Vermont Statutes Title 10 Sec. 280l
Terms Used In Vermont Statutes Title 10 Sec. 280l
- Agency: means the Agency of Transportation. See
- Board: means the State Infrastructure Bank Board as established under this subchapter. 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
- 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
- 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
§ 280l. Applications for financial assistance
(a) Any qualified borrower may file an application with the Board to obtain financial assistance from the Program. The application shall be filed in such manner and contain or be accompanied by such information as the Program may require.
(b) In addition to other requirements prescribed by the Board, an application shall:
(1) describe the nature and purpose of the proposed transportation project, including the need for the project and the reasons why the project is in the public interest;
(2) state the estimated costs of the project and the proposed sources of funding, if any, in addition to the financial assistance being sought from the Program;
(3) state the economic development benefit;
(4) demonstrate that the project has the support of the regional planning commission or the metropolitan planning organization, as the case may be, in which the project is located, which support shall not be given unless the project is in conformance with the regional plan;
(5) demonstrate conformance with Agency of Transportation design standards and level of improvement policies; and
(6) demonstrate that the public benefits of the project outweigh its public costs.
(c) Before any financial assistance under this chapter is approved for an Agency of Transportation project, the applicant shall demonstrate that:
(1) the project is part of the State‘s current year transportation capital program approved by the General Assembly under 19 V.S.A. § 10g(c); or
(2) if the Legislature is not in session, the project is approved by a committee, composed of the Joint Fiscal Committee, the Chair of the House Committee on Transportation or designee, and the Chair of the Senate Committee on Transportation or designee. (Added 1997, No. 43, § 1.)