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The Vermont Statutes Online
Title
10
:
Conservation and Development
Chapter
016A
:
VERMONT AGRICULTURAL CREDIT PROGRAM
§
374d. General powers
The corporation
shall have the powers necessary to carry out the purposes and provisions of
this chapter, including those general powers provided a business corporation by
11A V.S.A. § 3.02. In addition, the corporation shall have the power to:
(1) execute
contracts and all other instruments necessary for the exercise of its powers
and functions under this chapter;
(2) without
limitation, acquire or dispose of real or personal property or any interest in
real or personal property;
(3) receive and
accept gifts, grants, or contributions from any source, for any purpose
consistent with this chapter;
(4) provide or
contract for consolidated processing of any aspect of the financing of eligible
borrowers in order to avoid duplication;
(5) procure
insurance against any loss;
(6) invest
monies of the corporation not required for immediate use;
(7) borrow money
and issue notes and other evidences of indebtedness for lending and
administrative and other expenses. The corporation may sell, transfer, pledge,
mortgage, hypothecate or otherwise dispose of loans under its management.
Neither the full faith and credit of the state of Vermont nor any of the assets
of the authority are pledged to secure repayment of the indebtedness of the
corporation;
(8) consent to
any modification with respect to rate of interest, time and payment of any
contract or agreement of any kind to which the corporation is a party;
(9) procure or
agree to the procurement of insurance, guarantees or interest rate subsidy assistance
on any notes or any other evidence of indebtedness issued to the corporation;
(10) make loans
or advances secured by a mortgage or a security agreement, which may be
subordinate to one or more prior mortgages or security agreements, to eligible
borrowers under such terms and conditions as the corporation deems prudent and
consistent with the purposes of this chapter and for such fees, and at such
rate or rates of interest, as determined by the corporation, provided that the
interest rate or rates charged by the corporation shall not exceed the rate
paid or to be paid by the corporation for monies borrowed by the corporation to
fund loans plus 300 basis points;
(11) take title,
by foreclosure or other process available under the law, to any real or personal
property where such action is necessary to protect any loan previously made by
the corporation, pay all costs arising out of the legal action and acquisition
from monies held in the fund, and sell or transfer any such property to any
responsible buyer. If the transfer or conveyance of assets acquired under this
subdivision cannot be effected with reasonable promptness, the corporation may,
in order to minimize financial losses and sustain a farm operation or
agricultural facility, lease the assets owned by it to responsible persons on
such terms and conditions as the corporation deems reasonable;
(12) purchase
prior mortgages and make payments on prior mortgages or security interests on
any assets pledged as security for loans of the corporation where the purchase
or payment is necessary to protect any loan previously made by the corporation.
In addition, the corporation may sell, transfer, and assign a prior mortgage or
prior security interest. Monies used by the corporation for the purchase of any
prior mortgages, or any payments on prior mortgages, shall be withdrawn from
the fund established pursuant to section 374e of this title, and any monies
derived from the sale of any prior mortgages shall be deposited in the fund;
(13) employ or
contract for services with agents, consultants, legal advisors and other
experts, as may be necessary for its purposes;
(14) participate
in eligible and qualified loan projects with lenders, including the farm credit
system, banks and insurance companies;
(15) execute lease
agreements for the purpose of leasing personal property under financing leases,
which leases transfer the ownership of the leased personal property to each
lessee following the payment of all required lease payments as specified in
each lease agreement;
(16) sell loans,
or portions thereof, in order to provide further funding for lending under this
chapter. Proceeds from sales of loans shall be deposited in the agricultural
credit development fund established under section 374e of this title;
(17) establish
policies and procedures consistent with the purpose of providing sound and
constructive credit to eligible loan applicants; and
(18) do all
things necessary to carry out the purposes and provisions of this chapter.
(Added 1999, No. 25, § 1; amended 2003, No. 7, § 6, eff. April 25, 2003.)