Vermont Statutes Title 10 Sec. 280u
Terms Used In Vermont Statutes Title 10 Sec. 280u
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the State Infrastructure Bank Board as established under this subchapter. See
- Bonds: means bonds, notes, or other evidence of indebtedness. See
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. 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
- Processing: means to subject a product to a particular method, system, or technique of preparation, handling, or other treatment designed to effect a particular result. 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
§ 280u. Guarantees; other credit enhancement
(a) The Board may provide guarantees secured solely by, or purchase of insurance or other enhancements through, amounts on deposit in the program, to qualified borrowers in accordance with the provisions of this section.
(b) All of the assets and obligations directly covered by guarantees or other forms of credit enhancement shall be assets or obligations of governmental units or private entities that are, without guarantee or enhancement, listed by a nationally recognized statistical rating organization at a rating not below the third highest rating of such organization.
(c) The assets and obligations that may be directly covered by guarantees issued by the Board are:
(1) bonds, debentures, notes, evidence of debt, loans, and interest therein, of qualified borrowers, the proceeds of which are to be used for a qualified project; and
(2) leases of personal, real, or mixed property to be used for a qualified project.
(d) The Program may charge and collect premiums or other fees for the guarantees or other credit enhancement provided pursuant to this subchapter, including fees for services performed in connection with the approval and processing of the guarantees or the credit enhancement provided pursuant to this subchapter. (Added 1997, No. 43, § 1.)