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Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

001
:
GENERAL PROVISIONS










 

§

213. Authority; organization

(a) The Vermont

Economic Development Authority is hereby created and established as a body

corporate and politic and a public instrumentality of the State. The exercise

by the Authority of the powers conferred upon it in this chapter constitutes

the performance of essential governmental functions.

(b) The

Authority shall have 15 voting members consisting of the Secretary of Commerce

and Community Development, the State Treasurer, the Secretary of Agriculture,

Food and Markets, the Commissioner of Forests, Parks and Recreation, and the

Commissioner of Public Service, each of whom shall serve as an ex officio

member, or a designee of any of the aforementioned; and 10 members, who shall

be residents of the State of Vermont, appointed by the Governor with the advice

and consent of the Senate. The appointed members shall be appointed for terms

of six years and until their successors are appointed and qualified. Appointed

members may be removed by the Governor for cause and the Governor may fill any

vacancy occurring among the appointed members for the balance of the unexpired

term.

(c) The

Authority shall elect a Chair, from among its appointed members, and a Vice

Chair and Treasurer from among its members and shall employ a manager who shall

hold office at the Authority's pleasure and who, unless he or she is a member

of the classified service under 3 V.S.A. chapter 13, shall receive such

compensation as may be fixed by the Authority with the approval of the

Governor. A quorum shall consist of eight members. Members disqualified from

voting under section 214 of this title shall be considered present for purposes

of determining a quorum. No action of the Authority shall be considered valid

unless the action is supported by a majority vote of the members present and

voting and then only if at least five members vote in favor of the action.

(d) The

Authority shall establish an Agricultural Finance Program Advisory Panel of

five members, consisting of two present members of the Authority and three

members, who shall be residents of the State of Vermont, selected by the Chair

of the Authority. A quorum shall consist of three members. The Panel may act by

majority vote of the members present and voting. The Panel shall review the

preliminary disposition of applications for loans submitted under the

agricultural finance programs of chapter 16 of this title, when so requested by

the applicant or by the manager of the Authority. If the Panel determines that

an application should be submitted to the members, or if the Panel is in

disagreement about the appropriate disposition of an application, the

application and the panel's recommendation shall be submitted to the Authority

at its next regularly scheduled meeting. The Advisory Panel shall also provide

advice to the Authority regarding the policies, practices and procedures for

the operation of the agricultural programs.

(e) Appointed

members of the Authority and the Advisory Panel shall be compensated at the

rate of $50.00 a day for time spent in the performance of their duties and they

shall be reimbursed for necessary expenses incurred in the performance of their

duties.

(f) The State of

Vermont reserves the right, at its sole discretion, and at any time, to alter

or change the structure, organization, programs, or activities of the

Authority, including the power to terminate the Authority, subject to any

limitation on the impairment of contracts entered into by the Authority.

(g) Any net

earnings of the Authority, beyond that necessary for retirement of the

indebtedness or to implement the public purposes or programs of the State of

Vermont, shall not inure to the benefit of any person other than the State of

Vermont.

(h) Upon

dissolution of the Authority, title to all property owned by the Authority

shall vest in the State of Vermont.

(i) The

Authority shall study and report back to the Legislature no later than January

15, 1989 on the feasibility of hiring full-time counsel in lieu of retaining

outside counsel. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, §

2, eff. March 27, 1975; 1975, No. 187 (Adj. Sess.), § 7; 1977, No. 52, § 2,

eff. April 22, 1977; 1987, No. 203 (Adj. Sess.), § 1, eff. May 27, 1988; 1989,

No. 199 (Adj. Sess.), § 1; 1993, No. 89, § 3(a), eff. June 15, 1993; 1995, No.

190 (Adj. Sess.), § 1(a); 2003, No. 42, § 2, eff. May 27, 2003; 2013, No. 87, §

6, eff. June 17, 2013.)