Vermont Statutes Title 10 Sec. 280ff
Terms Used In Vermont Statutes Title 10 Sec. 280ff
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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
§ 280ff. Funding
(a) The State Treasurer, in consultation with the Secretary of Administration, shall negotiate an agreement with the Authority incorporating the provisions of this section and consistent with the requirements of this subchapter.
(b) State appropriations to the Authority are based on the Authority’s contributions to loan loss reserves for the Program in accordance with generally accepted accounting principles. Any difference between the actual loan losses incurred by the Authority in a fiscal year shall be adjusted in the following year’s appropriation.
(1) This is a revolving loan program.
(2) The accumulated total of the appropriation shall not exceed $8,500,000.00 over the life of the Program.
(3) The Authority shall absorb its historical loan loss reserve rate before any State funds are expended.
(4) Additionally, the Authority shall absorb up to $3,000,000.00 in Program losses shared with the State on a pro rata basis. (Added 2019, No. 79, § 15, eff. June 20, 2019; amended 2021, No. 71, § 10, eff. June 8, 2021.)