§280i. Disbursement and use of funds

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

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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

011
:
STATE INFRASTRUCTURE BANK PROGRAM










 

§

280i. Disbursement and use of funds

(a) Subject to

limitations under ISTEA and the NHS Act and other federal laws, other laws

respecting the use of particular monies in the program, and the provisions of

any applicable trust agreement, amounts in the program may be used only:

(1) to provide

financial assistance, including through loans and leases, to finance or

refinance the costs of qualified projects and to provide for all or any part of

the interest costs on loans made by the program during the construction of such

qualified projects;

(2) to guarantee

or purchase insurance or other credit enhancement for bonds of qualified

borrowers issued to finance the costs of qualified projects;

(3) to provide

reserves for or otherwise secure bonds issued pursuant to this subchapter and

to provide insurance or other credit enhancement for such bonds;

(4) to provide a

subsidy for, or to otherwise assist, qualified borrowers in the payment of debt

service costs on loans made by the program;

(5) to provide

reserves for, or to otherwise secure, amounts payable by qualified borrowers on

loans made by and leases with the program in the event of default by a

particular qualified borrower or, on a parity basis, by any qualified borrower;

(6) to earn

interest on the fund; and

(7) for the

costs of administering the program; provided, however, that not more than two

percent of the federal funds contributed to the program pursuant to section 350

of the NHS Act may be expended for such administrative costs.

(b) For

necessary and convenient administration of the fund, the program shall

establish the highway account and the transit account, as provided in section

280n of this title, and one or more additional accounts and sub-accounts within

the Vermont economic development authority as shall be necessary to meet the

requirements of the NHS Act and any other applicable federal law requirements

or as the program shall otherwise deem necessary or desirable in order to

implement the provisions of this subchapter or to comply with any trust

agreement. The program may also establish in any trust agreement or otherwise,

as the secretary shall determine, one or more other funds and accounts for

revenues and other funds not required to be held in the program, and to apply

and disburse such funds for the purposes of the program. (Added 1997, No. 43, §

1.)
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