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
011
:
STATE INFRASTRUCTURE BANK PROGRAM
(Cite as: 10 V.S.A. § 280q)
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§ 280q. Loans to qualified borrowers to finance qualified projects
(a) Any qualified borrower may apply to the Program for a loan to assist in financing
the cost of a qualified project. At the option of the Board, and subject to applicable
federal requirements, a loan may be made as secured loans or as unsecured general
obligations of a qualified borrower. Each loan shall be made pursuant to a loan agreement
between the Program and the qualified borrower acting by and through the officer or
officers, board, committee, or other body authorized by law, or otherwise its chief
executive officer.
(b) A qualified borrower may receive, apply, pledge, assign, and grant security interests
in project revenues, and, in the case of a governmental unit, its general revenues
to secure its obligations under loan agreements and borrower obligations as provided
in this subchapter and may fix, revise, charge, and collect fees, rates, rents, assessments,
and other charges of general or special application for the operation or services
of any qualified project, the system of which it is a part and any other revenue producing
facilities from which the qualified borrower derives project revenues to meet its
obligations under any loan agreements or borrower obligation, or otherwise to provide
for the construction, maintenance, and operation of a qualified project.
(c) For the purposes of entering into a loan and establishing the authorized terms and
conditions thereof and for issuing any government obligations, a governmental unit
shall be deemed to have the powers expressly granted to governmental units in this
subchapter and the powers granted to the governmental unit in any bond act applicable
to it specifically or as a member of a class of governmental instrumentalities. Liberal
construction shall be given in support of the broadest interpretation of governmental
unit powers derived from either this subchapter or any bonds act, provided that nothing
in this subchapter shall be construed as affecting the manner of voting and other
procedures of any governmental unit by the governing body thereof or any limitations
on indebtedness of governmental units. (Added 1997, No. 43, § 1.)