§698. Infrastructure improvement program

Link to law: http://legislature.vermont.gov/statutes/section/10/029/00698
Published: 2015

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Title

10

:
Conservation and Development






Chapter

029

:
COMMUNITY DEVELOPMENT






Subchapter

002
:
JOB DEVELOPMENT ZONE










 

§

698. Infrastructure improvement program

(a) A

municipality that is within a designated job development zone shall be eligible

to receive a payment each year from the agency of commerce and community

development to reimburse annual interest costs on indebtedness for economic

development related infrastructure projects approved after July 1, 1986. Annual

reimbursement payments shall be limited to one million dollars of indebtedness

in a designated job development zone. The agency shall require the municipality

to submit an amortization schedule and proof of payment of its annual interest

payment on bonds. The agency shall not reimburse a municipality for

infrastructure projects unless requests for payment are received within three

months after the end of the fiscal year.

(b) Economic

development related infrastructure projects shall include water supply,

pollution abatement and highway facilities and such other municipal facilities

as may be established by rule under section 695 of this chapter. (Added 1985,

No. 172 (Adj. Sess.), § 1; amended 1995, No. 190 (Adj. Sess.), § 1(a).)
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