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The Vermont Statutes Online
Title
10
:
Conservation and Development
Chapter
016A
:
VERMONT AGRICULTURAL CREDIT PROGRAM
§
374e. Agricultural credit development fund
The agricultural
credit development fund is created and shall be used by the corporation for the
purposes of this chapter. All reasonable administrative expenses of the
corporation shall be paid from the fund. The fund shall be credited with any
appropriations made by the general assembly, all payments of principal and
interest received from loans transferred or assigned to or made by the
corporation, any available grants or gifts made to the corporation, the proceeds
of any sale, transfer, pledge, mortgage, hypothecation or other disposition of
loans transferred or assigned to the corporation by the authority and loans
made by the corporation pursuant to this chapter, and any funds borrowed by the
corporation. Monies in the fund may, after payment of reasonable administrative
expenses and debt service on the indebtedness of the corporation incurred in
furtherance of its purposes under this chapter, be loaned by the corporation
directly to eligible borrowers, used to purchase or a cquire portions of loans
made by unrelated third party lenders to eligible borrowers, or to subsidize
the payment of interest on the debt of the corporation so as to lower the
interest rate on loans made by the corporation to eligible borrowers. (Added
1999, No. 25, § 1.)