§ 280d Definitions
§ 280e State Infrastructure Bank Program
§ 280f Applicability of general provisions
§ 280g State Infrastructure Bank Program; duties; powers
§ 280h Receipt and administration of Program funds
§ 280i Disbursement and use of funds
§ 280j Powers and duties of the Secretary
§ 280k Powers and duties of the Program
§ 280l Applications for financial assistance
§ 280m Loan and lease terms
§ 280n Program Fund; accounts
§ 280o Issuance of revenue bonds
§ 280p Additional security agreements, insurance, and credit enhancements
§ 280q Loans to qualified borrowers to finance qualified projects
§ 280r Powers and privileges of government units
§ 280s Borrower obligations
§ 280t Security agreements securing borrower obligations; pledges of general revenues or project revenues
§ 280u Guarantees; other credit enhancement
§ 280v Termination of the Program; remaining assets and liabilities
§ 280w Records of receipts, expenditures, and disbursements
§ 280x Obligations; credit of the State not pledged
§ 280y Public records

Terms Used In Vermont Statutes > Title 10 > Chapter 12 > Subchapter 11

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Agency: means the Agency of Transportation. See
  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
  • Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the State Infrastructure Bank Board as established under this subchapter. See
  • Bond: means a note, bond, debenture, or any other evidence of indebtedness issued by a municipality or by the State of Vermont under subchapter 4 of this chapter to finance a project in whole or in part or to refund indebtedness incurred for that purpose. See
  • Bond act: means any general or special law authorizing a governmental unit to incur indebtedness for all or any part of the cost of a qualified project. See
  • Bonds: means bonds, notes, or other evidence of indebtedness. See
  • Borrower obligations: means government obligations or a promissory note of a private enterprise issued to evidence a loan. See
  • Committee on committees: Committees formed in each party conference and responsible for nominating the party's Senators to committee membership and committee leadership positions. Nominations are subject to approval by the full party conference and to a formal vote of the Senate.
  • Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • 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
  • Fiduciary: A trustee, executor, or administrator.
  • Finance lease: means a lease with respect to which:

  • 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
  • General revenues: when used with reference to a governmental unit means revenues, receipts, assessments, and other monies of a governmental unit, and all rights to receive the same, including revenue permitted to be collected by municipalities, project revenue, assessments upon or payments received from any other governmental unit that is a member or service recipient of the governmental unit, proceeds of loans made in accordance with this subchapter and of grants made in accordance with State transportation or highway grant programs, investment earnings, reserves for debt service or other capital or current expenses, receipts from any rate, charge, tax excise, or fee, all or a part of the receipts of which are payable or distributable to or for the account of the governmental unit, local aid distributions, if any, and receipts, distributions, reimbursements, and other assistance from the State or the United States; provided, however, that general revenues shall not include any monies restricted by law to specific statutorily defined purposes inconsistent with their treatment as general revenues for purposes of this subchapter. See
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§ 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See
  • Governing body: means the board of aldermen or city council of a city, the board of selectboard members of a town, and the trustees of an incorporated village. 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • ISTEA: means the federal Intermodal Surface Transportation Efficiency Act of 1991, P. See
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. 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 agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • Loan agreement: means any agreement entered into between the program and a qualified borrower pertaining to a loan or lease. See
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: means a city, town, or incorporated village. 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.
  • Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Political subdivision: means a city, town, incorporated village, or county. See
  • Private enterprise: means a private person or entity that has entered into a contract with a public authority to design, finance, construct, or operate a qualified project that is within the jurisdiction of such public authority, provided that the public authority is responsible for complying with all applicable requirements of ISTEA and the NHS Act with respect to such 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
  • Project revenues: means all rates, rents, fees, assessments, charges and other receipts derived or to be derived by a qualified borrower from a qualified project, and, if so provided in the applicable loan agreement pursuant to this subchapter, from any system of which such qualified project is a part and any other revenue producing facilities under the ownership or control of such qualified borrower, including proceeds of grants, gifts, appropriations and loans, including the proceeds of loans or grants made by the Board, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and the sale or other disposition of property; provided, however, the project revenues shall not include any ad valorem taxes levied directly by a governmental unit on any real and personal property. See
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Qualified borrower: means any governmental unit or private enterprise that is authorized to construct, operate, or own a qualified project. See
  • Qualified project: means any activity, as defined in Title 23 and Title 49, Code of Federal Regulations. See
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • 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
  • seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
  • Secretary: means the Secretary of Transportation. See
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See
  • Supply contract: means a contract under which a lessor buys or leases goods to be leased. See
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transit account: means the transit account of the Program, established pursuant to this subchapter. See
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • 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
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.