Terms Used In Vermont Statutes Title 10 Sec. 280g

  • Agency: means the Agency of Transportation. See
  • 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
  • Board: means the State Infrastructure Bank Board as established under this subchapter. See
  • Bonds: means bonds, notes, or other evidence of indebtedness. See
  • Borrower obligations: means government obligations or a promissory note of a private enterprise issued to evidence a loan. 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
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • ISTEA: means the federal Intermodal Surface Transportation Efficiency Act of 1991, P. See
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • NHS Act: means the federal National Highway System Designation Act of 1995, P. See
  • Private enterprise: means a private person or entity that has entered into a contract with a public authority to design, finance, construct, or operate a qualified project that is within the jurisdiction of such public authority, provided that the public authority is responsible for complying with all applicable requirements of ISTEA and the NHS Act with respect to such qualified project. See
  • Program: means the State Infrastructure Bank Program established pursuant to this subchapter. 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

§ 280g. State Infrastructure Bank Program; duties; powers

(a) The Board, in addition to any other powers and duties conferred or imposed on it by this chapter or any other law, shall have the following powers and duties:

(1) to apply for, receive, administer, and comply with the conditions and requirements respecting any grant, gift, or appropriation of property, services, or monies;

(2) to make loans to or enter into leases with qualified borrowers to finance the costs of qualified projects, to acquire, hold, and sell borrower obligations evidencing the loans at such prices and in such manner as the Board shall deem advisable, and to pledge borrower obligations to secure bonds issued pursuant to this subchapter;

(3) to enter into guarantees secured solely by, or purchase insurance or other credit enhancement through, amounts on deposit in the Program;

(4) to enter into contracts, arrangements, and agreements to provide any other form of financial assistance through amounts on deposit in the Program that the Board may consider appropriate;

(5) to enter into contracts, arrangements, and agreements with other persons and execute and deliver all trust agreements, loan agreements, and other instruments necessary or convenient to the exercise of the powers granted in this subchapter;

(6) to enter into an agreement, contract, or other arrangement directly or indirectly with the Agency or Authority or with a private enterprise in furtherance of and in accordance with the provisions of ISTEA or the NHS Act, as applicable;

(7) to obtain insurance necessary or convenient to the exercise of the power granted in this subchapter;

(8) to engage accounting, management, legal, financial, consulting, and other professional services necessary to the conduct of the Program;

(9) to distribute the benefits conferred by this subchapter throughout the State.

(10) [Repealed.]

(b) In its administration of the Program as provided in this subchapter, the Program shall comply with applicable federal requirements under ISTEA and the NHS Act and other applicable federal programs. The Program shall not be authorized or empowered to be or to constitute a bank, trust company, or licensed lender under the jurisdiction or under the control of the Department of Financial Regulation or the Comptroller of the Currency or the Treasury Department of the United States, or to be or constitute a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers’ law of the United States or Vermont.

(c) The Agency shall provide technical assistance to either the Board, Program, or the Vermont Economic Development Authority to ensure compliance pursuant to subsection (b) of this section.

(d) [Repealed.] (Added 1997, No. 43, § 1; amended 1997, No. 144 (Adj. Sess.), § 20; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2011, No. 153 (Adj. Sess.), § 28.)