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
002
:
LOANS TO MUNICIPALITIES AND INDIVIDUALS
(Cite as: 24 V.S.A. § 4768)
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§ 4768. Repayment of advances
Advances under this subchapter shall be repaid when construction of the facilities
or any portion thereof is undertaken. Where a construction grant or loan is authorized
by the Department for the project, the amount of the outstanding advances shall be
retained from the initial payments of the grant or loan funds. In other instances,
if repayment is not made within 60 days upon demand by the Department, the sum shall
bear interest at the rate of 12 percent per annum from the date payment is demanded
by the Department to the date of payment by the municipality. The Department may approve
proportional repayment when construction is initiated on a small portion of the planned
project. (Added 2015, No. 103 (Adj. Sess.), § 37, eff. May 12, 2016.)