The Vermont Statutes Online
Conservation and Development
VERMONT ECONOMIC DEVELOPMENT AUTHORITY
STATE INFRASTRUCTURE BANK PROGRAM
280o. Issuance of revenue bonds
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
(b) Such bonds
shall be special revenue bonds of the state payable solely from revenues,
credited to the program.
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.
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.)