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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.)