The Vermont Statutes Online
Conservation and Development
VERMONT ECONOMIC DEVELOPMENT AUTHORITY
DIRECT MORTGAGE LOANS
261. Additional powers
In addition to
powers enumerated elsewhere in this chapter, the Authority may:
(1) Make loans
secured by mortgages, which may be subordinate to one or more prior mortgages,
upon application by the proposed mortgagor, who may be a private corporation,
partnership, person, or municipality financing an eligible project described in
subdivision 212(6) of this title, upon such terms as the Authority may
prescribe, for the purpose of financing the establishment or expansion of
eligible facilities. Such loans shall be made from the Vermont Jobs Fund
established under subchapter 3 of this chapter. The Authority may provide for
the repayment and redeposit of such loans in the manner provided hereinafter.
(2) Take title
by foreclosure to any eligible facility where such acquisition is necessary to
protect any loan previously made by the Authority, pay all costs arising out of
such foreclosure and acquisition from monies held in the Vermont Jobs Fund, and
sell, transfer and convey any such eligible facility to any responsible buyer.
If the sale, transfer and conveyance cannot be effected with reasonable
promptness, the Authority may, in order to minimize financial losses and
sustain employment, lease the eligible facility to a responsible tenant or
prior mortgages and make payments on prior mortgages on any eligible facility
where the purchase or payment is necessary to protect any loan previously made
by the Authority. In addition, the Authority may sell, transfer, convey and
assign any such prior mortgage. Monies used by the authority in the purchase of
any prior mortgages, or any payments thereon, shall be withdrawn from the
Vermont jobs fund, and any monies derived from the sale of any prior mortgages
shall be deposited by the authority in the Vermont Jobs Fund.
(4) Purchase and
own personal property for the purpose of leasing such personal property under
financing leases, which leases transfer the ownership of leased personal
property to each lessee following the payment of all required lease payments as
specified in each lease agreement.
lease agreements pursuant to subdivision (4) of this section.
loans and assistance under this subchapter for the planning, development, or
improvement of an industrial park or an eligible project within an industrial
park. (Added 1973, No. 197, (Adj. Sess.), § 1; amended 1975, No. 187 (Adj.
Sess.), § 4; 1993, No. 89, § 3, eff. June 15, 1993; 1995, No. 46, § 10, eff.
April 20, 1995; 2013, No. 199 (Adj. Sess.), § 36; 2015, No. 41, § 23, eff. June