The Vermont Statutes Online
Conservation and Development
VERMONT ECONOMIC DEVELOPMENT AUTHORITY
STATE INFRASTRUCTURE BANK PROGRAM
280u. Guarantees; other credit enhancement
(a) The board
may provide guarantees secured solely by, or purchase of insurance or other
enhancements through, amounts on deposit in the program, to qualified borrowers
in accordance with the provisions of this section.
(b) All of the
assets and obligations directly covered by guarantees or other forms of credit
enhancement shall be assets or obligations of governmental units or private
entities which are, without guarantee or enhancement, listed by a nationally
recognized statistical rating organization at a rating not below the third
highest rating of such organization.
(c) The assets
and obligations which may be directly covered by guarantees issued by the board
debentures, notes, evidence of debt, loans and interest therein, of qualified
borrowers, the proceeds of which are to be used for a qualified project; and
(2) leases of
personal, real, or mixed property to be used for a qualified project.
(d) The program
may charge and collect premiums or other fees for the guarantees or other
credit enhancement provided pursuant to this subchapter, including fees for
services performed in connection with the approval and processing of the
guarantees or the credit enhancement provided pursuant to this subchapter.
(Added 1997, No. 43, § 1.)