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. § 280u)
-
§ 280u. Guarantees; other credit enhancement
(a) The Board may provide guarantees secured solely by, or purchase of insurance or other
enhancements through, amounts on deposit in the program, to qualified borrowers in
accordance with the provisions of this section.
(b) All of the assets and obligations directly covered by guarantees or other forms of
credit enhancement shall be assets or obligations of governmental units or private
entities that are, without guarantee or enhancement, listed by a nationally recognized
statistical rating organization at a rating not below the third highest rating of
such organization.
(c) The assets and obligations that may be directly covered by guarantees issued by the
Board are:
(1) bonds, debentures, notes, evidence of debt, loans, and interest therein, of qualified
borrowers, the proceeds of which are to be used for a qualified project; and
(2) leases of personal, real, or mixed property to be used for a qualified project.
(d) The Program may charge and collect premiums or other fees for the guarantees or other
credit enhancement provided pursuant to this subchapter, including fees for services
performed in connection with the approval and processing of the guarantees or the
credit enhancement provided pursuant to this subchapter. (Added 1997, No. 43, § 1.)