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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. § 280l)
  • § 280l. Applications for financial assistance

    (a) Any qualified borrower may file an application with the Board to obtain financial assistance from the Program. The application shall be filed in such manner and contain or be accompanied by such information as the Program may require.

    (b) In addition to other requirements prescribed by the Board, an application shall:

    (1) describe the nature and purpose of the proposed transportation project, including the need for the project and the reasons why the project is in the public interest;

    (2) state the estimated costs of the project and the proposed sources of funding, if any, in addition to the financial assistance being sought from the Program;

    (3) state the economic development benefit;

    (4) demonstrate that the project has the support of the regional planning commission or the metropolitan planning organization, as the case may be, in which the project is located, which support shall not be given unless the project is in conformance with the regional plan;

    (5) demonstrate conformance with Agency of Transportation design standards and level of improvement policies; and

    (6) demonstrate that the public benefits of the project outweigh its public costs.

    (c) Before any financial assistance under this chapter is approved for an Agency of Transportation project, the applicant shall demonstrate that:

    (1) the project is part of the State's current year transportation capital program approved by the General Assembly under 19 V.S.A. § 10g(c); or

    (2) if the Legislature is not in session, the project is approved by a committee, composed of the Joint Fiscal Committee, the Chair of the House Committee on Transportation or designee, and the Chair of the Senate Committee on Transportation or designee. (Added 1997, No. 43, § 1.)