§374e. Agricultural credit development fund

Link to law: http://legislature.vermont.gov/statutes/section/10/016A/00374e
Published: 2015

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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.)
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