Terms Used In Vermont Statutes Title 16 Sec. 114

  • 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

§ 114. Revolving loan fund

There is established for the Council on the Arts a revolving loan fund of $3,000.00 to enable needy persons and groups to purchase supplies useful in their art or craft. Funds may be loaned under terms and conditions of repayment as the Council directs, and the Council may adjust or forgive any amount owed to the fund. The Council shall repay all amounts so adjusted or forgiven from its general appropriation. (Added 1979, No. 74, § 347.)