Terms Used In Vermont Statutes Title 10 Sec. 280n

  • 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
  • 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
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Highway account: means the highway account of the Program, established under this subchapter. See
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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 project: means any activity, as defined in Title 23 and Title 49, Code of Federal Regulations. 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
  • 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

§ 280n. Program Fund; accounts

(a) A State Infrastructure Bank Program Fund is created as a special fund subject to the provisions of 32 Vt. Stat. Ann. chapter 7, subchapter 5. The Fund shall be administered by the Authority for the purposes of the Program, in accordance with the provisions of this subchapter.

(b) The State Infrastructure Bank Program Fund shall receive funds from the following sources:

(1) any amounts required under section 350 of the NHS Act or any other federal law or program to be deposited in the highway account and such funds shall not be commingled with any other amounts on deposit in the Program;

(2) any amounts required under section 350 of the NHS Act or any other federal law or program to be deposited in the transit account and such funds shall not be commingled with any other amounts on deposit in the Program;

(3) any other State or federal funds appropriated for the Program by the General Assembly, any repayments of principal and interest of Program loans, any private monies related to the administration and operation of the Program;

(4) any grants received for the benefit of the Program.

(c) Notwithstanding 32 V.S.A. § 588(4)(A), monies may be disbursed from the Fund for Program purposes without an annual appropriation.

(d) The liabilities or obligations of the Authority with regard to its activities under the Program shall not extend beyond the funds that are deposited in the State Infrastructure Bank Program Fund, and shall not constitute a debt or pledge of the faith and credit of the State or any subdivision of the State.

(e) Any monies held in the Program shall be used solely as provided in this subchapter, subject to the applicable federal requirements.

(f) Expenditures from the Program shall be made for the following purposes:

(1) for the payment of the principal, including sinking fund payments of and premium, if any, and interest on bonds of the Authority in connection with the Program, as described in section 280o of this title, issued for the purpose of financing or refinancing any cost of a qualified project;

(2) for providing financial assistance to qualified borrowers to finance qualified projects;

(3) for the maintenance of, or provision for, any reserves, additional security, insurance, or other form of credit enhancement required or provided for in any trust agreement entered into pursuant to section 280q of this title to secure such bonds; and

(4) administration costs of the Program or for any of the foregoing. (Added 1997, No. 43, § 1.)