§261. Additional powers

Link to law: http://legislature.vermont.gov/statutes/section/10/012/00261
Published: 2015

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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

005
:
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

tenants.

(3) Purchase

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any prior mortgages, or any payments thereon, shall be withdrawn from the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.

(5) Execute

lease agreements pursuant to subdivision (4) of this section.

(6) Provide

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

1, 2015.)
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