Vermont Statutes Title 10 Sec. 241
Terms Used In Vermont Statutes Title 10 Sec. 241
- Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
- eligible facility: means the creation, establishment, acquisition, construction, expansion, improvement, reclamation, or renovation of an eligible facility. See
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Federally guaranteed security: means any security, investment, or evidence of indebtedness that is either directly or indirectly insured, or guaranteed, in whole or in part, as to the repayment of principal or interest, or both, by the United States or any instrumentality thereof. See
- Federally insured project loan: means any loan to finance or refinance the cost of a project that is either directly or indirectly insured or guaranteed, in whole or in part, as to the repayment of principal or interest, or both, by the United States or any instrumentality thereof, or any commitment by the United States or any instrumentality thereof to so insure or guarantee such a loan. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Municipality: means a city, town, or incorporated village. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Project costs: means any costs or expenses reasonably incidental to a project and may without limitation include the costs of:
- 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
§ 241. Powers of municipalities
Municipalities shall have the following powers in addition to any other powers given them by law:
(1) To engage in projects under this subchapter within the municipality or partially within the municipality but entirely within the State, to acquire ownership or possessory interests in eligible facilities and related property, and to dispose of them;
(2) To issue bonds to pay project costs, or to reimburse a user or a related person for payments for project costs made before or after the bonds are issued, or to refund bonds previously issued;
(3) To execute financing documents and security documents and to perform obligations and exercise powers created by them;
(4) In the event of default by a user under a financing document, but only to the extent authorized by the financing document or security document, to dispose of all or part of the eligible facility by sale or otherwise for the benefit of the bondholders under the security document;
(5) To make contracts or take any other action that is necessary or desirable in connection with the exercise of the foregoing powers. Nothing in this chapter shall be construed to authorize a municipality to operate an eligible facility itself or to conduct any business enterprise with it.
(6) To acquire and to enter into commitments to acquire any federally guaranteed security and to pledge or otherwise use any such federally guaranteed security in such manner as the Authority shall approve to secure or otherwise provide a source of repayment on any of its bonds or to enter into any appropriate agreement with one or more users whereby the municipality may make a loan to any such user for the purposes of enabling such user to fund or refund directly or indirectly, the cost of acquiring or entering into commitments to acquire any federally guaranteed security; provided, however, that the federally guaranteed security is evidence of a federally insured project loan or, if not such evidence, that the Authority determines that the federally guaranteed security has been issued to pass through a federally insured project loan. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 8, eff. March 27, 1975; 1981, No. 54, § 8, eff. April 28, 1981; 1993, No. 89, § 3(b), eff. June 15, 1993.)