§ 241 Powers of municipalities
§ 242 Financing documents
§ 243 Security documents
§ 244 Bonds
§ 245 Municipal proceedings
§ 246 Approval of Authority
§ 247 Obligations of the municipality
§ 248 Trustees and trust funds
§ 249 Remedies
§ 250 Bonds exempt from taxation
§ 251 Taxation of eligible facilities
§ 252 Bonds eligible for investment
§ 253 State projects
§ 254 State bonds

Terms Used In Vermont Statutes > Title 10 > Chapter 12 > Subchapter 4

  • Appraisal: A determination of property value.
  • Authority: means the Vermont Economic Development Authority established under section 213 of this title. 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
  • Buyer: means a person who buys or contracts to buy goods. 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.
  • Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
  • eligible facility: means the creation, establishment, acquisition, construction, expansion, improvement, reclamation, or renovation of an eligible facility. 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.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federally guaranteed security: means any security, investment, or evidence of indebtedness that is either directly or indirectly insured, or guaranteed, in whole or in part, as to the repayment of principal or interest, or both, by the United States or any instrumentality thereof. See
  • Federally insured project loan: means any loan to finance or refinance the cost of a project that is either directly or indirectly insured or guaranteed, in whole or in part, as to the repayment of principal or interest or both by the United States or any instrumentality thereof, or any commitment by the United States or any instrumentality thereof to so insure or guarantee such a loan. See
  • Fiduciary: A trustee, executor, or administrator.
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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
  • Industrial park: means an area of land planned and designed as a location for one or more industrial buildings, including adequate access roads, utilities, and other services necessary for eligible facilities. See
  • Industrial Park Planning and Development: means the basic architectural and engineering services needed to determine site and land use feasibility, and the planning and carrying out of land improvements necessary to make industrial land usable. 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: 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Local Development Corporation: means any nonprofit organization incorporated in the State for the purpose of fostering, encouraging, and assisting the physical location of business enterprises within the State and having as its principal purpose the industrial and economic development of one or more political subdivisions, and shall include the Northeastern Vermont Development Association and any State development company organized under subdivision 216(13) of this title; however, in addition to the foregoing, for the purpose of providing assistance to small business incubator facilities, any nonprofit organization that enters into a written agreement with the Authority to establish, operate, and administer a small business incubator facility, including municipalities, local or regional nonprofit development corporations, and higher educational institutions, shall have the rights and obligations of a local development corporation under this chapter. See
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Municipality: means a city, town, or incorporated village. 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.
  • Project costs: means any costs or expenses reasonably incidental to a project and may without limitation include the costs of:

  • road: shall include bridges thereon and their approaches. See
  • said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. 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
  • Seller: means a person who sells or contracts to sell goods. See
  • Small business incubator facility: means a building, group of buildings, or part of a building where small and growing businesses may obtain small units of space available for purchase or lease at below market rates or on flexible terms, shared office support services, and financial and general business management advice and assistance. See
  • Speculative building: means a basic structure of flexible design erected by a local development corporation for eventual sale or lease to a purchaser or tenant requiring eligible facilities. 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
  • Tenant: means the tenant or occupier of an eligible facility; or small business incubator facility. 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