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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

004
:
ECONOMIC DEVELOPMENT REVENUE BONDS










 

§

253. State projects

(a) The state of

Vermont may engage in projects within the state in accordance with the

provisions of this subchapter. For the purposes of this section and section 254

of this title:

(1) The word

"municipality" as used in the sections of this subchapter other than

this section shall mean the "state of Vermont";

(2) The

provisions of section 245 of this title shall not apply; and

(3) The

provisions of this subchapter other than this section and section 254 of this

title shall, where appropriate, be deemed to be modified or superseded by the

provisions of this section and section 254 of this title.

(b) For the

purposes of engaging in a project the authority shall act in the name of the

state and on its behalf as its agent and instrumentality for the execution of

financing documents, security documents, bonds and other appropriate

instruments or for the taking of any action with respect to a project financed

in whole or in part by the issue of bonds under section 254 of this title.

(c) Title to or

possessory interest in any eligible facility which is financed in whole or in

part by the issue of bonds pursuant to section 254 of this title may be taken

and held in the name of the state. In performing its functions under this section

the authority may exercise any and all powers conferred upon municipalities by

this subchapter, but the authority shall not execute any financing document,

security document, or bond with respect to a project until the authority has

made the findings required by section 246 of this title.

(d) The

authority shall establish guidelines for the type and location of projects

which shall be considered in evaluating applications for financing under this

subchapter. These guidelines shall be used to prioritize projects and shall

include, but not be limited to, factors such as the number of permanent jobs

created or retained; the wage rates of the jobs created; the availability and

suitability of private market financing; the employment multiplier effect; the

potential for alleviating unemployment in distressed areas; the potential

effect on the revitalization of depressed commercial areas; the potential to

stimulate markets for recycled materials to be used as raw materials; whether

the project is located in the job development zone as designated under

subchapter 2 of chapter 29 of this title; and a potential for increasing

capital investment. In the consideration of nonmanufacturing projects, priority

shall be given to those projects located within areas suffering from the loss

of commercial or service enterprises, loss of commercial or service sales,

buildings with large vacancy rates or physically deteriorating structures.

(Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 17, eff. March

27, 1975; 1975, No. 187 (Adj. Sess.), § 2; 1983, No. 159 (Adj. Sess.), § 2,

eff. April 14, 1984; 1985, No. 172 (Adj. Sess.), § 3; 1991, No. 202 (Adj.

Sess.), § 10, eff. May 27, 1992; 1993, No. 89, § 3(b), eff. June 15, 1993.)