Vermont Statutes Title 10 Sec. 280o
Terms Used In Vermont Statutes Title 10 Sec. 280o
- Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
- Bonds: means bonds, notes, or other evidence of indebtedness. See
- Contract: A legal written agreement that becomes binding when signed.
- Financial assistance: means any financial assistance for a qualified project provided by the Board under the Program, including loans to and leases with qualified borrowers, the establishment of reserves and other security, and guarantees of and credit enhancement for the obligations of governmental units and private enterprises incurred in connection with the financing of qualified projects. See
- Loan: means any form of financial assistance subject to repayment which is provided by the Program to a qualified borrower for all or any part of the cost of a qualified project. See
- Program: means the State Infrastructure Bank Program established pursuant to this subchapter. See
- Qualified project: means any activity, as defined in Title 23 and Title 49, Code of Federal Regulations. See
- Revenues: when used with respect to the Board, means any receipts, fees, revenues, or other payments received or to be received by the Program, including receipts and other payments received by or deposited in the Program, payments of principal, interest, or other charges on loans, leases, grants, appropriations or other financial assistance from the State or the United States or any political subdivision or instrumentality of either in connection with the Program, investment earnings on its funds and accounts, including the Program, and any other fees, charges, or other income received or receivable by the Program. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Trust agreement: means any agreement entered into by the Program and the State Treasurer providing for the issuance, security, and payment of bonds issued pursuant to this subchapter. See
§ 280o. Issuance of revenue bonds
(a) The Authority may issue bonds to finance or refinance any cost of a qualified project or provide other financial assistance, the proceeds of which are to be deposited in the Program, or used to refinance existing obligations (whether obligations of the Authority or another entity), used to fund the cost of a qualified project.
(b) Such bonds shall be special revenue bonds of the State payable solely from revenues, credited to the Program.
(c) Notwithstanding the provisions of any law to the contrary, such bonds shall not be general obligations of the State.
(d) Bonds may be issued provided that such issuance meets the requirements of section 244 and subsections 254(b), (c), (d), (f), and (g) of this title.
(e) Sections 250, 252, and subsections 253(b), (c), and (d) of this title shall also apply to bonds issued under this subchapter, except that any reference to industrial facilities therein shall also apply to eligible projects under this subchapter.
(f) Bonds may be secured by a trust agreement entered into by the Authority, which trust agreement may pledge or assign, in whole or in part, any loan agreements or governmental obligations, and all or any part of the monies credited to the Program, subject to applicable federal requirements, and any funds or accounts established under a trust agreement, any contract or other rights to receive the same, whether then existing or coming into existence and whether then held or thereafter acquired, and the proceeds thereof. (Added 1997, No. 43, § 1.)