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The Vermont Statutes Online
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).)