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.
(Cite as: 10 V.S.A. § 374e)
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§ 374e. Agricultural Credit Development Fund
The Agricultural Credit Development Fund is created and shall be used by the corporation
for the purposes of this chapter. All reasonable administrative expenses of the corporation
shall be paid from the Fund. The Fund shall be credited with any appropriations made
by the General Assembly, all payments of principal and interest received from loans
transferred or assigned to or made by the corporation, any available grants or gifts
made to the corporation, the proceeds of any sale, transfer, pledge, mortgage, hypothecation,
or other disposition of loans transferred or assigned to the corporation by the Authority
and loans made by the corporation pursuant to this chapter, and any funds borrowed
by the corporation. Monies in the Fund may, after payment of reasonable administrative
expenses and debt service on the indebtedness of the corporation incurred in furtherance
of its purposes under this chapter, be loaned by the corporation directly to eligible
borrowers, used to purchase or acquire portions of loans made by unrelated third party
lenders to eligible borrowers, or to subsidize the payment of interest on the debt
of the corporation so as to lower the interest rate on loans made by the corporation
to eligible borrowers. (Added 1999, No. 25, § 1.)