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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

004
:
ECONOMIC DEVELOPMENT REVENUE BONDS










 

§

246. Approval of authority

No municipality

may acquire any interest in an eligible facility or execute any financing

document or security document or issue any bonds under this subchapter without

the approval of the authority, but nothing herein contained shall prevent a

municipality from giving preliminary official approval of a proposed project

and the financing thereof. In applying for approval by the authority the

municipality shall furnish the authority with any information required,

including drafts of the proposed financing document and security document. The

authority shall not give its approval unless it determines and incorporates

findings in its minutes that:

(1) the project

and its proposed financing are feasible;

(2) the

establishment and operation of the eligible facility will either

(A) create or

preserve employment opportunities directly or indirectly within the state; or

(B) help to

protect the state's physical environment, or will accomplish both purposes;

(3) the eligible

facility consists of property of a type which may be financed under this

subchapter;

(4) the proposed

user, or if the user as defined under subdivision 212(23) of this chapter is a

lessor, then the tenant of said lessor, has the skills and financial resources

necessary to operate the eligible facility successfully;

(5) the

financing and security documents contain provisions such that under no

circumstances is the municipality obligated directly or indirectly to pay

project costs; debt service; or expenses of operation, maintenance and upkeep

of the facility except from bond proceeds or from funds received under the

financing or security documents, exclusive of funds received thereunder by the

municipality for its own use;

(6) the project

plans comply with all applicable environmental, zoning, planning, and sanitary

laws and regulations of the municipality and of the state of Vermont; and

(7) neither the

financing document nor the security document purports to create any debt of the

municipality with respect to the eligible facility, other than a special

obligation of the municipality under this chapter; and

(8) the proposed

financing of the project by the municipality and the proposed operation and use

of the eligible facility will preserve or increase the prosperity of the

municipality and of the state or enhance or protect the physical environment of

the state and will promote the general welfare of citizens of the state;

(9) for a

project involving an eligible facility as defined in subdivision 212(6)(G) of

this chapter, the project has been certified by the transportation board as

likely to aid in the retention of existing industrial or agricultural

enterprises in the state or in the development and increase of such

enterprises, and if such project consists in whole or in part of vehicles,

rolling stock or other modes of conveyance, there is reasonable assurance that

the same will continue to be based in or operated from the municipality and

contribute to the prosperity of the municipality and of the state; and

(10) the

findings when adopted by the authority shall be conclusive. (Added 1973, No.

197 (Adj. Sess.), § 1; amended 1975, No. 18, § 12, eff. March 27, 1975; 1981,

No. 54, § 15, eff. April 28, 1981; 1983, No. 38, § 2; 1993, No. 89, § 3(b),

eff. June 15, 1993.)