Terms Used In Vermont Statutes Title 10 Sec. 280m

  • Board: means the State Infrastructure Bank Board as established under this subchapter. See
  • ISTEA: means the federal Intermodal Surface Transportation Efficiency Act of 1991, P. See
  • Lease: means any form of capital or operating lease for all or a portion of a qualified project between the Program and a governmental unit or private enterprise. See
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Program: means the State Infrastructure Bank Program established pursuant to this subchapter. See
  • Qualified project: means any activity, as defined in Title 23 and Title 49, Code of Federal Regulations. See
  • Secretary: means the Secretary of Transportation. See

§ 280m. Loan and lease terms

(a) The Board shall determine the form and content of any borrower obligation, including the term and rate or rates of interest on any loan or lease.

(b) Notwithstanding subsection (a) of this section, loans and leases financed through the application of federal monies pursuant to 23 U.S.C. § 129 or section 350 of the NHS Act shall:

(1) bear interest at or below market rates or otherwise as may be specified therein;

(2) have a repayment term of not longer than 30 years;

(3) be subject to repayment commencing not later than five years after the facility financed with the proceeds of such loan has been completed or, in the case of a highway project, the facility has opened to traffic; and

(4) be made only after all federal environmental requirements applicable to the qualified project have been complied with and all federal environmental permits obtained.

(c) Notwithstanding any provisions of this subchapter to the contrary, the Secretary may waive any of the requirements contained in this section if such waiver would not cause the loan or the Program to violate the requirements of ISTEA or the NHS Act or any other applicable federal requirement. (Added 1997, No. 43, § 1.)