§280o. Issuance of revenue bonds

Link to law: http://legislature.vermont.gov/statutes/section/10/012/00280o
Published: 2015

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Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

011
:
STATE INFRASTRUCTURE BANK PROGRAM










 

§

280o. Issuance of revenue bonds

(a) The

authority may issue bonds to finance or refinance any cost of a qualified

project or provide other financial assistance, the proceeds of which are to be

deposited in the program, or used to refinance existing obligations (whether

obligations of the authority or another entity), used to fund the cost of a

qualified project.

(b) Such bonds

shall be special revenue bonds of the state payable solely from revenues,

credited to the program.

(c)

Notwithstanding the provisions of any law to the contrary, such bonds shall not

be general obligations of the state.

(d) Bonds may be

issued provided that such issuance meets the requirements of section 244 and

subsections 254(b), (c), (d), (f) and (g) f this title.

(e) Sections

250, 252 and subsections 253(b), (c), and (d) of this title shall also apply to

bonds issued under this subchapter, except that any reference to industrial

facilities therein shall also apply to eligible projects under this subchapter.

(f) Bonds may be

secured by a trust agreement entered into by the authority, which trust

agreement may pledge or assign, in whole or in part, any loan agreements or

governmental obligations, and all or any part of the monies credited to the

program, subject to applicable federal requirements, and any funds or accounts

established under a trust agreement, any contract or other rights to receive

the same, whether then existing or coming into existence and whether then held

or thereafter acquired, and the proceeds thereof. (Added 1997, No. 43, § 1.)
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