements to provide any other form of financial assistance through amounts on deposit in the Program that the Board may consider appropriate;

    (5) to enter into contracts, arrangements, and agreements with other persons and execute and deliver all trust agreements, loan agreements, and other instruments necessary or convenient to the exercise of the powers granted in this subchapter;

    (6) to enter into an agreement, contract, or other arrangement directly or indirectly with the Agency or Authority or with a private enterprise in furtherance of and in accordance with the provisions of ISTEA or the NHS Act, as applicable;

    (7) to obtain insurance necessary or convenient to the exercise of the power granted in this subchapter;

    (8) to engage accounting, management, legal, financial, consulting, and other professional services necessary to the conduct of the Program;

    (9) to distribute the benefits conferred by this subchapter throughout the State.

    (10) [Repealed.]

    (b) In its administration of the Program as provided in this subchapter, the Program shall comply with applicable federal requirements under ISTEA and the NHS Act and other applicable federal programs. The Program shall not be authorized or empowered to be or to constitute a bank, trust company, or licensed lender under the jurisdiction or under the control of the Department of Financial Regulation or the Comptroller of the Currency or the Treasury Department of the United States, or to be or constitute a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers' law of the United States or Vermont.

    (c) The Agency shall provide technical assistance to either the Board, Program, or the Vermont Economic Development Authority to ensure compliance pursuant to subsection (b) of this section.

    (d) [Repealed.]  (Added 1997, No. 43, § 1; amended 1997, No. 144 (Adj. Sess.), § 20; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2011, No. 153 (Adj. Sess.), § 28.)