Terms Used In Vermont Statutes Title 10 Sec. 280i

  • 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
  • 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
  • Guarantee: means a contract or contracts entered into by the Program pursuant to which the Program agrees to guarantee all or a portion of the obligations of a governmental unit or private enterprise incurred to finance a qualified project. See
  • Highway account: means the highway account of the Program, established under this subchapter. See
  • ISTEA: means the federal Intermodal Surface Transportation Efficiency Act of 1991, P. See
  • NHS Act: means the federal National Highway System Designation Act of 1995, P. See
  • Program: means the State Infrastructure Bank Program established pursuant to this subchapter. See
  • Qualified borrower: means any governmental unit or private enterprise that is authorized to construct, operate, or own a qualified project. 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
  • Secretary: means the Secretary of Transportation. See
  • Transit account: means the transit account of the Program, established pursuant to this subchapter. 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

§ 280i. Disbursement and use of funds

(a) Subject to limitations under ISTEA and the NHS Act and other federal laws, other laws respecting the use of particular monies in the Program, and the provisions of any applicable trust agreement, amounts in the Program may be used only:

(1) to provide financial assistance, including through loans and leases, to finance or refinance the costs of qualified projects and to provide for all or any part of the interest costs on loans made by the Program during the construction of such qualified projects;

(2) to guarantee or purchase insurance or other credit enhancement for bonds of qualified borrowers issued to finance the costs of qualified projects;

(3) to provide reserves for or otherwise secure bonds issued pursuant to this subchapter and to provide insurance or other credit enhancement for such bonds;

(4) to provide a subsidy for, or to otherwise assist, qualified borrowers in the payment of debt service costs on loans made by the Program;

(5) to provide reserves for, or to otherwise secure, amounts payable by qualified borrowers on loans made by and leases with the Program in the event of default by a particular qualified borrower or, on a parity basis, by any qualified borrower;

(6) to earn interest on the Fund; and

(7) for the costs of administering the Program; provided, however, that not more than two percent of the federal funds contributed to the Program pursuant to section 350 of the NHS Act may be expended for such administrative costs.

(b) For necessary and convenient administration of the Fund, the Program shall establish the highway account and the transit account, as provided in section 280n of this title, and one or more additional accounts and sub-accounts within the Vermont Economic Development Authority as shall be necessary to meet the requirements of the NHS Act and any other applicable federal law requirements or as the program shall otherwise deem necessary or desirable in order to implement the provisions of this subchapter or to comply with any trust agreement. The Program may also establish in any trust agreement or otherwise, as the Secretary shall determine, one or more other funds and accounts for revenues and other funds not required to be held in the Program, and to apply and disburse such funds for the purposes of the Program. (Added 1997, No. 43, § 1.)