| 1 | | - | BILLASPASSEDBYTHEHOUSE H.398 |
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| 2 | | - | 2025 Page1of65 |
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| 3 | | - | H.398 |
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| 4 | | - | IntroducedbyRepresentativesMarcotteofCoventry,GraningofJericho,and |
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| 5 | | - | PriestleyofBradford |
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| 6 | | - | ReferredtoCommitteeon |
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| 7 | | - | Date: |
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| 8 | | - | Subject:Conservationanddevelopment;economicdevelopment |
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| 9 | | - | Statementofpurposeofbillasintroduced:Thisbillproposestoamendcertain |
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| 10 | | - | provisionsgoverningtheVermontEconomicDevelopmentAuthority. |
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| 11 | | - | AnactrelatingtotheVermontEconomicDevelopmentAuthority |
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| 12 | | - | ItisherebyenactedbytheGeneralAssemblyoftheStateofVermont: |
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| 13 | | - | Sec.1.10V.S.A.chapter12isamendedtoread: |
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| 14 | | - | CHAPTER12.VERMONTECONOMICDEVELOPMENT AUTHORITY |
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| 15 | | - | *** |
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| 16 | | - | §212.DEFINITIONS |
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| 17 | | - | Asusedinthischapter: |
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| 18 | | - | *** |
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| 19 | | - | (6)“Eligiblefacility”or“eligibleproject”meansanyindustrial, |
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| 20 | | - | commercial,oragriculturalenterpriseorendeavorapprovedbytheAuthority |
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| 21 | | - | thatmeetsthecriteriaestablishedintheVermontSustainableJobsStrategy |
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| 40 | | - | 19 BILLASPASSEDBYTHEHOUSE H.398 |
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| 42 | | - | adoptedbytheGovernorundersection280bofthistitleusedinatradeor |
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| 43 | | - | businesswhetherornotsuchbusinessisoperatedforprofit,includinglandand |
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| 44 | | - | rightsinland,air,orwater;buildings;structures;machinery;andequipmentof |
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| 45 | | - | sucheligiblefacilitiesoreligibleprojects,exceptthataneligiblefacilityor |
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| 46 | | - | projectshallnotincludetheportionofanenterpriseorendeavorrelatingtothe |
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| 47 | | - | saleofgoodsatretailwheresuchgoodsaremanufacturedprimarilyoutof |
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| 48 | | - | State,andexceptfurtherthataneligiblefacilityorprojectshallnotincludethe |
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| 49 | | - | portionofanenterpriseorendeavorrelatingtohousingunlessotherwise |
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| 50 | | - | authorizedinthischapter,however,certainhousingprojectsdesignedforthe |
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| 51 | | - | purposeofhousingemployeesofabusinessmaybeeligibleuponconsentof |
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| 52 | | - | theVermontHousingFinanceAgency.Suchenterprisesorendeavorsmay |
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| 53 | | - | include: |
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| 54 | | - | *** |
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| 55 | | - | (T)Anycapitalimprovement;purchaseofreceivables,property, |
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| 56 | | - | assets,commodities,bonds,orotherrevenuestreamsorrelatedassets;working |
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| 57 | | - | capitalprogramorliability;orotherinsuranceprogram. |
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| 58 | | - | *** |
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| 59 | | - | (9)“Insurancecontract”meansacontractinsuringmortgagepayments |
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| 60 | | - | undersubchapter2ofthischapter.[Repealed.] |
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| 61 | | - | *** |
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| 81 | | - | 20 BILLASPASSEDBYTHEHOUSE H.398 |
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| 83 | | - | (11)“Maturitydate,”asusedinsubchapter2ofthischapter,meansthe |
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| 84 | | - | dateuponwhichthenoteorotherevidenceofindebtednesssecuredbya |
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| 85 | | - | mortgagewouldbeextinguishedifpaidinaccordancewiththemortgage |
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| 86 | | - | payments.[Repealed.] |
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| 87 | | - | (12)“Mortgage,”asusedinsubchapter2ofthischapter,meansafirst |
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| 88 | | - | mortgageuponaneligiblefacilitygivenbyamortgagor,ashereindefined,to |
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| 89 | | - | securetherepaymentofamountsborrowedtopaycostsofaproject. |
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| 90 | | - | [Repealed.] |
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| 91 | | - | (13)“Mortgagepayments,”asusedinsubchapter2ofthischapter, |
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| 92 | | - | meanstheperiodicpaymentscalledforbyamortgagethatshallcoverlease |
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| 93 | | - | landrentals,ifany,mortgageinsurancepremiums,interest,installmentsof |
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| 94 | | - | principal,taxesandassessments,hazardinsurancepayments,andanyother |
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| 95 | | - | paymentscalledforinthemortgage.[Repealed.] |
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| 96 | | - | (14)“Mortgagee,”asusedinsubchapter2ofthischapter,meansthe |
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| 97 | | - | originallenderunderamortgageanditssuccessorsandassigns,ifapprovedby |
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| 98 | | - | theAuthority.[Repealed.] |
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| 99 | | - | (15)“Mortgagor,”asusedinsubchapter2ofthischapter,meansthe |
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| 100 | | - | originalborrowerunderamortgageorasecurityagreementanditssuccessors |
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| 101 | | - | andassigns,ifapprovedbytheAuthority.[Repealed.] |
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| 102 | | - | *** |
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| 103 | | - | §213.AUTHORITY;ORGANIZATION |
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| 124 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 125 | | - | 2025 Page4of65 |
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| 126 | | - | *** |
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| 127 | | - | (c)TheAuthorityshallelectachairfromamongitsappointedmembers, |
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| 128 | | - | andavicechairandtreasurerfromamongitsmembersorstaffandshall |
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| 129 | | - | employamanagerwhoshallholdofficeattheAuthority’spleasureandwho, |
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| 130 | | - | unlessheorshetheindividualisamemberoftheclassifiedserviceunder3 |
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| 131 | | - | V.S.A.chapter13,shallreceivesuchcompensationasmaybefixedbythe |
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| 132 | | - | AuthoritywiththeapprovaloftheGovernor.Aquorumshallconsistofeight |
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| 133 | | - | members.Membersdisqualifiedfromvotingundersection214ofthistitle |
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| 134 | | - | shallbeconsideredpresentforpurposesofdeterminingaquorum.Noaction |
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| 135 | | - | oftheAuthorityshallbeconsideredvalidunlesstheactionissupportedbya |
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| 136 | | - | majorityvoteofthememberspresentandvotingandthenonlyifatleastfive |
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| 137 | | - | membersvoteinfavoroftheaction. |
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| 138 | | - | *** |
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| 139 | | - | (i)TheAuthorityshallstudyandreportbacktotheLegislaturenolater |
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| 140 | | - | thanJanuary15,1989onthefeasibilityofhiringfull-timecounselinlieuof |
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| 141 | | - | retainingoutsidecounsel.[Repealed.] |
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| 142 | | - | §214.MEMBERS;DISQUALIFICATION |
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| 143 | | - | AmemberoftheAuthoritymaynotparticipateinanydecision: |
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| 144 | | - | *** |
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| 145 | | - | (2)Uponanyinsurancecontractundersubchapter2ofthischapteror |
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| 146 | | - | loanundersubchapter5ofthischapter,ifthememberisamember,director, |
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| 167 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 169 | | - | trustee,employee,orofficerof;orhasanyinterestdirectorindirectin;or |
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| 170 | | - | ownsanystock,bonds,orotherliabilitiesissuedbyorauthorizedbythe |
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| 171 | | - | prospectivemortgagor,mortgagee,ortenant; |
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| 172 | | - | *** |
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| 173 | | - | §215.MANAGER;DUTIES |
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| 174 | | - | ThemanagershallbethechiefadministrativeofficeroftheAuthorityand |
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| 175 | | - | shalldirectandsupervisetheadministrativeaffairsandtechnicalactivitiesof |
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| 176 | | - | theAuthorityinaccordancewithanyrules,regulations,andpoliciessetforth |
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| 177 | | - | bytheAuthority.Inadditiontoanyotherduties,themanagershall: |
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| 178 | | - | *** |
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| 179 | | - | (4)workcloselywiththeAgencyofCommerceandCommunity |
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| 180 | | - | DevelopmentandprovideassistancetothevariousdivisionsofthatAgency |
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| 181 | | - | whenrequestedtofacilitatetheplanningandfinancingofprojects; |
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| 182 | | - | (5)makerecommendationsandreports,incooperationwiththeAgency |
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| 183 | | - | ofCommerceandCommunityDevelopment,totheAuthorityonthemeritsof |
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| 184 | | - | anyproposedproject,onthestatusoflocaldevelopmentcorporations,andon |
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| 185 | | - | suitableindustrialsites;[Repealed.] |
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| 186 | | - | (6)performsuchotherdutiesasmaybedirectedbytheAuthorityinthe |
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| 187 | | - | carryingoutofthepurposesofthischapter. |
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| 188 | | - | §216.AUTHORITY;GENERALPOWERS |
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| 189 | | - | TheAuthorityisherebyauthorized: |
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| 212 | | - | (1)Tosueandbesuedinitsownnameandpleadandbeimpleaded; |
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| 213 | | - | serviceofprocessuponitinanyactionshallbemadebyserviceuponthe |
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| 214 | | - | SecretaryofStateeitherinhandorbyleavingacopyoftheprocessathisor |
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| 215 | | - | hertheSecretary’soffice. |
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| 216 | | - | *** |
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| 217 | | - | (3)Toadoptandfromtimetotimeamendbylaws,andrules,and |
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| 218 | | - | regulationsforthecallingandconductofitsmeetingsandfortheconductof |
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| 219 | | - | itsaffairs,includingregulationsrulesrelatingtoapplicationsforfinancial |
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| 220 | | - | assistanceanddisclosureofinformationsuppliedtoit. |
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| 221 | | - | *** |
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| 222 | | - | (6)Toemploysuchemployees,whomaybeintheclassifiedsystem |
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| 223 | | - | under3V.S.A.chapter13withinthediscretionoftheAuthority,andto |
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| 224 | | - | employorcontractwithagents,consultants,legaladvisors,andotherexperts, |
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| 225 | | - | asmaybenecessaryordesirableforitspurposes,todeterminethe |
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| 226 | | - | qualifications,duties,andcompensationofsuchemployees,agents, |
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| 227 | | - | consultants,legaladvisors,andexpertsandtoutilizetheservicesofother |
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| 228 | | - | governmentalagenciesanddepartments. |
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| 229 | | - | *** |
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| 230 | | - | (9)Tomakesuchchargesagainstlocaldevelopmentcorporationsas |
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| 231 | | - | maybemutuallyagreedupontoassistinmeetingtheexpensesofthe |
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| 251 | | - | 20 BILLASPASSEDBYTHEHOUSE H.398 |
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| 253 | | - | Authorityincurredunderthischapter,includinganyinterestchargedbythe |
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| 254 | | - | StateTreasurer. |
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| 255 | | - | (10)Toadministeritsownfundsandtoinvestordepositfundswhich |
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| 256 | | - | thatarenotneededcurrentlytomeettheobligationsoftheAuthority. |
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| 257 | | - | *** |
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| 258 | | - | (13)TocausetobeincorporatedinVermontanonprofitcorporationthat |
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| 259 | | - | willqualifyasaStatedevelopmentcompanyunderTitle15oftheU.S.Code |
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| 260 | | - | 15U.S.C.§695andrulesandregulationsadoptedpromulgatedpursuant |
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| 261 | | - | thereto.ThevotingmembersoftheAuthorityshallbemembersofthe |
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| 262 | | - | companyandshallconstitutetheboardofdirectorsofthecompany.The |
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| 263 | | - | companyshallhaveatleast14othermembersselectedbythemembersofthe |
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| 264 | | - | Authority.Thecompanyshallbeorganizedandoperateunderthenonprofit |
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| 265 | | - | corporationlawsoftheStateofVermonttotheextentnotinconsistent |
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| 266 | | - | herewith.TheAuthorityshallhavethepowertocontractwiththecompanyto |
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| 267 | | - | providestaffandmanagementneedsofthecompany.TheAuthorityis |
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| 268 | | - | authorizedtocontributetothecapitalofthecompanyinanamountthe |
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| 269 | | - | Authoritydeterminesisnecessaryandappropriate. |
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| 270 | | - | *** |
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| 271 | | - | (15)Todelegatetoloanofficersthepowertoreview,approve,and |
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| 272 | | - | makeloansunderthischapter,subjecttotheapprovalofthemanager,andto |
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| 294 | | - | disbursefundsonsuchloans,subjecttotheapprovalofthemanagerasset |
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| 295 | | - | forthinthepoliciesandproceduresoftheAuthority. |
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| 296 | | - | *** |
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| 297 | | - | §217.RECORDS;ANNUALREPORT;AUDIT |
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| 298 | | - | (a)TheAuthorityshallkeepanaccurateaccountofallitsactivitiesandof |
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| 299 | | - | allitsreceiptsandexpenditures.Informationandrecordsinconnectionwith |
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| 300 | | - | anapplicationforaninsurancecontractundersubchapter2ofthischapter |
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| 301 | | - | shallbepreservedforthreeyearsaftertheapplicationhasbeendeniedor,if |
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| 302 | | - | theapplicationisaccepted,forthreeyearsafterthemortgagehasbeen |
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| 303 | | - | dischargedandthereafteruntiltheAuthorityordersthemdestroyed. |
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| 304 | | - | *** |
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| 305 | | - | (c)TheAuditorofAccountsoftheStateandhisorhertheAuditor’s |
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| 306 | | - | authorizedrepresentativesmayatanytimeexaminetheaccountsandbooksof |
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| 307 | | - | theAuthority,includingitsreceipts,disbursements,contracts,funds, |
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| 308 | | - | investments,andanyothermattersrelatingtoitsfinancialstatements. |
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| 309 | | - | *** |
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| 310 | | - | §217a.APPLICATION |
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| 311 | | - | AmongsuchotherthingsasmayberequiredbytheAuthority,any |
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| 312 | | - | applicationforfinancingorformortgageinsuranceunderthischaptershall |
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| 313 | | - | stateindetailontheapplicationthenatureandpurposeofthebusinessandits |
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| 335 | | - | productsforwhichtheloan,orrevenuebondsormortgageinsuranceisare |
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| 336 | | - | intendedtobenefit. |
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| 337 | | - | *** |
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| 338 | | - | §231.ASSISTANCETOLOCALDEVELOPMENT CORPORATIONS |
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| 339 | | - | Uponapplicationofalocaldevelopmentcorporation,theAuthoritymay |
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| 340 | | - | loanmoneytothatlocaldevelopmentcorporation,uponsuchtermsand |
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| 341 | | - | conditionsasitmayprescribe,forthepurposeofindustrialparkplanningand |
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| 342 | | - | development,forconstructingorimprovingaspeculativebuildingorsmall |
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| 343 | | - | businessincubatorfacilityonlandownedorheldunderleasebythelocal |
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| 344 | | - | developmentcorporation,forpurchaseorimprovementofexistingbuildings |
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| 345 | | - | suitablefororwhichcanbemadesuitableforindustrialorsmallbusiness |
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| 346 | | - | incubationfacilitypurposesandforthepurchaseoflandinconnectionwith |
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| 347 | | - | anyoftheforegoing.Beforethelocaldevelopmentcorporationreceivessuch |
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| 348 | | - | fundsforsuchpurposesfromtheAuthority,itshallgivetotheAuthority |
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| 349 | | - | securityfortherepaymentofthefunds.Thesecurityshallbeinsuchformand |
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| 350 | | - | amountsastheAuthoritymaydetermineandshall,ineachinstance,includea |
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| 351 | | - | firstmortgageontheland,ortheleasehold,building,andappurtenances |
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| 352 | | - | financedbysuchfunds.LoansbytheAuthoritytolocaldevelopment |
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| 353 | | - | corporationsfortheconstructionofspeculativebuildingsorimprovementsto |
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| 354 | | - | thosebuildingsshallberepaidinfull,includinginterestandothercharges, |
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| 355 | | - | within90daysafterthebuildingisoccupiedifthebuildingisbeingsold,or |
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| 378 | | - | withinfiveyearsafterthepropertyisoccupiedifthebuildingisbeingleased, |
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| 379 | | - | orwithinsuchperiodoftimedeemedreasonablebytheAuthority.Loansby |
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| 380 | | - | theAuthoritytolocaldevelopmentcorporationsfortheconstruction,purchase, |
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| 381 | | - | orimprovementofsmallbusinessincubatorfacilitiesshallberepaidinfull, |
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| 382 | | - | includinginterestandothercharges,withinten20yearsafterthepropertyis |
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| 383 | | - | occupied. |
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| 384 | | - | *** |
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| 385 | | - | §244.BONDS |
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| 386 | | - | *** |
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| 387 | | - | (b)Bondsshallbearthemanualordigitalsignatureofthetreasurerofthe |
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| 388 | | - | municipalityandthemanual,digital,orfacsimilesignatureorsignaturesofthe |
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| 389 | | - | mayororamajorityoftheselectboardortrusteesasthecasemaybe.Interest |
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| 390 | | - | coupons,ifany,shallbearthefacsimilesignatureofthetreasurer.Ifthe |
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| 391 | | - | municipalityhasacorporateseal,bondsshallbearthesealorafacsimileofthe |
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| 392 | | - | seal.Bondsexecutedinaccordancewiththissubchaptershallbevalid |
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| 393 | | - | notwithstandingthatbeforethedeliverythereofandpaymentthereforanyor |
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| 394 | | - | allofthepersonswhosesignaturesappearthereonshallhaveceasedtohold |
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| 395 | | - | office. |
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| 396 | | - | *** |
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| 415 | | - | 19 BILLASPASSEDBYTHEHOUSE H.398 |
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| 416 | | - | 2025 Page11of65 |
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| 417 | | - | §253.STATEAUTHORITYPROJECTS |
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| 418 | | - | (a)TheStateofVermontAuthoritymayengageinprojectswithinthestate |
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| 419 | | - | inaccordancewiththeprovisionsofthissubchapter.Forthepurposesofthis |
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| 420 | | - | sectionandsection254ofthistitle: |
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| 421 | | - | (1)Theword“municipality”asusedinthesectionsofthissubchapter |
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| 422 | | - | otherthanthissectionshallmeanthe“StateofVermont”“Authority”; |
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| 423 | | - | *** |
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| 424 | | - | (b)Forthepurposesofengaginginaproject,theAuthorityshallactinthe |
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| 425 | | - | nameoftheStateandonitsbehalfoftheStateasitsagentandinstrumentality |
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| 426 | | - | fortheexecutionoffinancingdocuments,securitydocuments,bonds,and |
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| 427 | | - | otherappropriateinstrumentsorforthetakingofanyactionwithrespecttoa |
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| 428 | | - | projectfinancedinwholeorinpartbytheissueofbondsundersection254of |
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| 429 | | - | thistitle. |
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| 430 | | - | (c)Titletoorpossessoryinterestinanyeligiblefacilitythatisfinancedin |
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| 431 | | - | wholeorinpartbytheissueofbondspursuanttosection254ofthistitlemay |
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| 432 | | - | betakenandheldinthenameoftheStateAuthority.Inperformingits |
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| 433 | | - | functionsunderthissection,theAuthoritymayexerciseanyandallpowers |
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| 434 | | - | conferreduponmunicipalitiesbythissubchapter,buttheAuthorityshallnot |
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| 435 | | - | executeanyfinancingdocument,securitydocument,orbondwithrespecttoa |
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| 436 | | - | projectuntiltheAuthorityhasmadethefindingsrequiredbysection246of |
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| 437 | | - | thistitle. |
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| 458 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 459 | | - | 2025 Page12of65 |
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| 460 | | - | (d)TheAuthorityshallestablishguidelinesforthetypeandlocationof |
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| 461 | | - | projectsthatshallbeconsideredinevaluatingapplicationsforfinancingunder |
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| 462 | | - | thissubchapter.Theseguidelinesshallbeusedtoprioritizeprojectsandshall |
|---|
| 463 | | - | includefactorssuchasthenumberofpermanentjobscreatedorretained;the |
|---|
| 464 | | - | wageratesofthejobscreated;theavailabilityandsuitabilityofprivatemarket |
|---|
| 465 | | - | financing;theemploymentmultipliereffect;thepotentialforalleviating |
|---|
| 466 | | - | unemploymentindistressedareas;thepotentialeffectontherevitalizationof |
|---|
| 467 | | - | depressedcommercialareas;thepotentialtostimulatemarketsforrecycled |
|---|
| 468 | | - | materialstobeusedasrawmaterials;whethertheprojectislocatedinthejob |
|---|
| 469 | | - | developmentzoneasdesignatedunderchapter29,subchapter2ofthistitle; |
|---|
| 470 | | - | andapotentialforincreasingcapitalinvestment.Intheconsiderationof |
|---|
| 471 | | - | nonmanufacturingprojects,priorityshallbegiventothoseprojectslocated |
|---|
| 472 | | - | withinareassufferingfromthelossofcommercialorserviceenterprises,loss |
|---|
| 473 | | - | ofcommercialorservicesales,buildingswithlargevacancyrates,or |
|---|
| 474 | | - | physicallydeterioratingstructures. |
|---|
| 475 | | - | §254.STATEBONDS |
|---|
| 476 | | - | *** |
|---|
| 477 | | - | (c)Bondsissuedunderthissectionshallbearthemanual,digital,or |
|---|
| 478 | | - | facsimilesignatureofthemanagerortreasureroftheAuthorityandthe |
|---|
| 479 | | - | manualorfacsimilesignatureoftheChairorViceChairoftheAuthority,or |
|---|
| 480 | | - | authorizeddesigneeandagent;provided,however,thatatleastoneofthe |
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| 501 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 502 | | - | 2025 Page13of65 |
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| 503 | | - | foregoingsuchsignaturesshallbemanualunlessthebondsaretobemanually |
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| 504 | | - | authenticatedbyabankortrustcompanyservingastrusteeforthebonds.The |
|---|
| 505 | | - | detailsofthebondsshallbefixedbythesigningofficersinaccordancewith |
|---|
| 506 | | - | section244ofthistitle.Bondsshallbesoldbythesigningofficersatpublic |
|---|
| 507 | | - | orprivatesale,andtheproceedsthereofshallbepaidtothetrustee,lender,or |
|---|
| 508 | | - | disbursingagentunderthesecuritydocumentthatsecuresthebonds. |
|---|
| 509 | | - | (d)Nofinancingorsecuritydocument,orbond,orotherinstrumentissued |
|---|
| 510 | | - | orenteredintointhenameandonbehalfoftheStateunderthissubchapter |
|---|
| 511 | | - | shallinanywayobligatetheStatetoraiseanymoneybytaxationoruseother |
|---|
| 512 | | - | fundsforanypurposetopayanydebtormeetanyfinancialobligationtoany |
|---|
| 513 | | - | personatanytimeinrelationtoaneligiblefacilityfinancedinwholeorinpart |
|---|
| 514 | | - | bytheissueoftheAuthority’sbondsunderthissubchapter,exceptfrom |
|---|
| 515 | | - | moniesreceivedortobereceivedunderafinancingorsecuritydocument |
|---|
| 516 | | - | enteredintounderthissubchapterorexceptasmayberequiredbyanyother |
|---|
| 517 | | - | provisionoflaw.Notwithstandingtheprovisionsofthissubsection,theState |
|---|
| 518 | | - | mayacceptandexpendwithrespecttoaneligiblefacilityanygiftsorgrants |
|---|
| 519 | | - | receivedfromanysourceinaccordancewiththetermsofthegiftsorgrants. |
|---|
| 520 | | - | *** |
|---|
| 521 | | - | (f)BondsmaybeissuedbytheAuthorityunderthissubchapterforthe |
|---|
| 522 | | - | purposeofmakingloanstolocaldevelopmentcorporationsforindustrialpark |
|---|
| 523 | | - | planninganddevelopment,constructing,orimprovingaspeculativebuilding |
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| 544 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 545 | | - | 2025 Page14of65 |
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| 546 | | - | orsmallbusinessincubatorfacilityonlandownedorheldunderleasebythe |
|---|
| 547 | | - | localdevelopmentcorporation,purchaseorimprovementofexistingbuildings |
|---|
| 548 | | - | suitableorthatcanbemadesuitableforindustrialorbusinessincubation |
|---|
| 549 | | - | purposes,andpurchaseoflandinconnectionwithanyoftheforegoing. |
|---|
| 550 | | - | (1)Beforeissuingbondsforconstructionofaspeculativebuildingor |
|---|
| 551 | | - | smallbusinessincubatorfacilityandthepurchaseoflandinconnection |
|---|
| 552 | | - | therewith,theAuthorityshallmakethedeterminationsandincorporateinits |
|---|
| 553 | | - | minutesthefindingsthat: |
|---|
| 554 | | - | (A)theprojectiswithinthescopeofthischapter,willbeofpublic |
|---|
| 555 | | - | useandbenefit,andmayreasonablybeexpectedtocreatenewemployment |
|---|
| 556 | | - | opportunities; |
|---|
| 557 | | - | (B)theproposedsiteforthespeculativebuildingorsmallbusiness |
|---|
| 558 | | - | incubatorfacilitywillbelocatedonadequatelandownedortobeacquiredby |
|---|
| 559 | | - | thelocaldevelopmentcorporationorleasedbythelocaldevelopment |
|---|
| 560 | | - | corporationontermssatisfactorytotheAuthority; |
|---|
| 561 | | - | (C)anadequateaccessroadfromapublichighwayisprovidedtothe |
|---|
| 562 | | - | proposedsiteandthatsuchutilitiesaswater,sewer,andpowerfacilitiesare |
|---|
| 563 | | - | available,orwillbeavailablewhenthespeculativebuildingorsmallbusiness |
|---|
| 564 | | - | incubatorfacilityiscompleted; |
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| 583 | | - | 19 BILLASPASSEDBYTHEHOUSE H.398 |
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| 584 | | - | 2025 Page15of65 |
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| 585 | | - | (D)theprojectplanscomplywithallapplicableenvironmental, |
|---|
| 586 | | - | zoning,planning,andsanitarylawsandregulationsofthemunicipalitywhere |
|---|
| 587 | | - | itistobelocatedandoftheStateofVermont; |
|---|
| 588 | | - | (E)thelocaldevelopmentcorporationisresponsibleandhas |
|---|
| 589 | | - | presentedevidencetodemonstrateitsabilitytocarryouttheprojectas |
|---|
| 590 | | - | planned; |
|---|
| 591 | | - | (F)evidencehasbeenpresenteddemonstratingthefeasibilityofthe |
|---|
| 592 | | - | siteasalocationforbusiness,andadditionalevidencehasbeenpresentedthat |
|---|
| 593 | | - | anadequatesupplyoflaborisavailablewithinthelabormarketareatoservea |
|---|
| 594 | | - | businesslocatedonthesite; |
|---|
| 595 | | - | (G)thelocaldevelopmentcorporationhasmadeadequateprovisions |
|---|
| 596 | | - | forinsuranceprotectionofthebuildingwhileitisunoccupiedandsuitable |
|---|
| 597 | | - | arrangementshavebeenmadeforfireprotectionandmaintenancewhileitis |
|---|
| 598 | | - | unoccupied; |
|---|
| 599 | | - | (H)theprojectwillbewithoutunreasonableriskoflosstothe |
|---|
| 600 | | - | Authority,andthelocaldevelopmentcorporationisunabletosecureon |
|---|
| 601 | | - | reasonabletermsthefundsrequiredfortheprojectwithouttheassistanceof |
|---|
| 602 | | - | theAuthority; |
|---|
| 603 | | - | (I)thefinancingandsecuritydocumentscontainprovisionssuchthat |
|---|
| 604 | | - | undernocircumstancesistheStateobligateddirectlyorindirectlytopay |
|---|
| 605 | | - | projectcosts;debtservice;orexpensesofoperation,maintenance,andupkeep |
|---|
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| 626 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 628 | | - | ofthefacilityexceptfrombondproceedsorfromfundsreceivedunderthe |
|---|
| 629 | | - | financingorsecuritydocuments,exclusiveoffundsreceivedthereunderbythe |
|---|
| 630 | | - | Stateforitsownuse; |
|---|
| 631 | | - | (J)neitherthefinancingdocumentnorthesecuritydocument |
|---|
| 632 | | - | purportstocreateanydebtoftheStatewithrespecttotheeligiblefacility, |
|---|
| 633 | | - | otherthanaspecialobligationoftheStateunderthischapterrequiredby |
|---|
| 634 | | - | section232ofthistitle. |
|---|
| 635 | | - | (2)Beforeissuingbondsforindustrialparkplanninganddevelopment |
|---|
| 636 | | - | andthepurchaseoflandinconnectiontherewith,theAuthorityshallmakethe |
|---|
| 637 | | - | determinationsandincorporateinitsminutesthefindingsthat: |
|---|
| 638 | | - | (A)theproposedindustrialparkisonadequatelandownedortobe |
|---|
| 639 | | - | ownedbythelocaldevelopmentcorporationorleasedbythelocal |
|---|
| 640 | | - | developmentcorporationontermssatisfactorytotheAuthority; |
|---|
| 641 | | - | (B)anadequateaccessroadfromapublichighwayisprovidedtothe |
|---|
| 642 | | - | proposedsite,andutilities,includingwater,sewer,andpowerfacilities,are |
|---|
| 643 | | - | availableorwillbeavailableforanyfuturetenantlocatedinthepark; |
|---|
| 644 | | - | (C)thetotalindustrialparkwillbeplannedbyarchitectsand |
|---|
| 645 | | - | engineersacceptabletotheAuthority; |
|---|
| 646 | | - | (D)nomorethan80percentofthefairmarketvalueoftheindustrial |
|---|
| 647 | | - | park,asshownbyappraisalbyanappraiseracceptabletotheAuthority,isto |
|---|
| 648 | | - | befinancedundertheloan; |
|---|
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| 669 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 671 | | - | (E)theparkprojectiswithinthescopeofthischapter,willbeof |
|---|
| 672 | | - | publicuseandbenefit,andmayreasonablybeexpectedtocreatenew |
|---|
| 673 | | - | employmentopportunities; |
|---|
| 674 | | - | (F)theparkprojectcomplieswithallapplicableenvironmental, |
|---|
| 675 | | - | zoning,planning,andsanitarylawsandregulationsofthemunicipalityin |
|---|
| 676 | | - | whichitistobelocatedandoftheStateofVermont; |
|---|
| 677 | | - | (G)thelocaldevelopmentcorporationisresponsibleandhas |
|---|
| 678 | | - | presentedevidencetodemonstrateitsabilitytocarryouttheparkprojectas |
|---|
| 679 | | - | planned; |
|---|
| 680 | | - | (H)evidencehasbeenpresenteddemonstratingthefeasibilityofthe |
|---|
| 681 | | - | siteasalocationforindustry,andadditionalevidencehasbeenpresentedthat |
|---|
| 682 | | - | anadequatesupplyoflaborisavailablewithinthelabormarketareatoserve |
|---|
| 683 | | - | anindustrylocatedonthesite; |
|---|
| 684 | | - | (I)theparkprojectwillbewithoutunreasonableriskoflosstothe |
|---|
| 685 | | - | Authority,andthelocaldevelopmentcorporationisunabletosecureon |
|---|
| 686 | | - | reasonabletermsthefundsrequiredfortheprojectwithouttheassistanceof |
|---|
| 687 | | - | theAuthority; |
|---|
| 688 | | - | (J)thefinancingandsecuritydocumentscontainprovisionssuchthat |
|---|
| 689 | | - | undernocircumstancesistheStateobligateddirectlyorindirectlytopay |
|---|
| 690 | | - | projectcosts;debtservice;orexpensesofoperation,maintenance,andupkeep |
|---|
| 691 | | - | ofthefacilityexceptfrombondproceedsorfromfundsreceivedunderthe |
|---|
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| 712 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 713 | | - | 2025 Page18of65 |
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| 714 | | - | financingorsecuritydocuments,exclusiveoffundsreceivedthereunderbythe |
|---|
| 715 | | - | Stateforitsownuse; |
|---|
| 716 | | - | (K)neitherthefinancingdocumentnorthesecuritydocument |
|---|
| 717 | | - | purportstocreateanydebtoftheStatewithrespecttotheeligiblefacility, |
|---|
| 718 | | - | otherthanaspecialobligationoftheStateunderthischapterrequiredby |
|---|
| 719 | | - | section237ofthistitle. |
|---|
| 720 | | - | (3)AlldeterminationsandfindingsmadebytheAuthoritypursuantto |
|---|
| 721 | | - | thissectionshallbeconclusiveFinancingandsecuritydocumentsshallcontain |
|---|
| 722 | | - | provisionssuchthatundernocircumstancesistheStateobligateddirectlyor |
|---|
| 723 | | - | indirectlytopayprojectcosts;debtservice;orexpensesofoperation, |
|---|
| 724 | | - | maintenance,andupkeepofthefacilityexceptfrombondproceedsorfrom |
|---|
| 725 | | - | fundsreceivedunderthefinancingorsecuritydocuments,exclusiveoffunds |
|---|
| 726 | | - | receivedthereunderbytheStateforitsownuse. |
|---|
| 727 | | - | (4)Financingandsecuritydocumentsshallnotcreateanydebtofthe |
|---|
| 728 | | - | Statewithrespecttotheeligiblefacility,otherthanaspecialobligationofthe |
|---|
| 729 | | - | Stateunderthischapter. |
|---|
| 730 | | - | (g)BondsissuedbytheAuthorityunderthissubchaptermaybesecured,in |
|---|
| 731 | | - | wholeorinpart,bymortgageinsuranceundersubchapter2ofthischapter |
|---|
| 732 | | - | uponthetermsandconditionssetforthinsubchapter2andinthissubsection. |
|---|
| 733 | | - | Suchinsurancemaybeintheformofreinsuranceormaybeforthepurposeof |
|---|
| 734 | | - | creatingaloanlossreserve,inacasewherethebondsarealsosecuredbythe |
|---|
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| 755 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 757 | | - | mortgageinsurancefromanothersource.Theprincipalamountofbondsso |
|---|
| 758 | | - | securedoutstandingatanytimewithrespecttofacilitiesofanyoneuser,or |
|---|
| 759 | | - | anyrelatedperson,inanyonemunicipality,shallnotexceed$2,500,000.00. |
|---|
| 760 | | - | Forpurposesofthissubsection,theterm“mortgagee”asusedinsubchapter2 |
|---|
| 761 | | - | ofthischaptershallmeanthepurchasersofthebonds,orwhereappropriate |
|---|
| 762 | | - | thetrusteeunderthesecuritydocument;themortgagepaymentstobeinsured |
|---|
| 763 | | - | shallbethoserequiredtobemadebytheuserunderthefinancingdocument; |
|---|
| 764 | | - | andbondproceeds,insteadofbeingusedtopayprojectcostsdirectly,maybe |
|---|
| 765 | | - | usedtopurchaseparticipationinloansoriginatedbylocalbanksorother |
|---|
| 766 | | - | responsiblefinancialinstitutionswheretheproceedsofsuchloanshavebeen |
|---|
| 767 | | - | usedtopayprojectcosts.Inauthorizingmortgageinsurancetosecurebonds, |
|---|
| 768 | | - | theAuthorityshallmakeallofthefindingsanddeterminationssetforthin |
|---|
| 769 | | - | subsection221(a)ofthistitle,exceptthattheprincipalofthemortgagecannot |
|---|
| 770 | | - | exceed$2,500,000.00.Inauthorizinganybondsthataretobesecuredby |
|---|
| 771 | | - | mortgageinsurance,theAuthorityshallmakeallofthefindingsand |
|---|
| 772 | | - | determinationssetforthinsection246ofthistitle,andmaymakethefindings |
|---|
| 773 | | - | setforthinsubdivisions246(5)and(7)ofthistitle,notwithstandingthefact |
|---|
| 774 | | - | thatthemortgageinsurancewillcreateacontingentliabilityoftheAuthority. |
|---|
| 775 | | - | Thecreationofsuchcontingentliabilityshallnotbedeemedtoviolatethe |
|---|
| 776 | | - | prohibitioncontainedinsubsection(d),andthestatementrequiredoneach |
|---|
| 777 | | - | bondthatitdoesnotconstituteanindebtednessoftheStatemaybemodified |
|---|
| 778 | | - | 1 |
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| 779 | | - | 2 |
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| 780 | | - | 3 |
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| 798 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 799 | | - | 2025 Page20of65 |
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| 800 | | - | torefertothemortgageinsurance.Separateseriesofbondsallofwhichare |
|---|
| 801 | | - | securedbymortgageinsurancemaybecombinedpursuanttosubsection(e)of |
|---|
| 802 | | - | thissection,andtheproceedsofanypaymentofsuchmortgageinsurancemay |
|---|
| 803 | | - | beallocatedandappliedbythetrusteeforthebenefitofthebondholdersin |
|---|
| 804 | | - | accordancewiththetermsofthesecuritydocumentprovidingforthe |
|---|
| 805 | | - | combinedfinancingAlldeterminationsandfindingsmadebytheAuthority |
|---|
| 806 | | - | pursuanttothissectionshallbeconclusive. |
|---|
| 807 | | - | (h)TheAuthorityisauthorizedtopledgesecurityandtoenterinto |
|---|
| 808 | | - | security,insurance,orotherformsofcreditenhancement.Apledgeinany |
|---|
| 809 | | - | agreementshallbevalidandbindingfromthetimesuchpledgeshallbemade |
|---|
| 810 | | - | withoutanyphysicaldeliveryorfurtheract,andthelienofsuchpledgeshall |
|---|
| 811 | | - | bevalidandbindingasagainstallpartieshavingclaimsofanykindintort, |
|---|
| 812 | | - | contract,orotherwise,irrespectiveofwhethersuchpartieshavenoticethereof. |
|---|
| 813 | | - | Anysuchpledgeshallbeperfectedbyfilingoftheagreementintherecordsof |
|---|
| 814 | | - | theAuthorityandnfilingneedbemadeunderanyotherprovisionoflaw. |
|---|
| 815 | | - | (i)TheAuthoritymaypurchaseanybondissuedunderthissubchapter4. |
|---|
| 816 | | - | Subjecttothetermsofanyagreementwiththebondholders,theAuthority |
|---|
| 817 | | - | mayhold,pledge,resell,orcancelanybondpurchasedunderthisparagraph, |
|---|
| 818 | | - | exceptthatapurchaseunderthisparagraphshallnotcausetheextinguishment |
|---|
| 819 | | - | ofsuchbondunlesstheAuthoritycancelsthebondorotherwisecertifiesits |
|---|
| 820 | | - | intentionthatthebondbeextinguished. |
|---|
| 821 | | - | 1 |
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| 841 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 842 | | - | 2025 Page21of65 |
|---|
| 843 | | - | (j)Nodesignatedmember,director,officer,employee,oragentofthe |
|---|
| 844 | | - | Authorityshallbeliablepersonallyonthebondsoranycontractenteredinto |
|---|
| 845 | | - | bytheAuthorityorsubjecttoanypersonalliabilityoraccountabilitybyreason |
|---|
| 846 | | - | oftheissuanceofthebondsunlessthepersonalliabilityoraccountabilityis |
|---|
| 847 | | - | theresultofintentionalmisconduct. |
|---|
| 848 | | - | Subchapter5.DirectMortgageLoans |
|---|
| 849 | | - | §261.ADDITIONALPOWERS |
|---|
| 850 | | - | Inadditiontopowersenumeratedelsewhereinthischapter,theAuthority |
|---|
| 851 | | - | may: |
|---|
| 852 | | - | (1)Makeloanssecuredbymortgagesorotherassets,whichmaybe |
|---|
| 853 | | - | subordinatetooneormorepriormortgagesorliens,uponapplicationbythe |
|---|
| 854 | | - | proposedmortgagorobligor,whomaybeaprivatecorporation,nonprofit |
|---|
| 855 | | - | organization,partnership,person,ormunicipalityfinancinganeligibleproject |
|---|
| 856 | | - | describedinsubdivision212(6)ofthistitle,uponsuchtermsastheAuthority |
|---|
| 857 | | - | mayprescribe,forthepurposeoffinancingtheestablishmentorexpansionof |
|---|
| 858 | | - | eligiblefacilities.SuchloansshallbemadefromtheVermontJobsFund |
|---|
| 859 | | - | establishedundersubchapter3ofthischapter.TheAuthoritymayprovidefor |
|---|
| 860 | | - | therepaymentandredepositofsuchloansasprovidedinthissubchapter. |
|---|
| 861 | | - | *** |
|---|
| 862 | | - | (3)Purchasepriormortgagessecuredloansandmakepaymentsonprior |
|---|
| 863 | | - | mortgagessecuredloansonanyeligiblefacilitywherethepurchaseor |
|---|
| 864 | | - | 1 |
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| 865 | | - | 2 |
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| 866 | | - | 3 |
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| 882 | | - | 19 |
|---|
| 883 | | - | 20 |
|---|
| 884 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 885 | | - | 2025 Page22of65 |
|---|
| 886 | | - | paymentisnecessarytoprotectanyloanpreviouslymadebytheAuthority.In |
|---|
| 887 | | - | addition,theAuthoritymaysell,transfer,convey,andassignanysuchprior |
|---|
| 888 | | - | mortgageorsecurity.MoniesusedbytheAuthorityinthepurchaseofany |
|---|
| 889 | | - | priormortgagesmortgageorsecurity,oranypaymentsthereon,shallbe |
|---|
| 890 | | - | withdrawnfromtheVermontJobsFund,andanymoniesderivedfromthesale |
|---|
| 891 | | - | ofanypriormortgagesmortgageorsecurityshallbedepositedbythe |
|---|
| 892 | | - | AuthorityintheVermontJobsFund. |
|---|
| 893 | | - | *** |
|---|
| 894 | | - | §262.FINDINGS |
|---|
| 895 | | - | Beforemakinganyloan,theAuthorityshallreceivefromanapplicanta |
|---|
| 896 | | - | loanapplicationinsuchformastheAuthoritymaybyregulationrule |
|---|
| 897 | | - | prescribe,andtheAuthority,ortheAuthority’sloanofficerpursuanttothe |
|---|
| 898 | | - | provisionsofsubdivision216(15)ofthistitle,shalldetermineandincorporate |
|---|
| 899 | | - | findingsinitsminutesthat: |
|---|
| 900 | | - | (1)Theprojectiswithinthescopeofthischapterandwillincreaseor |
|---|
| 901 | | - | maintainemploymentandexpandtheeconomyoftheState. |
|---|
| 902 | | - | (2)Theprojectplanscomplywithallapplicableenvironmental,zoning, |
|---|
| 903 | | - | planning,andsanitarylawsandregulationsofthemunicipalitywhereitisto |
|---|
| 904 | | - | belocatedandoftheStateofVermont. |
|---|
| 905 | | - | *** |
|---|
| 906 | | - | 1 |
|---|
| 907 | | - | 2 |
|---|
| 908 | | - | 3 |
|---|
| 909 | | - | 4 |
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| 910 | | - | 5 |
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| 911 | | - | 6 |
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| 912 | | - | 7 |
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|---|
| 921 | | - | 16 |
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| 922 | | - | 17 |
|---|
| 923 | | - | 18 |
|---|
| 924 | | - | 19 |
|---|
| 925 | | - | 20 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 926 | | - | 2025 Page23of65 |
|---|
| 927 | | - | (5)TheprincipalobligationoftheAuthority’smortgagedoesnot |
|---|
| 928 | | - | exceed$5,000,000.00,whichmaybesecuredbylandandbuildingsorby |
|---|
| 929 | | - | machineryandequipment,orboth,unless: |
|---|
| 930 | | - | (A)anintegralelementoftheprojectconsistsofthegenerationof |
|---|
| 931 | | - | heatorelectricityemployingbiomass,geothermal,methane,solar,orwind |
|---|
| 932 | | - | energyresourcestobeprimarilyconsumedattheproject,inwhichcasethe |
|---|
| 933 | | - | principalobligationoftheAuthority’smortgagedoesnotexceed |
|---|
| 934 | | - | $6,000,000.00,whichmaybesecuredbylandandbybuildingsormachinery |
|---|
| 935 | | - | andequipment,orboth;suchprincipalobligationdoesnotexceed40percent |
|---|
| 936 | | - | ofthecostoftheproject;andthemortgagorobligorisabletoobtainfinancing |
|---|
| 937 | | - | forthebalanceofthecostoftheprojectfromothersourcesasprovidedinthe |
|---|
| 938 | | - | followingsection;or |
|---|
| 939 | | - | *** |
|---|
| 940 | | - | (6)Themortgagorobligorisresponsibleandabletomanageits |
|---|
| 941 | | - | responsibilitiesasmortgagorobligorandowneroftheproject. |
|---|
| 942 | | - | (7)Themortgageloanhasasatisfactorymaturitydate,innocaselater |
|---|
| 943 | | - | than20yearsfromthedateofthemortgage. |
|---|
| 944 | | - | (8)Themortgagorobligorisunabletofinancetheprojectupon |
|---|
| 945 | | - | reasonabletermswithouttheassistanceoftherequestedloanfromthe |
|---|
| 946 | | - | Authority,orinthealternative,thegrantingoftheloanwillserveasa |
|---|
| 947 | | - | 1 |
|---|
| 948 | | - | 2 |
|---|
| 949 | | - | 3 |
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| 950 | | - | 4 |
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| 951 | | - | 5 |
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|---|
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|---|
| 962 | | - | 16 |
|---|
| 963 | | - | 17 |
|---|
| 964 | | - | 18 |
|---|
| 965 | | - | 19 |
|---|
| 966 | | - | 20 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 967 | | - | 2025 Page24of65 |
|---|
| 968 | | - | substantialinducementfortheestablishmentorexpansionofaneligible |
|---|
| 969 | | - | projectwithintheState. |
|---|
| 970 | | - | (9)Themortgagorobligorhasmadeadequateprovisionforinsurance |
|---|
| 971 | | - | protectionoftheprojectwhiletheloanisoutstanding. |
|---|
| 972 | | - | *** |
|---|
| 973 | | - | §263.MORTGAGELOAN;LIMITATIONS |
|---|
| 974 | | - | (a)WhenithasbeendeterminedbytheAuthoritythattheestablishmentor |
|---|
| 975 | | - | expansionofaparticulareligiblefacilitywillaccomplishthepublicpurposes |
|---|
| 976 | | - | ofthisact,theAuthoritymaycontracttoloantothemortgagorobligoran |
|---|
| 977 | | - | amountnotinexcessof40percentofthecostofsucheligiblefacility.In |
|---|
| 978 | | - | addition,theAuthorityshallhavedeterminedthatthemortgagorobligorhas |
|---|
| 979 | | - | obtainedfromotherindependentandresponsiblesources,suchasbanksand |
|---|
| 980 | | - | insurancecompaniesfinancialinstitutionsorotherwise,afirmcommitmentfor |
|---|
| 981 | | - | allotherfunds,overandabovetheloanoftheAuthorityandsuchfundsor |
|---|
| 982 | | - | propertyasthelocaldevelopmentcorporationmayhold,necessaryfor |
|---|
| 983 | | - | paymentofallofthecostoftheproject,andthatthesumofallthesefunds, |
|---|
| 984 | | - | togetherwithanyfunds,machinery,andequipmenttobeprovidedbythe |
|---|
| 985 | | - | mortgagorobligorisadequateforthecompletionandoperationoftheproject. |
|---|
| 986 | | - | (b)AnyloanoftheAuthorityunderthissubchaptershallbeforaperiodof |
|---|
| 987 | | - | timeandshallbearinterestatsuchrateasdeterminedbytheAuthorityand |
|---|
| 988 | | - | shallbesecuredbyamortgageontheeligiblefacilityoralienonitsassetsfor |
|---|
| 989 | | - | 1 |
|---|
| 990 | | - | 2 |
|---|
| 991 | | - | 3 |
|---|
| 992 | | - | 4 |
|---|
| 993 | | - | 5 |
|---|
| 994 | | - | 6 |
|---|
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|---|
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|---|
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|---|
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|---|
| 1000 | | - | 12 |
|---|
| 1001 | | - | 13 |
|---|
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|---|
| 1003 | | - | 15 |
|---|
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|---|
| 1005 | | - | 17 |
|---|
| 1006 | | - | 18 |
|---|
| 1007 | | - | 19 |
|---|
| 1008 | | - | 20 |
|---|
| 1009 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1010 | | - | 2025 Page25of65 |
|---|
| 1011 | | - | whichtheloanwasmadeorupontheassetsofamunicipalcommunications |
|---|
| 1012 | | - | plant,includingthenetrevenuesderivedfromtheoperationthereof,orboth. |
|---|
| 1013 | | - | Themortgagesecuredloanmaybesubordinatetooneormorepriormortgages |
|---|
| 1014 | | - | loans,includingthemortgagelienssecuringtheobligationissuedtosecurethe |
|---|
| 1015 | | - | commitmentoffundsfromtheindependentandresponsiblesourcesandused |
|---|
| 1016 | | - | inthefinancingoftheeconomicdevelopmentproject.Moniesloanedbythe |
|---|
| 1017 | | - | AuthorityshallbewithdrawnfromtheVermontJobsFundandpaidovertothe |
|---|
| 1018 | | - | mortgagorobligorinsuchmannerasprovidedandprescribedbytherulesand |
|---|
| 1019 | | - | regulationsoftheAuthority.Allpaymentsofprincipalandinterestonthe |
|---|
| 1020 | | - | loansshallbedepositedbytheAuthorityintheVermontJobsFund. |
|---|
| 1021 | | - | (c)LoansbytheAuthorityforaneligiblefacilityunderthissubchapter |
|---|
| 1022 | | - | shallbemadeonlyinthemannerandtotheextentprovidedinthissection, |
|---|
| 1023 | | - | except,however,inthoseinstanceswhereanagencyofthefederalgovernment |
|---|
| 1024 | | - | participatesinthefinancingofaneligiblefacilitybyloan,grant,orotherwise. |
|---|
| 1025 | | - | Whenanyfederalagencyparticipates,theAuthoritymayadjusttherequired |
|---|
| 1026 | | - | ratiooffinancialparticipationbythelocaldevelopmentcorporation, |
|---|
| 1027 | | - | independentsourcesoffunds,andtheAuthorityinsuchmannerastoensure |
|---|
| 1028 | | - | themaximumbenefitavailablebytheparticipationofthefederalagency. |
|---|
| 1029 | | - | Whereanyfederalagencyparticipatinginthefinancingofaneligiblefacility |
|---|
| 1030 | | - | isnotpermittedtotakeassecurityamortgage,thelienofwhichisjuniorto |
|---|
| 1031 | | - | 1 |
|---|
| 1032 | | - | 2 |
|---|
| 1033 | | - | 3 |
|---|
| 1034 | | - | 4 |
|---|
| 1035 | | - | 5 |
|---|
| 1036 | | - | 6 |
|---|
| 1037 | | - | 7 |
|---|
| 1038 | | - | 8 |
|---|
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|---|
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|---|
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|---|
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|---|
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|---|
| 1044 | | - | 14 |
|---|
| 1045 | | - | 15 |
|---|
| 1046 | | - | 16 |
|---|
| 1047 | | - | 17 |
|---|
| 1048 | | - | 18 |
|---|
| 1049 | | - | 19 |
|---|
| 1050 | | - | 20 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1051 | | - | 2025 Page26of65 |
|---|
| 1052 | | - | themortgageoftheAuthority,theAuthorityshallbeauthorizedtotakeas |
|---|
| 1053 | | - | securityforitsloanamortgagejuniorinlientothatofthefederalagency. |
|---|
| 1054 | | - | *** |
|---|
| 1055 | | - | §264.ACCELERATEDREPAYMENTPROVISIONS |
|---|
| 1056 | | - | AnydirectmortgageloanmadeonorafterJuly1,1988underthis |
|---|
| 1057 | | - | subchaptershallbeconditioneduponthemaintenanceofareasonablelevelof |
|---|
| 1058 | | - | employmentatthefacilityorfacilitiesownedbythemortgagorobligorand |
|---|
| 1059 | | - | pledgedassecurityfortheloan.Forthepurposesofthissection,areasonable |
|---|
| 1060 | | - | levelofemploymentshallbedeemednottohavebeenmaintainedwhenevera |
|---|
| 1061 | | - | mortgagoranobligoremploying50ormoreemployeesatsuchfacilityor |
|---|
| 1062 | | - | facilitiespermanentlytransfers,withinanythree-yearperiod,50percentor |
|---|
| 1063 | | - | moreofthoseemployeesoremploymentpositionstoanyout-of-statefacility. |
|---|
| 1064 | | - | Uponbreachofthiscondition,theAuthoritymaydeclareallprincipaland |
|---|
| 1065 | | - | interestofthemortgageloanimmediatelydueandpayableandmay |
|---|
| 1066 | | - | commenceforeclosureonanypropertyheldassecurityforthemortgageloan |
|---|
| 1067 | | - | ortakeanyotherlawfulstepstoobtainpayment. |
|---|
| 1068 | | - | *** |
|---|
| 1069 | | - | §279c.VERMONTEXPORTFINANCEPROGRAM |
|---|
| 1070 | | - | *** |
|---|
| 1071 | | - | (e)Anyexcessofrevenuesoverexpensesderivedfromthisprogramshall |
|---|
| 1072 | | - | bedepositedinthedevelopmentfundVermontJobsFund. |
|---|
| 1073 | | - | 1 |
|---|
| 1074 | | - | 2 |
|---|
| 1075 | | - | 3 |
|---|
| 1076 | | - | 4 |
|---|
| 1077 | | - | 5 |
|---|
| 1078 | | - | 6 |
|---|
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|---|
| 1080 | | - | 8 |
|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
| 1090 | | - | 18 |
|---|
| 1091 | | - | 19 |
|---|
| 1092 | | - | 20 |
|---|
| 1093 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1094 | | - | 2025 Page27of65 |
|---|
| 1095 | | - | *** |
|---|
| 1096 | | - | §280a.ELIGIBLEPROJECTS;AUTHORIZEDFINANCINGPROGRAMS |
|---|
| 1097 | | - | (a)TheAuthoritymaydevelop,modify,andimplementanyexistingor |
|---|
| 1098 | | - | newfinancingprogram,providedthatanyspecificprojectthatbenefitsfrom |
|---|
| 1099 | | - | suchprogramshallmeetthecriteriacontainedintheVermontSustainableJobs |
|---|
| 1100 | | - | Strategyadoptedundersection280bofthistitle,andprovidedfurtherthatthe |
|---|
| 1101 | | - | programshallmeetthecriteriacontainedintheVermontSustainableJobs |
|---|
| 1102 | | - | Strategyadoptedundersection280bofthistitle.Theseprogramsmay |
|---|
| 1103 | | - | include: |
|---|
| 1104 | | - | (1)theMortgageInsuranceProgram,administeredunderchapter12, |
|---|
| 1105 | | - | subchapter2ofthistitle;[Repealed.] |
|---|
| 1106 | | - | *** |
|---|
| 1107 | | - | (7)oneormoreprogramstargetingeconomicallydistressedregionsof |
|---|
| 1108 | | - | theState,andspecificallyincludingtheAuthoritytodevelopaprogramto |
|---|
| 1109 | | - | financeorrefinanceupto100percentoftheexistingassetsordebtsofa |
|---|
| 1110 | | - | health,recreation,andfitnessorganizationthatisexemptunderSection |
|---|
| 1111 | | - | 501(c)(3)oftheInternalRevenueCode,theincomeofwhichisentirelyused |
|---|
| 1112 | | - | foritsexemptpurpose,thatownsandoperatesarecreationfacilitylocatedina |
|---|
| 1113 | | - | distressedregionoftheState;[Repealed.] |
|---|
| 1114 | | - | *** |
|---|
| 1115 | | - | §280b.THEVERMONTSUSTAINABLEJOBSSTRATEGY |
|---|
| 1116 | | - | 1 |
|---|
| 1117 | | - | 2 |
|---|
| 1118 | | - | 3 |
|---|
| 1119 | | - | 4 |
|---|
| 1120 | | - | 5 |
|---|
| 1121 | | - | 6 |
|---|
| 1122 | | - | 7 |
|---|
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|---|
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|---|
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|---|
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|---|
| 1127 | | - | 12 |
|---|
| 1128 | | - | 13 |
|---|
| 1129 | | - | 14 |
|---|
| 1130 | | - | 15 |
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| 1136 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
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| 1137 | | - | 2025 Page28of65 |
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| 1138 | | - | *** |
|---|
| 1139 | | - | (c)(1)BeforeadoptingtheVermontsustainablejobsstrategy,theGovernor |
|---|
| 1140 | | - | shalldirecttheAuthorityandtheSecretaryofCommerceandCommunity |
|---|
| 1141 | | - | Developmenttosolicitinformationandrecommendationsfromthepeopleand |
|---|
| 1142 | | - | businessesoftheState. |
|---|
| 1143 | | - | (2)Aftersolicitinginformationandrecommendations,theAuthority |
|---|
| 1144 | | - | andtheSecretaryshalljointlydevelopaproposedVermontsustainablejobs |
|---|
| 1145 | | - | strategy.Indevelopingaproposedstrategy,theAuthorityandtheSecretary |
|---|
| 1146 | | - | shallconsiderhowbesttointegrateVermont’seconomic,social,and |
|---|
| 1147 | | - | environmentalvaluesintoaVermontsustainablejobsstrategy.TheAuthority |
|---|
| 1148 | | - | andtheSecretaryshalljointlypresenttheirproposedstrategytotheHouse |
|---|
| 1149 | | - | CommitteeonCommerceandEconomicDevelopmentandtheSenate |
|---|
| 1150 | | - | CommitteeonEconomicDevelopment,HousingandGeneralAffairsmeeting |
|---|
| 1151 | | - | injointhearing. |
|---|
| 1152 | | - | *** |
|---|
| 1153 | | - | Subchapter15.DisasterRecoveryLoanFund |
|---|
| 1154 | | - | § 280gg.DISASTERRECOVERYLOANFUND |
|---|
| 1155 | | - | (a)ThereisestablishedwithintheAuthoritytheVermontDisaster |
|---|
| 1156 | | - | RecoveryLoanFund,referredtointhissubchapteras“theFund,”thepurpose |
|---|
| 1157 | | - | ofwhichistoenabletheAuthoritytoprovideloansandotherformsof |
|---|
| 1158 | | - | financialassistancetobusinessesandagriculturalenterprisesafterdisasters. |
|---|
| 1159 | | - | 1 |
|---|
| 1160 | | - | 2 |
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| 1178 | | - | 20 |
|---|
| 1179 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1180 | | - | 2025 Page29of65 |
|---|
| 1181 | | - | (b)TheAuthorityshallestablish: |
|---|
| 1182 | | - | (1)policiesandproceduresfortheFundthattheAuthoritydetermines |
|---|
| 1183 | | - | arenecessarytocarryoutthepurposesofthissubchapter;and |
|---|
| 1184 | | - | (2)financingprogramsnecessarytoensuretimelydeliveryoffinancial |
|---|
| 1185 | | - | assistanceafteradisaster. |
|---|
| 1186 | | - | (c)TheAuthorityshalllimittheinterestrateschargedforloansprovided |
|---|
| 1187 | | - | utilizingfundsfromtheDisasterRecoveryLoanFundtoratesnecessaryto |
|---|
| 1188 | | - | coverthecostsofadministeringtheFund. |
|---|
| 1189 | | - | (d)Thisisarevolvingloanprogramandanyexcessofrevenuesover |
|---|
| 1190 | | - | expensesderivedfromthisprogramshallbedepositedintheFund. |
|---|
| 1191 | | - | Sec.2.10V.S.A.§ 234isredesignatedandamendedtoread: |
|---|
| 1192 | | - | §234220a.THEVERMONTJOBSFUND |
|---|
| 1193 | | - | (a)ThereisherebycreatedtheVermontJobsFund,hereinaftercalledthe |
|---|
| 1194 | | - | Fund,whichshallbeusedbytheAuthorityasanonlapsingfundforthe |
|---|
| 1195 | | - | purposesofsubchapters3,5,9,and10ofthischapter.Toitshallbecharged |
|---|
| 1196 | | - | alloperatingexpensesoftheAuthoritynototherwiseprovidedforandall |
|---|
| 1197 | | - | paymentsofinterestandprincipalrequiredtobemadebytheAuthorityunder |
|---|
| 1198 | | - | thissubchapter.ToitshallbecreditedanyappropriationsmadebytheGeneral |
|---|
| 1199 | | - | Assemblyforthepurposesofsubchapters3,5,9,and10ofthischapterandall |
|---|
| 1200 | | - | paymentsrequiredtobemadetotheAuthorityundersubchapters3,5,9,and |
|---|
| 1201 | | - | 10ofthischapter,itbeingtheintentofthissectionthattheFundshalloperate |
|---|
| 1202 | | - | 1 |
|---|
| 1203 | | - | 2 |
|---|
| 1204 | | - | 3 |
|---|
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|---|
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|---|
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|---|
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|---|
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|---|
| 1219 | | - | 18 |
|---|
| 1220 | | - | 19 |
|---|
| 1221 | | - | 20 |
|---|
| 1222 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1223 | | - | 2025 Page30of65 |
|---|
| 1224 | | - | asarevolvingfundwherebyallappropriationsandpaymentsmadethereto, |
|---|
| 1225 | | - | unlessrequiredtorepaynotesunderthefollowingsection,maybeappliedand |
|---|
| 1226 | | - | reappliedforthepurposesofsubchapters3,5,9,and10ofthischapter. |
|---|
| 1227 | | - | MoniesintheFundmaybeloanedatinterestratestobesetbytheAuthority |
|---|
| 1228 | | - | forthefollowing: |
|---|
| 1229 | | - | (1)Loanstolocaldevelopmentcorporationsunderthissubchapter, |
|---|
| 1230 | | - | providedthatifthefundsforanysuchloanarederivedfromtheissueofnotes |
|---|
| 1231 | | - | totheStateTreasurerundersection235ofthischapter,theloanshallbear |
|---|
| 1232 | | - | interestataratenotlessthantherateonthenoteschapter. |
|---|
| 1233 | | - | (2)Directmortgageloansasdescribedinsubchapter5ofthischapter. |
|---|
| 1234 | | - | (3)Loansforthefinancingofexportactivitiesundersubchapter9of |
|---|
| 1235 | | - | thischapter. |
|---|
| 1236 | | - | (4)OtherloansastheAuthoritymayprescribeundersubchapter10of |
|---|
| 1237 | | - | thischapter. |
|---|
| 1238 | | - | (b)InordertoprovidemoniesintheFundforloansunderthischapter,the |
|---|
| 1239 | | - | AuthoritymayissuenotesforpurchasebytheStateTreasurerasprovidedin |
|---|
| 1240 | | - | section235ofthischapter. |
|---|
| 1241 | | - | (c)MoniesintheFundmaybeloanedtotheVermontAgriculturalCredit |
|---|
| 1242 | | - | Programtosupportitslendingoperationsasestablishedinchapter16Aofthis |
|---|
| 1243 | | - | titleatinterestratesandontermsandconditionstobesetbytheAuthorityto |
|---|
| 1244 | | - | establishalineofcreditinanamountnottoexceed$100,000,000.00tobe |
|---|
| 1245 | | - | 1 |
|---|
| 1246 | | - | 2 |
|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
| 1263 | | - | 19 |
|---|
| 1264 | | - | 20 |
|---|
| 1265 | | - | 21 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1266 | | - | 2025 Page31of65 |
|---|
| 1267 | | - | advancedtotheVermontAgriculturalCreditProgramtosupportitslending |
|---|
| 1268 | | - | operationsasestablishedinchapter16Aofthistitle. |
|---|
| 1269 | | - | (d)(c)MoniesintheFundmaybeloanedtotheVermontSmallBusiness |
|---|
| 1270 | | - | DevelopmentCorporationtosupportitslendingoperationsasestablished |
|---|
| 1271 | | - | pursuanttosubdivision216(14)ofthistitleatinterestratesandontermsand |
|---|
| 1272 | | - | conditionstobesetbytheAuthority. |
|---|
| 1273 | | - | (e)(d)MoniesintheFundmaybeloanedtotheVermont504Corporation |
|---|
| 1274 | | - | tosupportitslendingoperationsasestablishedpursuanttosubdivision216(13) |
|---|
| 1275 | | - | ofthistitleatinterestratesandontermsandconditionstobesetbythe |
|---|
| 1276 | | - | Authority. |
|---|
| 1277 | | - | (f)(e)TheAuthoritymayloanmoneyfromtheFundtotheVermont |
|---|
| 1278 | | - | SustainableEnergyLoanFundestablishedundersubchapter13ofthischapter |
|---|
| 1279 | | - | atinterestratesandontermsandconditionssetbytheAuthority. |
|---|
| 1280 | | - | Sec.3.APPROPRIATION |
|---|
| 1281 | | - | Thesumof$2,000,000.00isappropriatedfromtheGeneralFundtothe |
|---|
| 1282 | | - | AgencyofCommerceandCommunityDevelopmenttofundtheDisaster |
|---|
| 1283 | | - | RecoveryLoanFundestablishedin10V.S.A.§ 280gg. |
|---|
| 1284 | | - | Sec.4.EFFECTIVEDATE |
|---|
| 1285 | | - | ThisactshalltakeeffectonJuly1,2025. |
|---|
| 1286 | | - | Sec.1.10V.S.A.chapter12isamendedtoread: |
|---|
| 1287 | | - | CHAPTER12.VERMONTECONOMICDEVELOPMENTAUTHORITY |
|---|
| 1288 | | - | 1 |
|---|
| 1289 | | - | 2 |
|---|
| 1290 | | - | 3 |
|---|
| 1291 | | - | 4 |
|---|
| 1292 | | - | 5 |
|---|
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|---|
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|---|
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|---|
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|---|
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|---|
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|---|
| 1299 | | - | 12 |
|---|
| 1300 | | - | 13 |
|---|
| 1301 | | - | 14 |
|---|
| 1302 | | - | 15 |
|---|
| 1303 | | - | 16 |
|---|
| 1304 | | - | 17 |
|---|
| 1305 | | - | 18 BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1306 | | - | 2025 Page32of65 |
|---|
| 1307 | | - | *** |
|---|
| 1308 | | - | §212.DEFINITIONS |
|---|
| 1309 | | - | Asusedinthischapter: |
|---|
| 1310 | | - | *** |
|---|
| 1311 | | - | (6)“Eligiblefacility”or“eligibleproject”meansanyindustrial, |
|---|
| 1312 | | - | commercial,oragriculturalenterpriseorendeavorapprovedbytheAuthority |
|---|
| 1313 | | - | thatmeetsthecriteriaestablishedintheVermontSustainableJobsStrategy |
|---|
| 1314 | | - | adoptedbytheGovernorundersection280bofthistitleusedinatradeor |
|---|
| 1315 | | - | businesswhetherornotsuchbusinessisoperatedforprofit,includingland |
|---|
| 1316 | | - | andrightsinland,air,orwater;buildings;structures;machinery;and |
|---|
| 1317 | | - | equipmentofsucheligiblefacilitiesoreligibleprojects,exceptthataneligible |
|---|
| 1318 | | - | facilityorprojectshallnotincludetheportionofanenterpriseorendeavor |
|---|
| 1319 | | - | relatingtothesaleofgoodsatretailwheresuchgoodsaremanufactured |
|---|
| 1320 | | - | primarilyoutofState,andexceptfurtherthataneligiblefacilityorproject |
|---|
| 1321 | | - | shallnotincludetheportionofanenterpriseorendeavorrelatingtohousing |
|---|
| 1322 | | - | unlessotherwiseauthorizedinthischapter.Suchenterprisesorendeavors |
|---|
| 1323 | | - | mayinclude: |
|---|
| 1324 | | - | *** |
|---|
| 1325 | | - | (T)Anycapitalimprovement;purchaseofreceivables,property, |
|---|
| 1326 | | - | assets,commodities,bonds,orotherrevenuestreamsorrelatedassets; |
|---|
| 1327 | | - | workingcapitalprogramorliability;orotherinsuranceprogram. BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1328 | | - | 2025 Page33of65 |
|---|
| 1329 | | - | *** |
|---|
| 1330 | | - | (9)“Insurancecontract”meansacontractinsuringmortgagepayments |
|---|
| 1331 | | - | undersubchapter2ofthischapter.[Repealed.] |
|---|
| 1332 | | - | *** |
|---|
| 1333 | | - | (11)“Maturitydate,”asusedinsubchapter2ofthischapter,meansthe |
|---|
| 1334 | | - | dateuponwhichthenoteorotherevidenceofindebtednesssecuredbya |
|---|
| 1335 | | - | mortgagewouldbeextinguishedifpaidinaccordancewiththemortgage |
|---|
| 1336 | | - | payments.[Repealed.] |
|---|
| 1337 | | - | (12)“Mortgage,”asusedinsubchapter2ofthischapter,meansafirst |
|---|
| 1338 | | - | mortgageuponaneligiblefacilitygivenbyamortgagor,ashereindefined,to |
|---|
| 1339 | | - | securetherepaymentofamountsborrowedtopaycostsofaproject. |
|---|
| 1340 | | - | [Repealed.] |
|---|
| 1341 | | - | (13)“Mortgagepayments,”asusedinsubchapter2ofthischapter, |
|---|
| 1342 | | - | meanstheperiodicpaymentscalledforbyamortgagethatshallcoverlease |
|---|
| 1343 | | - | landrentals,ifany,mortgageinsurancepremiums,interest,installmentsof |
|---|
| 1344 | | - | principal,taxesandassessments,hazardinsurancepayments,andanyother |
|---|
| 1345 | | - | paymentscalledforinthemortgage.[Repealed.] |
|---|
| 1346 | | - | (14)“Mortgagee,”asusedinsubchapter2ofthischapter,meansthe |
|---|
| 1347 | | - | originallenderunderamortgageanditssuccessorsandassigns,ifapproved |
|---|
| 1348 | | - | bytheAuthority.[Repealed.] BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1349 | | - | 2025 Page34of65 |
|---|
| 1350 | | - | (15)“Mortgagor,”asusedinsubchapter2ofthischapter,meansthe |
|---|
| 1351 | | - | originalborrowerunderamortgageorasecurityagreementanditssuccessors |
|---|
| 1352 | | - | andassigns,ifapprovedbytheAuthority.[Repealed.] |
|---|
| 1353 | | - | *** |
|---|
| 1354 | | - | §213.AUTHORITY;ORGANIZATION |
|---|
| 1355 | | - | *** |
|---|
| 1356 | | - | (c)TheAuthorityshallelectachairfromamongitsappointedmembers, |
|---|
| 1357 | | - | andavicechairandtreasurerotherofficersfromamongitsmembersandshall |
|---|
| 1358 | | - | employamanagerwhoshallholdofficeattheAuthority’spleasureandwho, |
|---|
| 1359 | | - | unlessheorshetheindividualisamemberoftheclassifiedserviceunder3 |
|---|
| 1360 | | - | V.S.A.chapter13,shallreceivesuchcompensationasmaybefixedbythe |
|---|
| 1361 | | - | AuthoritywiththeapprovaloftheGovernor.Aquorumshallconsistofeight |
|---|
| 1362 | | - | members.Membersdisqualifiedfromvotingundersection214ofthistitle |
|---|
| 1363 | | - | shallbeconsideredpresentforpurposesofdeterminingaquorum.Noaction |
|---|
| 1364 | | - | oftheAuthorityshallbeconsideredvalidunlesstheactionissupportedbya |
|---|
| 1365 | | - | majorityvoteofthememberspresentandvotingandthenonlyifatleastfive |
|---|
| 1366 | | - | membersvoteinfavoroftheaction. |
|---|
| 1367 | | - | *** |
|---|
| 1368 | | - | (i)TheAuthorityshallstudyandreportbacktotheLegislaturenolater |
|---|
| 1369 | | - | thanJanuary15,1989onthefeasibilityofhiringfull-timecounselinlieuof |
|---|
| 1370 | | - | retainingoutsidecounsel.[Repealed.] BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1371 | | - | 2025 Page35of65 |
|---|
| 1372 | | - | §214.MEMBERS;DISQUALIFICATION |
|---|
| 1373 | | - | AmemberoftheAuthoritymaynotparticipateinanydecision: |
|---|
| 1374 | | - | *** |
|---|
| 1375 | | - | (2)Uponanyinsurancecontractundersubchapter2ofthischapteror |
|---|
| 1376 | | - | loanundersubchapter5ofthischapter,ifthememberisamember,director, |
|---|
| 1377 | | - | trustee,employee,orofficerof;orhasanyinterestdirectorindirectin;or |
|---|
| 1378 | | - | ownsanystock,bonds,orotherliabilitiesissuedbyorauthorizedbythe |
|---|
| 1379 | | - | prospectivemortgagor,mortgagee,ortenant; |
|---|
| 1380 | | - | *** |
|---|
| 1381 | | - | §215.MANAGER;DUTIES |
|---|
| 1382 | | - | ThemanagershallbethechiefadministrativeofficeroftheAuthorityand |
|---|
| 1383 | | - | shalldirectandsupervisetheadministrativeaffairsandtechnicalactivitiesof |
|---|
| 1384 | | - | theAuthorityinaccordancewithanyrules,regulations,andpolicies,and |
|---|
| 1385 | | - | proceduressetforthbytheAuthority.Inadditiontoanyotherduties,the |
|---|
| 1386 | | - | managershall: |
|---|
| 1387 | | - | *** |
|---|
| 1388 | | - | (4)workcloselywiththeAgencyofCommerceandCommunity |
|---|
| 1389 | | - | DevelopmentandprovideassistancetothevariousdivisionsofthatAgency |
|---|
| 1390 | | - | whenrequestedtofacilitatetheplanningandfinancingofprojects;and |
|---|
| 1391 | | - | (5)makerecommendationsandreports,incooperationwiththeAgency |
|---|
| 1392 | | - | ofCommerceandCommunityDevelopment,totheAuthorityonthemeritsof BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1393 | | - | 2025 Page36of65 |
|---|
| 1394 | | - | anyproposedproject,onthestatusoflocaldevelopmentcorporations,andon |
|---|
| 1395 | | - | suitableindustrialsites;[Repealed.] |
|---|
| 1396 | | - | (6)performsuchotherdutiesasmaybedirectedbytheAuthorityinthe |
|---|
| 1397 | | - | carryingoutofthepurposesofthischapter. |
|---|
| 1398 | | - | §216.AUTHORITY;GENERALPOWERS |
|---|
| 1399 | | - | TheAuthorityisherebyauthorized: |
|---|
| 1400 | | - | (1)Tosueandbesuedinitsownnameandpleadandbeimpleaded; |
|---|
| 1401 | | - | serviceofprocessuponitinanyactionshallbemadebyserviceuponthe |
|---|
| 1402 | | - | SecretaryofStateeitherinhandorbyleavingacopyoftheprocessathisor |
|---|
| 1403 | | - | hertheSecretary’soffice. |
|---|
| 1404 | | - | *** |
|---|
| 1405 | | - | (3)Toadoptandfromtimetotimeamendbylaws,andrules,and |
|---|
| 1406 | | - | regulationsforthecallingandconductofitsmeetingsandfortheconductof |
|---|
| 1407 | | - | itsaffairs,includingregulationsrules,policies,andproceduresrelatingto |
|---|
| 1408 | | - | applicationsforfinancialassistanceanddisclosureofinformationsuppliedto |
|---|
| 1409 | | - | it. |
|---|
| 1410 | | - | *** |
|---|
| 1411 | | - | (10)Toadministeritsownfundsandtoinvestordepositfundswhich |
|---|
| 1412 | | - | thatarenotneededcurrentlytomeettheobligationsoftheAuthority. |
|---|
| 1413 | | - | *** BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1414 | | - | 2025 Page37of65 |
|---|
| 1415 | | - | (13)TocausetobeincorporatedinVermontanonprofitcorporation |
|---|
| 1416 | | - | thatwillqualifyasaStatedevelopmentcompanyunderTitle15oftheU.S. |
|---|
| 1417 | | - | Code15U.S.C.§695andrulesandregulationsadoptedpromulgated |
|---|
| 1418 | | - | pursuantthereto.ThevotingmembersoftheAuthorityshallbemembersofthe |
|---|
| 1419 | | - | companyandshallconstitutetheboardofdirectorsofthecompany.The |
|---|
| 1420 | | - | companyshallhaveatleast14othermembersselectedbythemembersofthe |
|---|
| 1421 | | - | Authority.Thecompanyshallbeorganizedandoperateunderthenonprofit |
|---|
| 1422 | | - | corporationlawsoftheStateofVermonttotheextentnotinconsistent |
|---|
| 1423 | | - | herewith.TheAuthorityshallhavethepowertocontractwiththecompanyto |
|---|
| 1424 | | - | providestaffandmanagementneedsofthecompany.TheAuthorityis |
|---|
| 1425 | | - | authorizedtocontributetothecapitalofthecompanyinanamountthe |
|---|
| 1426 | | - | Authoritydeterminesisnecessaryandappropriate. |
|---|
| 1427 | | - | *** |
|---|
| 1428 | | - | (15)Todelegatetoloanofficersthepowertoreview,approve,andmake |
|---|
| 1429 | | - | loansunderthischapter,subjecttotheapprovalofthemanager,andto |
|---|
| 1430 | | - | disbursefundsonsuchloans,subjecttotheapprovalofthemanagerasset |
|---|
| 1431 | | - | forthinthepoliciesandproceduresoftheAuthority. |
|---|
| 1432 | | - | *** |
|---|
| 1433 | | - | §217.RECORDS;ANNUALREPORT;AUDIT |
|---|
| 1434 | | - | (a)TheAuthorityshallkeepanaccurateaccountofallitsactivitiesandof |
|---|
| 1435 | | - | allitsreceiptsandexpenditures.Informationandrecordsinconnectionwith BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1436 | | - | 2025 Page38of65 |
|---|
| 1437 | | - | anapplicationforaninsurancecontractundersubchapter2ofthischapter |
|---|
| 1438 | | - | shallbepreservedforthreeyearsaftertheapplicationhasbeendeniedor,if |
|---|
| 1439 | | - | theapplicationisaccepted,forthreeyearsafterthemortgagehasbeen |
|---|
| 1440 | | - | dischargedandthereafteruntiltheAuthorityordersthemdestroyed. |
|---|
| 1441 | | - | *** |
|---|
| 1442 | | - | (c)TheAuditorofAccountsoftheStateandhisorhertheAuditor’s |
|---|
| 1443 | | - | authorizedrepresentativesmayatanytimeexaminetheaccountsandbooksof |
|---|
| 1444 | | - | theAuthority,includingitsreceipts,disbursements,contracts,funds, |
|---|
| 1445 | | - | investments,andanyothermattersrelatingtoitsfinancialstatements. |
|---|
| 1446 | | - | *** |
|---|
| 1447 | | - | §217a.APPLICATION |
|---|
| 1448 | | - | AmongsuchotherthingsasmayberequiredbytheAuthority,any |
|---|
| 1449 | | - | applicationforfinancingorformortgageinsuranceunderthischaptershall |
|---|
| 1450 | | - | stateindetailontheapplicationthenatureandpurposeofthebusinessandits |
|---|
| 1451 | | - | productsforwhichtheloan,orrevenuebondsormortgageinsuranceisare |
|---|
| 1452 | | - | intendedtobenefit. |
|---|
| 1453 | | - | *** |
|---|
| 1454 | | - | §231.ASSISTANCETOLOCALDEVELOPMENTCORPORATIONS |
|---|
| 1455 | | - | Uponapplicationofalocaldevelopmentcorporation,theAuthoritymay |
|---|
| 1456 | | - | loanmoneytothatlocaldevelopmentcorporation,uponsuchtermsand |
|---|
| 1457 | | - | conditionsasitmayprescribe,forthepurposeofindustrialparkplanningand BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1458 | | - | 2025 Page39of65 |
|---|
| 1459 | | - | development,forconstructingorimprovingaspeculativebuildingorsmall |
|---|
| 1460 | | - | businessincubatorfacilityonlandownedorheldunderleasebythelocal |
|---|
| 1461 | | - | developmentcorporation,forpurchaseorimprovementofexistingbuildings |
|---|
| 1462 | | - | suitablefororwhichcanbemadesuitableforindustrialorsmallbusiness |
|---|
| 1463 | | - | incubationfacilitypurposesandforthepurchaseoflandinconnectionwith |
|---|
| 1464 | | - | anyoftheforegoing.Beforethelocaldevelopmentcorporationreceivessuch |
|---|
| 1465 | | - | fundsforsuchpurposesfromtheAuthority,itshallgivetotheAuthority |
|---|
| 1466 | | - | securityfortherepaymentofthefunds.Thesecurityshallbeinsuchformand |
|---|
| 1467 | | - | amountsastheAuthoritymaydetermineandshall,ineachinstance,includea |
|---|
| 1468 | | - | firstmortgageontheland,ortheleasehold,building,andappurtenances |
|---|
| 1469 | | - | financedbysuchfunds.LoansbytheAuthoritytolocaldevelopment |
|---|
| 1470 | | - | corporationsfortheconstructionofspeculativebuildingsorimprovementsto |
|---|
| 1471 | | - | thosebuildingsshallberepaidinfull,includinginterestandothercharges, |
|---|
| 1472 | | - | within90daysafterthebuildingisoccupiedifthebuildingisbeingsold,or |
|---|
| 1473 | | - | withinfiveyearsafterthepropertyisoccupiedifthebuildingisbeingleased, |
|---|
| 1474 | | - | orwithinsuchperiodoftimedeemedreasonablebytheAuthority.Loansby |
|---|
| 1475 | | - | theAuthoritytolocaldevelopmentcorporationsfortheconstruction,purchase, |
|---|
| 1476 | | - | orimprovementofsmallbusinessincubatorfacilitiesshallberepaidinfull, |
|---|
| 1477 | | - | includinginterestandothercharges,withinten20yearsafterthepropertyis |
|---|
| 1478 | | - | occupied. |
|---|
| 1479 | | - | *** BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1480 | | - | 2025 Page40of65 |
|---|
| 1481 | | - | §244.BONDS |
|---|
| 1482 | | - | *** |
|---|
| 1483 | | - | (b)Bondsshallbearthemanualorelectronicsignatureofthetreasurerof |
|---|
| 1484 | | - | themunicipalityandthemanual,electronic,orfacsimilesignatureor |
|---|
| 1485 | | - | signaturesofthemayororamajorityoftheselectboardortrusteesasthecase |
|---|
| 1486 | | - | maybe.Interestcoupons,ifany,shallbearthefacsimilesignatureofthe |
|---|
| 1487 | | - | treasurer.Ifthemunicipalityhasacorporateseal,bondsshallbearthesealor |
|---|
| 1488 | | - | afacsimileoftheseal.Bondsexecutedinaccordancewiththissubchapter |
|---|
| 1489 | | - | shallbevalidnotwithstandingthatbeforethedeliverythereofandpayment |
|---|
| 1490 | | - | thereforanyorallofthepersonswhosesignaturesappearthereonshallhave |
|---|
| 1491 | | - | ceasedtoholdoffice. |
|---|
| 1492 | | - | *** |
|---|
| 1493 | | - | §253.STATEAUTHORITYPROJECTS |
|---|
| 1494 | | - | (a)TheStateofVermontAuthoritymayengageinprojectswithinthestate |
|---|
| 1495 | | - | Stateinaccordancewiththeprovisionsofthissubchapter.Forthepurposesof |
|---|
| 1496 | | - | thissectionandsection254ofthistitle: |
|---|
| 1497 | | - | (1)Theword“municipality”asusedinthesectionsofthissubchapter |
|---|
| 1498 | | - | otherthanthissectionshallmeanthe“StateofVermont”“Authority”; |
|---|
| 1499 | | - | *** |
|---|
| 1500 | | - | (b)Forthepurposesofengaginginaproject,theAuthorityshallactinthe |
|---|
| 1501 | | - | nameoftheStateandonitsbehalfoftheStateasitsagentandinstrumentality BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1502 | | - | 2025 Page41of65 |
|---|
| 1503 | | - | fortheexecutionoffinancingdocuments,securitydocuments,bonds,andother |
|---|
| 1504 | | - | appropriateinstrumentsorforthetakingofanyactionwithrespecttoa |
|---|
| 1505 | | - | projectfinancedinwholeorinpartbytheissueofbondsundersection254of |
|---|
| 1506 | | - | thistitle. |
|---|
| 1507 | | - | (c)Titletoorpossessoryinterestinanyeligiblefacilitythatisfinancedin |
|---|
| 1508 | | - | wholeorinpartbytheissueofbondspursuanttosection254ofthistitlemay |
|---|
| 1509 | | - | betakenandheldinthenameoftheStateAuthority.Inperformingits |
|---|
| 1510 | | - | functionsunderthissection,theAuthoritymayexerciseanyandallpowers |
|---|
| 1511 | | - | conferreduponmunicipalitiesbythissubchapter,buttheAuthorityshallnot |
|---|
| 1512 | | - | executeanyfinancingdocument,securitydocument,orbondwithrespecttoa |
|---|
| 1513 | | - | projectuntiltheAuthorityhasmadethefindingsrequiredbysection246ofthis |
|---|
| 1514 | | - | title. |
|---|
| 1515 | | - | *** |
|---|
| 1516 | | - | §254.STATEBONDS |
|---|
| 1517 | | - | *** |
|---|
| 1518 | | - | (c)Bondsissuedunderthissectionshallbearthemanual,electronic,or |
|---|
| 1519 | | - | facsimilesignatureofthemanagerortreasureroftheAuthorityandthe |
|---|
| 1520 | | - | manualorfacsimilesignatureoftheChairorViceChairoftheAuthority,or |
|---|
| 1521 | | - | authorizeddesigneeandagent;provided,however,thatatleastoneofthe |
|---|
| 1522 | | - | foregoingsuchsignaturesshallbemanualunlessthebondsaretobemanually |
|---|
| 1523 | | - | authenticatedbyabankortrustcompanyservingastrusteeforthebonds.The BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1524 | | - | 2025 Page42of65 |
|---|
| 1525 | | - | detailsofthebondsshallbefixedbythesigningofficersinaccordancewith |
|---|
| 1526 | | - | section244ofthistitle.Bondsshallbesoldbythesigningofficersatpublicor |
|---|
| 1527 | | - | privatesale,andtheproceedsthereofshallbepaidtothetrustee,lender,or |
|---|
| 1528 | | - | disbursingagentunderthesecuritydocumentthatsecuresthebonds. |
|---|
| 1529 | | - | (d)Nofinancingorsecuritydocument,orbond,orotherinstrumentissued |
|---|
| 1530 | | - | orenteredintointhenameandonbehalfoftheStateunderthissubchapter |
|---|
| 1531 | | - | shallinanywayobligatetheStatetoraiseanymoneybytaxationoruseother |
|---|
| 1532 | | - | fundsforanypurposetopayanydebtormeetanyfinancialobligationtoany |
|---|
| 1533 | | - | personatanytimeinrelationtoaneligiblefacilityfinancedinwholeorin |
|---|
| 1534 | | - | partbytheissueoftheAuthority’sbondsunderthissubchapter,exceptfrom |
|---|
| 1535 | | - | moniesreceivedortobereceivedunderafinancingorsecuritydocument |
|---|
| 1536 | | - | enteredintounderthissubchapterorexceptasmayberequiredbyanyother |
|---|
| 1537 | | - | provisionoflaw.Notwithstandingtheprovisionsofthissubsection,theState |
|---|
| 1538 | | - | mayacceptandexpendwithrespecttoaneligiblefacilityanygiftsorgrants |
|---|
| 1539 | | - | receivedfromanysourceinaccordancewiththetermsofthegiftsorgrants. |
|---|
| 1540 | | - | *** |
|---|
| 1541 | | - | (f)BondsmaybeissuedbytheAuthorityunderthissubchapterforthe |
|---|
| 1542 | | - | purposeofmakingloanstolocaldevelopmentcorporationsforindustrialpark |
|---|
| 1543 | | - | planninganddevelopment,constructing,orimprovingaspeculativebuilding |
|---|
| 1544 | | - | orsmallbusinessincubatorfacilityonlandownedorheldunderleasebythe |
|---|
| 1545 | | - | localdevelopmentcorporation,purchaseorimprovementofexistingbuildings BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1546 | | - | 2025 Page43of65 |
|---|
| 1547 | | - | suitableorthatcanbemadesuitableforindustrialorbusinessincubation |
|---|
| 1548 | | - | purposes,andpurchaseoflandinconnectionwithanyoftheforegoing. |
|---|
| 1549 | | - | (1)Beforeissuingbondsforconstructionofaspeculativebuildingor |
|---|
| 1550 | | - | smallbusinessincubatorfacilityandthepurchaseoflandinconnection |
|---|
| 1551 | | - | therewith,theAuthorityshallmakethedeterminationsandincorporateinits |
|---|
| 1552 | | - | minutesthefindingsthat: |
|---|
| 1553 | | - | (A)theprojectiswithinthescopeofthischapter,willbeofpublic |
|---|
| 1554 | | - | useandbenefit,andmayreasonablybeexpectedtocreatenewemployment |
|---|
| 1555 | | - | opportunities; |
|---|
| 1556 | | - | (B)theproposedsiteforthespeculativebuildingorsmallbusiness |
|---|
| 1557 | | - | incubatorfacilitywillbelocatedonadequatelandownedortobeacquiredby |
|---|
| 1558 | | - | thelocaldevelopmentcorporationorleasedbythelocaldevelopment |
|---|
| 1559 | | - | corporationontermssatisfactorytotheAuthority; |
|---|
| 1560 | | - | (C)anadequateaccessroadfromapublichighwayisprovidedtothe |
|---|
| 1561 | | - | proposedsiteandthatsuchutilitiesaswater,sewer,andpowerfacilitiesare |
|---|
| 1562 | | - | available,orwillbeavailablewhenthespeculativebuildingorsmallbusiness |
|---|
| 1563 | | - | incubatorfacilityiscompleted; |
|---|
| 1564 | | - | (D)theprojectplanscomplywithallapplicableenvironmental, |
|---|
| 1565 | | - | zoning,planning,andsanitarylawsandregulationsofthemunicipalitywhere |
|---|
| 1566 | | - | itistobelocatedandoftheStateofVermont; BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1567 | | - | 2025 Page44of65 |
|---|
| 1568 | | - | (E)thelocaldevelopmentcorporationisresponsibleandhas |
|---|
| 1569 | | - | presentedevidencetodemonstrateitsabilitytocarryouttheprojectas |
|---|
| 1570 | | - | planned; |
|---|
| 1571 | | - | (F)evidencehasbeenpresenteddemonstratingthefeasibilityofthe |
|---|
| 1572 | | - | siteasalocationforbusiness,andadditionalevidencehasbeenpresentedthat |
|---|
| 1573 | | - | anadequatesupplyoflaborisavailablewithinthelabormarketareatoserve |
|---|
| 1574 | | - | abusinesslocatedonthesite; |
|---|
| 1575 | | - | (G)thelocaldevelopmentcorporationhasmadeadequateprovisions |
|---|
| 1576 | | - | forinsuranceprotectionofthebuildingwhileitisunoccupiedandsuitable |
|---|
| 1577 | | - | arrangementshavebeenmadeforfireprotectionandmaintenancewhileitis |
|---|
| 1578 | | - | unoccupied; |
|---|
| 1579 | | - | (H)theprojectwillbewithoutunreasonableriskoflosstothe |
|---|
| 1580 | | - | Authority,andthelocaldevelopmentcorporationisunabletosecureon |
|---|
| 1581 | | - | reasonabletermsthefundsrequiredfortheprojectwithouttheassistanceof |
|---|
| 1582 | | - | theAuthority; |
|---|
| 1583 | | - | (I)thefinancingandsecuritydocumentscontainprovisionssuchthat |
|---|
| 1584 | | - | undernocircumstancesistheStateobligateddirectlyorindirectlytopay |
|---|
| 1585 | | - | projectcosts;debtservice;orexpensesofoperation,maintenance,andupkeep |
|---|
| 1586 | | - | ofthefacilityexceptfrombondproceedsorfromfundsreceivedunderthe |
|---|
| 1587 | | - | financingorsecuritydocuments,exclusiveoffundsreceivedthereunderbythe |
|---|
| 1588 | | - | Stateforitsownuse; BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1589 | | - | 2025 Page45of65 |
|---|
| 1590 | | - | (J)neitherthefinancingdocumentnorthesecuritydocument |
|---|
| 1591 | | - | purportstocreateanydebtoftheStatewithrespecttotheeligiblefacility, |
|---|
| 1592 | | - | otherthanaspecialobligationoftheStateunderthischapterrequiredby |
|---|
| 1593 | | - | section232ofthistitle. |
|---|
| 1594 | | - | (2)Beforeissuingbondsforindustrialparkplanninganddevelopment |
|---|
| 1595 | | - | andthepurchaseoflandinconnectiontherewith,theAuthorityshallmakethe |
|---|
| 1596 | | - | determinationsandincorporateinitsminutesthefindingsthat: |
|---|
| 1597 | | - | (A)theproposedindustrialparkisonadequatelandownedortobe |
|---|
| 1598 | | - | ownedbythelocaldevelopmentcorporationorleasedbythelocal |
|---|
| 1599 | | - | developmentcorporationontermssatisfactorytotheAuthority; |
|---|
| 1600 | | - | (B)anadequateaccessroadfromapublichighwayisprovidedtothe |
|---|
| 1601 | | - | proposedsite,andutilities,includingwater,sewer,andpowerfacilities,are |
|---|
| 1602 | | - | availableorwillbeavailableforanyfuturetenantlocatedinthepark; |
|---|
| 1603 | | - | (C)thetotalindustrialparkwillbeplannedbyarchitectsand |
|---|
| 1604 | | - | engineersacceptabletotheAuthority; |
|---|
| 1605 | | - | (D)nomorethan80percentofthefairmarketvalueoftheindustrial |
|---|
| 1606 | | - | park,asshownbyappraisalbyanappraiseracceptabletotheAuthority,isto |
|---|
| 1607 | | - | befinancedundertheloan; |
|---|
| 1608 | | - | (E)theparkprojectiswithinthescopeofthischapter,willbeof |
|---|
| 1609 | | - | publicuseandbenefit,andmayreasonablybeexpectedtocreatenew |
|---|
| 1610 | | - | employmentopportunities; BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1611 | | - | 2025 Page46of65 |
|---|
| 1612 | | - | (F)theparkprojectcomplieswithallapplicableenvironmental, |
|---|
| 1613 | | - | zoning,planning,andsanitarylawsandregulationsofthemunicipalityin |
|---|
| 1614 | | - | whichitistobelocatedandoftheStateofVermont; |
|---|
| 1615 | | - | (G)thelocaldevelopmentcorporationisresponsibleandhas |
|---|
| 1616 | | - | presentedevidencetodemonstrateitsabilitytocarryouttheparkprojectas |
|---|
| 1617 | | - | planned; |
|---|
| 1618 | | - | (H)evidencehasbeenpresenteddemonstratingthefeasibilityofthe |
|---|
| 1619 | | - | siteasalocationforindustry,andadditionalevidencehasbeenpresentedthat |
|---|
| 1620 | | - | anadequatesupplyoflaborisavailablewithinthelabormarketareatoserve |
|---|
| 1621 | | - | anindustrylocatedonthesite; |
|---|
| 1622 | | - | (I)theparkprojectwillbewithoutunreasonableriskoflosstothe |
|---|
| 1623 | | - | Authority,andthelocaldevelopmentcorporationisunabletosecureon |
|---|
| 1624 | | - | reasonabletermsthefundsrequiredfortheprojectwithouttheassistanceof |
|---|
| 1625 | | - | theAuthority; |
|---|
| 1626 | | - | (J)thefinancingandsecuritydocumentscontainprovisionssuchthat |
|---|
| 1627 | | - | undernocircumstancesistheStateobligateddirectlyorindirectlytopay |
|---|
| 1628 | | - | projectcosts;debtservice;orexpensesofoperation,maintenance,andupkeep |
|---|
| 1629 | | - | ofthefacilityexceptfrombondproceedsorfromfundsreceivedunderthe |
|---|
| 1630 | | - | financingorsecuritydocuments,exclusiveoffundsreceivedthereunderbythe |
|---|
| 1631 | | - | Stateforitsownuse; BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1632 | | - | 2025 Page47of65 |
|---|
| 1633 | | - | (K)neitherthefinancingdocumentnorthesecuritydocument |
|---|
| 1634 | | - | purportstocreateanydebtoftheStatewithrespecttotheeligiblefacility, |
|---|
| 1635 | | - | otherthanaspecialobligationoftheStateunderthischapterrequiredby |
|---|
| 1636 | | - | section237ofthistitle. |
|---|
| 1637 | | - | (3)AlldeterminationsandfindingsmadebytheAuthoritypursuantto |
|---|
| 1638 | | - | thissectionshallbeconclusiveFinancingandsecuritydocumentsshall |
|---|
| 1639 | | - | containprovisionssuchthatundernocircumstancesistheStateobligated |
|---|
| 1640 | | - | directlyorindirectlytopayprojectcosts;debtservice;orexpensesof |
|---|
| 1641 | | - | operation,maintenance,andupkeepofthefacilityexceptfrombondproceeds |
|---|
| 1642 | | - | orfromfundsreceivedunderthefinancingorsecuritydocuments,exclusiveof |
|---|
| 1643 | | - | fundsreceivedthereunderbytheStateforitsownuse. |
|---|
| 1644 | | - | (4)Financingandsecuritydocumentsshallnotcreateanydebtofthe |
|---|
| 1645 | | - | Statewithrespecttotheeligiblefacility,otherthanaspecialobligationofthe |
|---|
| 1646 | | - | Stateunderthischapter. |
|---|
| 1647 | | - | (g)BondsissuedbytheAuthorityunderthissubchaptermaybesecured,in |
|---|
| 1648 | | - | wholeorinpart,bymortgageinsuranceundersubchapter2ofthischapter |
|---|
| 1649 | | - | uponthetermsandconditionssetforthinsubchapter2andinthissubsection. |
|---|
| 1650 | | - | Suchinsurancemaybeintheformofreinsuranceormaybeforthepurposeof |
|---|
| 1651 | | - | creatingaloanlossreserve,inacasewherethebondsarealsosecuredbythe |
|---|
| 1652 | | - | mortgageinsurancefromanothersource.Theprincipalamountofbondsso |
|---|
| 1653 | | - | securedoutstandingatanytimewithrespecttofacilitiesofanyoneuser,or BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1654 | | - | 2025 Page48of65 |
|---|
| 1655 | | - | anyrelatedperson,inanyonemunicipality,shallnotexceed$2,500,000.00. |
|---|
| 1656 | | - | Forpurposesofthissubsection,theterm“mortgagee”asusedinsubchapter2 |
|---|
| 1657 | | - | ofthischaptershallmeanthepurchasersofthebonds,orwhereappropriate |
|---|
| 1658 | | - | thetrusteeunderthesecuritydocument;themortgagepaymentstobeinsured |
|---|
| 1659 | | - | shallbethoserequiredtobemadebytheuserunderthefinancingdocument; |
|---|
| 1660 | | - | andbondproceeds,insteadofbeingusedtopayprojectcostsdirectly,maybe |
|---|
| 1661 | | - | usedtopurchaseparticipationinloansoriginatedbylocalbanksorother |
|---|
| 1662 | | - | responsiblefinancialinstitutionswheretheproceedsofsuchloanshavebeen |
|---|
| 1663 | | - | usedtopayprojectcosts.Inauthorizingmortgageinsurancetosecurebonds, |
|---|
| 1664 | | - | theAuthorityshallmakeallofthefindingsanddeterminationssetforthin |
|---|
| 1665 | | - | subsection221(a)ofthistitle,exceptthattheprincipalofthemortgagecannot |
|---|
| 1666 | | - | exceed$2,500,000.00.Inauthorizinganybondsthataretobesecuredby |
|---|
| 1667 | | - | mortgageinsurance,theAuthorityshallmakeallofthefindingsand |
|---|
| 1668 | | - | determinationssetforthinsection246ofthistitle,andmaymakethefindings |
|---|
| 1669 | | - | setforthinsubdivisions246(5)and(7)ofthistitle,notwithstandingthefact |
|---|
| 1670 | | - | thatthemortgageinsurancewillcreateacontingentliabilityoftheAuthority. |
|---|
| 1671 | | - | Thecreationofsuchcontingentliabilityshallnotbedeemedtoviolatethe |
|---|
| 1672 | | - | prohibitioncontainedinsubsection(d),andthestatementrequiredoneach |
|---|
| 1673 | | - | bondthatitdoesnotconstituteanindebtednessoftheStatemaybemodifiedto |
|---|
| 1674 | | - | refertothemortgageinsurance.Separateseriesofbondsallofwhichare |
|---|
| 1675 | | - | securedbymortgageinsurancemaybecombinedpursuanttosubsection(e)of BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1676 | | - | 2025 Page49of65 |
|---|
| 1677 | | - | thissection,andtheproceedsofanypaymentofsuchmortgageinsurancemay |
|---|
| 1678 | | - | beallocatedandappliedbythetrusteeforthebenefitofthebondholdersin |
|---|
| 1679 | | - | accordancewiththetermsofthesecuritydocumentprovidingforthecombined |
|---|
| 1680 | | - | financingAlldeterminationsandfindingsmadebytheAuthoritypursuantto |
|---|
| 1681 | | - | thissectionshallbeconclusive. |
|---|
| 1682 | | - | (h)TheAuthorityisauthorizedtopledgesecurityandtoenterintosecurity, |
|---|
| 1683 | | - | insurance,orotherformsofcreditenhancement.Apledgeinanyagreement |
|---|
| 1684 | | - | shallbevalidandbindingfromthetimesuchpledgeshallbemadewithout |
|---|
| 1685 | | - | anyphysicaldeliveryorfurtheract,andthelienofsuchpledgeshallbevalid |
|---|
| 1686 | | - | andbindingasagainstallpartieshavingclaimsofanykindintort,contract, |
|---|
| 1687 | | - | orotherwise,irrespectiveofwhethersuchpartieshavenoticethereof.Any |
|---|
| 1688 | | - | suchpledgeshallbeperfectedbyfilingoftheagreementintherecordsofthe |
|---|
| 1689 | | - | Authorityandnofilingneedbemadeunderanyotherprovisionoflaw. |
|---|
| 1690 | | - | (i)TheAuthoritymaypurchaseanybondissuedunderthissubchapter4. |
|---|
| 1691 | | - | Subjecttothetermsofanyagreementwiththebondholders,theAuthoritymay |
|---|
| 1692 | | - | hold,pledge,resell,orcancelanybondpurchasedunderthisparagraph, |
|---|
| 1693 | | - | expectthatapurchaseunderthisparagraphshallnotcausethe |
|---|
| 1694 | | - | extinguishmentofsuchbondunlesstheAuthoritycancelsthebondor |
|---|
| 1695 | | - | otherwisecertifiesitsintentionthatthebondbeextinguished. |
|---|
| 1696 | | - | (j)Nodesignatedmember,director,officer,employee,oragentofthe |
|---|
| 1697 | | - | Authorityshallbeliablepersonallyonthebondsoranycontractenteredinto BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1698 | | - | 2025 Page50of65 |
|---|
| 1699 | | - | bytheAuthorityorsubjecttoanypersonalliabilityoraccountabilitybyreason |
|---|
| 1700 | | - | oftheissuanceofthebondsunlessthepersonalliabilityoraccountabilityis |
|---|
| 1701 | | - | theresultofintentionalmisconduct. |
|---|
| 1702 | | - | Subchapter5.DirectMortgageLoans |
|---|
| 1703 | | - | §261.ADDITIONALPOWERS |
|---|
| 1704 | | - | Inadditiontopowersenumeratedelsewhereinthischapter,theAuthority |
|---|
| 1705 | | - | may: |
|---|
| 1706 | | - | (1)Makeloanssecuredbymortgagesorotherassets,whichmaybe |
|---|
| 1707 | | - | subordinatetooneormorepriormortgagesorliens,uponapplicationbythe |
|---|
| 1708 | | - | proposedmortgagorobligor,whomaybeaprivatecorporation,nonprofit |
|---|
| 1709 | | - | organization,partnership,person,ormunicipalityfinancinganeligibleproject |
|---|
| 1710 | | - | describedinsubdivision212(6)ofthistitle,uponsuchtermsastheAuthority |
|---|
| 1711 | | - | mayprescribe,forthepurposeoffinancingtheestablishmentorexpansionof |
|---|
| 1712 | | - | eligiblefacilities.SuchloansshallbemadefromtheVermontJobsFund |
|---|
| 1713 | | - | establishedundersubchapter3ofthischapter.TheAuthoritymayprovidefor |
|---|
| 1714 | | - | therepaymentandredepositofsuchloansasprovidedinthissubchapter. |
|---|
| 1715 | | - | *** |
|---|
| 1716 | | - | (3)Purchasepriormortgagessecuredloansandmakepaymentson |
|---|
| 1717 | | - | priormortgagessecuredloansonanyeligiblefacilitywherethepurchaseor |
|---|
| 1718 | | - | paymentisnecessarytoprotectanyloanpreviouslymadebytheAuthority.In |
|---|
| 1719 | | - | addition,theAuthoritymaysell,transfer,convey,andassignanysuchprior BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1720 | | - | 2025 Page51of65 |
|---|
| 1721 | | - | mortgageorsecurity.MoniesusedbytheAuthorityinthepurchaseofany |
|---|
| 1722 | | - | priormortgagesmortgageorsecurity,oranypaymentsthereon,shallbe |
|---|
| 1723 | | - | withdrawnfromtheVermontJobsFund,andanymoniesderivedfromthesale |
|---|
| 1724 | | - | ofanypriormortgagesmortgageorsecurityshallbedepositedbythe |
|---|
| 1725 | | - | AuthorityintheVermontJobsFund. |
|---|
| 1726 | | - | *** |
|---|
| 1727 | | - | §262.FINDINGS |
|---|
| 1728 | | - | Beforemakinganyloan,theAuthorityshallreceivefromanapplicanta |
|---|
| 1729 | | - | loanapplicationinsuchformastheAuthoritymaybyregulationrule |
|---|
| 1730 | | - | prescribe,andtheAuthority,ortheAuthority’sloanofficerpursuanttothe |
|---|
| 1731 | | - | provisionsofsubdivision216(15)ofthistitle,shalldetermineandincorporate |
|---|
| 1732 | | - | findingsinitsminutesthat: |
|---|
| 1733 | | - | (1)Theprojectiswithinthescopeofthischapterandwillincreaseor |
|---|
| 1734 | | - | maintainemploymentandexpandtheeconomyoftheState. |
|---|
| 1735 | | - | (2)Theprojectplanscomplywithallapplicableenvironmental,zoning, |
|---|
| 1736 | | - | planning,andsanitarylawsandregulationsofthemunicipalitywhereitisto |
|---|
| 1737 | | - | belocatedandoftheStateofVermont. |
|---|
| 1738 | | - | *** |
|---|
| 1739 | | - | (5)TheprincipalobligationoftheAuthority’smortgageloandoesnot |
|---|
| 1740 | | - | exceed$5,000,000.00,whichmaybesecuredbylandandbuildingsorby |
|---|
| 1741 | | - | machineryandequipment,orboth,unless: BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1742 | | - | 2025 Page52of65 |
|---|
| 1743 | | - | (A)anintegralelementoftheprojectconsistsofthegenerationof |
|---|
| 1744 | | - | heatorelectricityemployingbiomass,geothermal,methane,solar,orwind |
|---|
| 1745 | | - | energyresourcestobeprimarilyconsumedattheproject,inwhichcasethe |
|---|
| 1746 | | - | principalobligationoftheAuthority’smortgageloandoesnotexceed |
|---|
| 1747 | | - | $6,000,000.00,whichmaybesecuredbylandandbybuildingsormachinery |
|---|
| 1748 | | - | andequipment,orboth;suchprincipalobligationdoesnotexceed40percent |
|---|
| 1749 | | - | ofthecostoftheproject;andthemortgagorobligorisabletoobtainfinancing |
|---|
| 1750 | | - | forthebalanceofthecostoftheprojectfromothersourcesasprovidedinthe |
|---|
| 1751 | | - | followingsection;or |
|---|
| 1752 | | - | *** |
|---|
| 1753 | | - | (6)Themortgagorobligorisresponsibleandabletomanageits |
|---|
| 1754 | | - | responsibilitiesasmortgagorobligorandowneroftheproject. |
|---|
| 1755 | | - | (7)Themortgageloanhasasatisfactorymaturitydate,innocaselater |
|---|
| 1756 | | - | than20yearsfromthedateofthemortgage. |
|---|
| 1757 | | - | (8)Themortgagorobligorisunabletofinancetheprojectupon |
|---|
| 1758 | | - | reasonabletermswithouttheassistanceoftherequestedloanfromthe |
|---|
| 1759 | | - | Authority,orinthealternative,thegrantingoftheloanwillserveasa |
|---|
| 1760 | | - | substantialinducementfortheestablishmentorexpansionofaneligible |
|---|
| 1761 | | - | projectwithintheState. |
|---|
| 1762 | | - | (9)Themortgagorobligorhasmadeadequateprovisionforinsurance |
|---|
| 1763 | | - | protectionoftheprojectwhiletheloanisoutstanding. BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1764 | | - | 2025 Page53of65 |
|---|
| 1765 | | - | *** |
|---|
| 1766 | | - | §263.MORTGAGELOAN;LIMITATIONS |
|---|
| 1767 | | - | (a)WhenithasbeendeterminedbytheAuthoritythattheestablishmentor |
|---|
| 1768 | | - | expansionofaparticulareligiblefacilitywillaccomplishthepublicpurposes |
|---|
| 1769 | | - | ofthisact,theAuthoritymaycontracttoloantothemortgagorobligoran |
|---|
| 1770 | | - | amountnotinexcessof40percentofthecostofsucheligiblefacility.In |
|---|
| 1771 | | - | addition,theAuthorityshallhavedeterminedthatthemortgagorobligorhas |
|---|
| 1772 | | - | obtainedfromotherindependentandresponsiblesources,suchasbanksand |
|---|
| 1773 | | - | insurancecompaniesfinancialinstitutionsorotherwise,afirmcommitmentfor |
|---|
| 1774 | | - | allotherfunds,overandabovetheloanoftheAuthorityandsuchfundsor |
|---|
| 1775 | | - | propertyasthelocaldevelopmentcorporationmayhold,necessaryfor |
|---|
| 1776 | | - | paymentofallofthecostoftheproject,andthatthesumofallthesefunds, |
|---|
| 1777 | | - | togetherwithanyfunds,machinery,andequipmenttobeprovidedbythe |
|---|
| 1778 | | - | mortgagorobligorisadequateforthecompletionandoperationoftheproject. |
|---|
| 1779 | | - | (b)AnyloanoftheAuthorityunderthissubchaptershallbeforaperiodof |
|---|
| 1780 | | - | timeandshallbearinterestatsuchrateasdeterminedbytheAuthorityand |
|---|
| 1781 | | - | shallbesecuredbyamortgageontheeligiblefacilityoralienonitsassetsfor |
|---|
| 1782 | | - | whichtheloanwasmadeorupontheassetsofamunicipalcommunications |
|---|
| 1783 | | - | plant,includingthenetrevenuesderivedfromtheoperationthereof,orboth. |
|---|
| 1784 | | - | Themortgagesecuredloanmaybesubordinatetooneormoreprior |
|---|
| 1785 | | - | mortgagesloans,includingthemortgagelienssecuringtheobligationissued BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1786 | | - | 2025 Page54of65 |
|---|
| 1787 | | - | tosecurethecommitmentoffundsfromtheindependentandresponsible |
|---|
| 1788 | | - | sourcesandusedinthefinancingoftheeconomicdevelopmentproject. |
|---|
| 1789 | | - | MoniesloanedbytheAuthorityshallbewithdrawnfromtheVermontJobs |
|---|
| 1790 | | - | Fundandpaidovertothemortgagorobligorinsuchmannerasprovidedand |
|---|
| 1791 | | - | prescribedbytherulesandregulationsoftheAuthority.Allpaymentsof |
|---|
| 1792 | | - | principalandinterestontheloansshallbedepositedbytheAuthorityinthe |
|---|
| 1793 | | - | VermontJobsFund. |
|---|
| 1794 | | - | (c)LoansbytheAuthorityforaneligiblefacilityunderthissubchapter |
|---|
| 1795 | | - | shallbemadeonlyinthemannerandtotheextentprovidedinthissection, |
|---|
| 1796 | | - | except,however,inthoseinstanceswhereanagencyofthefederalgovernment |
|---|
| 1797 | | - | participatesinthefinancingofaneligiblefacilitybyloan,grant,orotherwise. |
|---|
| 1798 | | - | Whenanyfederalagencyparticipates,theAuthoritymayadjusttherequired |
|---|
| 1799 | | - | ratiooffinancialparticipationbythelocaldevelopmentcorporation, |
|---|
| 1800 | | - | independentsourcesoffunds,andtheAuthorityinsuchmannerastoensure |
|---|
| 1801 | | - | themaximumbenefitavailablebytheparticipationofthefederalagency. |
|---|
| 1802 | | - | Whereanyfederalagencyparticipatinginthefinancingofaneligiblefacility |
|---|
| 1803 | | - | isnotpermittedtotakeassecurityamortgage,thelienofwhichisjuniorto |
|---|
| 1804 | | - | themortgageoftheAuthority,theAuthorityshallbeauthorizedtotakeas |
|---|
| 1805 | | - | securityforitsloanamortgagejuniorinlientothatofthefederalagency. |
|---|
| 1806 | | - | *** |
|---|
| 1807 | | - | §264.ACCELERATEDREPAYMENTPROVISIONS BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1808 | | - | 2025 Page55of65 |
|---|
| 1809 | | - | AnydirectmortgageloanmadeonorafterJuly1,1988underthis |
|---|
| 1810 | | - | subchaptershallbeconditioneduponthemaintenanceofareasonablelevelof |
|---|
| 1811 | | - | employmentatthefacilityorfacilitiesownedbythemortgagorobligorand |
|---|
| 1812 | | - | pledgedassecurityfortheloan.Forthepurposesofthissection,areasonable |
|---|
| 1813 | | - | levelofemploymentshallbedeemednottohavebeenmaintainedwhenevera |
|---|
| 1814 | | - | mortgagoranobligoremploying50ormoreemployeesatsuchfacilityor |
|---|
| 1815 | | - | facilitiespermanentlytransfers,withinanythree-yearperiod,50percentor |
|---|
| 1816 | | - | moreofthoseemployeesoremploymentpositionstoanyout-of-statefacility. |
|---|
| 1817 | | - | Uponbreachofthiscondition,theAuthoritymaydeclareallprincipaland |
|---|
| 1818 | | - | interestofthemortgageloanimmediatelydueandpayableandmaycommence |
|---|
| 1819 | | - | foreclosureonanypropertyheldassecurityforthemortgageloanortakeany |
|---|
| 1820 | | - | otherlawfulstepstoobtainpayment. |
|---|
| 1821 | | - | *** |
|---|
| 1822 | | - | §279c.VERMONTEXPORTFINANCEPROGRAM |
|---|
| 1823 | | - | *** |
|---|
| 1824 | | - | (e)Anyexcessofrevenuesoverexpensesderivedfromthisprogramshall |
|---|
| 1825 | | - | bedepositedinthedevelopmentfundVermontJobsFund. |
|---|
| 1826 | | - | *** |
|---|
| 1827 | | - | §280a.ELIGIBLEPROJECTS;AUTHORIZEDFINANCINGPROGRAMS |
|---|
| 1828 | | - | (a)TheAuthoritymaydevelop,modify,andimplementanyexistingornew |
|---|
| 1829 | | - | financingprogram,providedthatanyspecificprojectthatbenefitsfromsuch BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1830 | | - | 2025 Page56of65 |
|---|
| 1831 | | - | programshallmeetthecriteriacontainedintheVermontSustainableJobs |
|---|
| 1832 | | - | Strategyadoptedunderoutlinedinsection280bofthistitle,andprovided |
|---|
| 1833 | | - | furtherthattheprogramshallmeetthecriteriacontainedintheVermont |
|---|
| 1834 | | - | SustainableJobsStrategyadoptedundersection280bofthistitle.These |
|---|
| 1835 | | - | programsmayinclude: |
|---|
| 1836 | | - | (1)theMortgageInsuranceProgram,administeredunderchapter12, |
|---|
| 1837 | | - | subchapter2ofthistitle;[Repealed.] |
|---|
| 1838 | | - | *** |
|---|
| 1839 | | - | (11)aprogramthatwouldawardgrantsmadetoeligibleandqualified |
|---|
| 1840 | | - | recipientsasdirectedbytheAgencyofAgriculture,FoodandMarketsorthe |
|---|
| 1841 | | - | AgencyofNaturalResourcesforthepurposeoffundingwaterquality |
|---|
| 1842 | | - | initiativesapprovedbytheagencies,providedthatthemaximumamountof |
|---|
| 1843 | | - | grantsawardedbytheAuthoritypursuanttotheprogramshallnotexceed |
|---|
| 1844 | | - | $1,340,238.00intheaggregate;or |
|---|
| 1845 | | - | (12)loanstoagriculturalenterprisesorendeavorsadministeredbythe |
|---|
| 1846 | | - | Authorityunderchapter16Aofthistitleandanyprogramscreatedthereunder. |
|---|
| 1847 | | - | (b)ThissectionshallnotapplytotheJobStartProgramauthorizedby |
|---|
| 1848 | | - | chapter12,subchapter7ofthistitle,andtheagriculturalfinanceprograms |
|---|
| 1849 | | - | authorizedbychapter16ofthistitle.[Repealed.] |
|---|
| 1850 | | - | §280b.THEVERMONTSUSTAINABLEJOBSSTRATEGY BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1851 | | - | 2025 Page57of65 |
|---|
| 1852 | | - | (a)(1)TheGovernor,withtheadviceoftheSecretaryofCommerceand |
|---|
| 1853 | | - | CommunityDevelopmentandtheAuthority,shalladoptaVermontsustainable |
|---|
| 1854 | | - | jobsstrategyfortheState,inaccordancewiththeprovisionsofthissection |
|---|
| 1855 | | - | Beforeissuinganyfundstoaneligiblefacilityoreligibleprojectundersection |
|---|
| 1856 | | - | 280aofthistitle,theAuthorityshallmakeadeterminationthatthefacilityor |
|---|
| 1857 | | - | projectmateriallysupportsoneofthefollowingobjectives: |
|---|
| 1858 | | - | (A)creatingorsustainingemploymentopportunitiesforVermonters |
|---|
| 1859 | | - | inproportiontotheamountoffinancialassistancerequested; |
|---|
| 1860 | | - | (B)providingqualityemploymentatwageandbenefitlevels |
|---|
| 1861 | | - | sufficienttopermitareasonablestandardoflivingbycommunitystandards, |
|---|
| 1862 | | - | andatlevelsthatmaycontributetobringingVermont’saveragewageuptoor |
|---|
| 1863 | | - | above100percentofthenationalaveragewagerate; |
|---|
| 1864 | | - | (C) promotingemploymentopportunitiesineconomically |
|---|
| 1865 | | - | disadvantagedareasandcommunitiesintheState; |
|---|
| 1866 | | - | (D)advancingtheoverallgrowthofwealthintheVermonteconomy |
|---|
| 1867 | | - | bypromotingtheproductionandsaleofgoodsandserviceswithasubstantial |
|---|
| 1868 | | - | VermontcontentandthosethatutilizeVermont’suniquehumanandnatural |
|---|
| 1869 | | - | resourcebasetomarketsoutsideoftheStateandnation,includingvisitorsto, |
|---|
| 1870 | | - | andtravelersthrough,theState; |
|---|
| 1871 | | - | (E)assistingthedevelopmentofabusinessinfrastructurethatwill |
|---|
| 1872 | | - | contributetosustainableeconomicdevelopment,toincludetheprovisionof BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1873 | | - | 2025 Page58of65 |
|---|
| 1874 | | - | necessaryservices,includingshipping,warehousing,communications,repair |
|---|
| 1875 | | - | andmaintenance,technicalservices,distribution,anddependentcare, |
|---|
| 1876 | | - | particularlywhenintrastatecapabilityintheseareascanreplaceservices |
|---|
| 1877 | | - | currentlyprovidedbyout-of-statesuppliers; |
|---|
| 1878 | | - | (F)encouragingeconomicdevelopmentprojectsthatreduce, |
|---|
| 1879 | | - | mitigate,oreliminatetheeffectsofclimatechange,thepollutionofland,air, |
|---|
| 1880 | | - | orwater,orthosethatwillinterdictmaterialwithintheStatethat,having |
|---|
| 1881 | | - | serveditsintendedpurpose,wouldotherwiseenterthesolidwastedisposal |
|---|
| 1882 | | - | streamandthatwillcausethediversionofsuchmaterialtousefulpurposes,or |
|---|
| 1883 | | - | thatwillreuseorrecycleanysuchpost-consumermaterial; |
|---|
| 1884 | | - | (G)encouragingcommercialactivityinthetraditionaldowntown |
|---|
| 1885 | | - | areasoftheStateandpromotingthroughappropriatecommercialadaptation |
|---|
| 1886 | | - | thepreservationofsuitablebuildingsorstructuresthatarehistoricallyor |
|---|
| 1887 | | - | aestheticallysignificant; |
|---|
| 1888 | | - | (H)encouragingeconomicdevelopmentprojectsthatareconsistent |
|---|
| 1889 | | - | withandsensitivetotheneedsofthecommunitiesinwhichsuchprojectsare |
|---|
| 1890 | | - | located; |
|---|
| 1891 | | - | (I)promotingentrepreneurialactivity,recognizingthatsomeofthose |
|---|
| 1892 | | - | thatarethesmallbusinessesoftodaywillbethelargeemployersoftomorrow; |
|---|
| 1893 | | - | and BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1894 | | - | 2025 Page59of65 |
|---|
| 1895 | | - | (J)aidingintheachievementoftheeconomicdevelopmentand |
|---|
| 1896 | | - | businessgrowthstrategiesadoptedbytheVermontEconomicProgressCouncil |
|---|
| 1897 | | - | andtheVermontDepartmentofEconomicDevelopment,whereverpossible |
|---|
| 1898 | | - | providingassistancetothosecategoriesofenterprisethatmaybedesignated |
|---|
| 1899 | | - | asespeciallydesirableforVermont. |
|---|
| 1900 | | - | (2)AlldeterminationsandfindingsmadebytheAuthoritypursuantto |
|---|
| 1901 | | - | thissectionshallbeconclusive. |
|---|
| 1902 | | - | (b)(1)TheVermontsustainablejobsstrategyshallcontainthecriteriaupon |
|---|
| 1903 | | - | whichtheAuthorityshalldevelop,modify,andimplementitspublicfinancing |
|---|
| 1904 | | - | programs,andthecriteriafordeterminingwhetherinvestmentsshouldbe |
|---|
| 1905 | | - | madeinaneligibleproject.Suchcriteriashallincludearequirementthat, |
|---|
| 1906 | | - | beforemakinganyinvestmentorotherfinancialcommitment,theAuthority |
|---|
| 1907 | | - | shalldeterminethattheproposedprojectisofpublicuseandbenefitandis |
|---|
| 1908 | | - | withoutunreasonableriskoflosstotheAuthority. |
|---|
| 1909 | | - | (2)InadoptingtheVermontsustainablejobsstrategy,theGovernor |
|---|
| 1910 | | - | shallconsider: |
|---|
| 1911 | | - | (A)thepoliciesestablishedinsection280ofthistitle;and |
|---|
| 1912 | | - | (B)theeconomicpolicyandeconomicdevelopmentplanoftheState, |
|---|
| 1913 | | - | asdevelopedbytheEconomicProgressCouncilundersubchapter3ofchapter |
|---|
| 1914 | | - | 29ofthistitleTheAuthoritymayadoptsuchpoliciesandprocedures |
|---|
| 1915 | | - | necessarytodefinefurtheranytermorcriterionusedinthissectionortoset BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1916 | | - | 2025 Page60of65 |
|---|
| 1917 | | - | specificstandardsbywhichtomeasuretheextenttowhichanyproposed |
|---|
| 1918 | | - | projectmeetstherequirementsofthissection. |
|---|
| 1919 | | - | (c)(1)BeforeadoptingtheVermontsustainablejobsstrategy,theGovernor |
|---|
| 1920 | | - | shalldirecttheAuthorityandtheSecretaryofCommerceandCommunity |
|---|
| 1921 | | - | Developmenttosolicitinformationandrecommendationsfromthepeopleand |
|---|
| 1922 | | - | businessesoftheState. |
|---|
| 1923 | | - | (2)Aftersolicitinginformationandrecommendations,theAuthorityand |
|---|
| 1924 | | - | theSecretaryshalljointlydevelopaproposedVermontsustainablejobs |
|---|
| 1925 | | - | strategy.Indevelopingaproposedstrategy,theAuthorityandtheSecretary |
|---|
| 1926 | | - | shallconsiderhowbesttointegrateVermont’seconomic,social,and |
|---|
| 1927 | | - | environmentalvaluesintoaVermontsustainablejobsstrategy.TheAuthority |
|---|
| 1928 | | - | andtheSecretaryshalljointlypresenttheirproposedstrategytotheHouse |
|---|
| 1929 | | - | CommitteeonCommerceandtheSenateCommitteeonEconomic |
|---|
| 1930 | | - | Development,HousingandGeneralAffairsmeetinginjointhearing. |
|---|
| 1931 | | - | (3)Afterlegislativepresentation,theAuthorityandtheSecretarymay |
|---|
| 1932 | | - | amendtheproposedstrategy,andshallpresenttheproposedstrategyas |
|---|
| 1933 | | - | amendedtotheGovernor.TheGovernormayadopttheproposedstrategy,or |
|---|
| 1934 | | - | mayreturntheproposedstrategytotheAuthorityandtheSecretaryforfurther |
|---|
| 1935 | | - | developmentandlegislativepresentation.AfteradoptionoftheVermont |
|---|
| 1936 | | - | sustainablejobsstrategy,anyamendmentstothestrategymaybeadoptedby |
|---|
| 1937 | | - | theGovernorinaccordancewiththeprocessestablishedbythissectionIn BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1938 | | - | 2025 Page61of65 |
|---|
| 1939 | | - | decidingwhethertoprovidefinancialassistancetoanapplicant,theAuthority, |
|---|
| 1940 | | - | afterdeterminingthataprojectmeetsitscreditunderwritingstandards,shall |
|---|
| 1941 | | - | takeintoaccountthecriteriaoutlinedinthissection,theoverallbenefitsofthe |
|---|
| 1942 | | - | projecttotheStateandtothecommunityinwhichitisproposedtobelocated, |
|---|
| 1943 | | - | theamountofassistancerequested,andtheavailabilityofAuthorityresources |
|---|
| 1944 | | - | tofundtherequest. |
|---|
| 1945 | | - | *** |
|---|
| 1946 | | - | Subchapter15.DisasterRecoveryLoanFund |
|---|
| 1947 | | - | § 280gg.DISASTERRECOVERYLOANFUND |
|---|
| 1948 | | - | (a)(1)ThereisestablishedwithintheAuthoritytheVermontDisaster |
|---|
| 1949 | | - | RecoveryLoanFund,referredtointhissubchapteras“theFund,”the |
|---|
| 1950 | | - | purposeofwhichistoenabletheAuthoritytoprovideloansandotherformsof |
|---|
| 1951 | | - | financialassistancetobusinessesandagriculturalenterprisesafterdisasters. |
|---|
| 1952 | | - | (2)TheAuthorityshallconsultwiththeSecretaryofCommerceand |
|---|
| 1953 | | - | CommunityDevelopmentandtheSecretaryofAgricultureindetermining |
|---|
| 1954 | | - | whetherfundsshallbemadeavailablefollowingadisastereventimpacting |
|---|
| 1955 | | - | areasoftheState.Aconsultationshallnotberequiredintheeventofa |
|---|
| 1956 | | - | disasterdeclarationdeclaredbytheGovernororthePresidentoftheUnited |
|---|
| 1957 | | - | States. |
|---|
| 1958 | | - | (b)TheAuthorityshallestablish: BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1959 | | - | 2025 Page62of65 |
|---|
| 1960 | | - | (1)policiesandproceduresfortheFundthattheAuthoritydetermines |
|---|
| 1961 | | - | arenecessarytocarryoutthepurposesofthissubchapter;and |
|---|
| 1962 | | - | (2)financingprogramsnecessarytoensuretimelydeliveryoffinancial |
|---|
| 1963 | | - | assistanceafteradisaster. |
|---|
| 1964 | | - | (c)TheAuthorityshalllimittheinterestrateschargedforloansprovided |
|---|
| 1965 | | - | utilizingfundsfromtheDisasterRecoveryLoanFundtoratesnecessaryto |
|---|
| 1966 | | - | coverthecostsofadministeringtheFund. |
|---|
| 1967 | | - | (d)Thisisarevolvingloanprogramandanyexcessofrevenuesover |
|---|
| 1968 | | - | expensesderivedfromthisprogramshallbedepositedintheFund. |
|---|
| 1969 | | - | Sec.2.10V.S.A.§ 234isredesignatedandamendedtoread: |
|---|
| 1970 | | - | §234220a.THEVERMONTJOBSFUND |
|---|
| 1971 | | - | (a)ThereisherebycreatedtheVermontJobsFund,hereinaftercalledthe |
|---|
| 1972 | | - | Fund,whichshallbeusedbytheAuthorityasanonlapsingfundforthe |
|---|
| 1973 | | - | purposesofsubchapters3,5,9,and10ofthischapter.Toitshallbecharged |
|---|
| 1974 | | - | alloperatingexpensesoftheAuthoritynototherwiseprovidedforandall |
|---|
| 1975 | | - | paymentsofinterestandprincipalrequiredtobemadebytheAuthorityunder |
|---|
| 1976 | | - | thissubchapter.Toitshallbecreditedanyappropriationsmadebythe |
|---|
| 1977 | | - | GeneralAssemblyforthepurposesofsubchapters3,5,9,and10ofthis |
|---|
| 1978 | | - | chapterandallpaymentsrequiredtobemadetotheAuthorityunder |
|---|
| 1979 | | - | subchapters3,5,9,and10ofthischapter,itbeingtheintentofthissection |
|---|
| 1980 | | - | thattheFundshalloperateasarevolvingfundwherebyallappropriationsand BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 1981 | | - | 2025 Page63of65 |
|---|
| 1982 | | - | paymentsmadethereto,unlessrequiredtorepaynotesunderthefollowing |
|---|
| 1983 | | - | section,maybeappliedandreappliedforthepurposesofsubchapters3,5,9, |
|---|
| 1984 | | - | and10ofthischapter.MoniesintheFundmaybeloanedatinterestratesto |
|---|
| 1985 | | - | besetbytheAuthorityforthefollowing: |
|---|
| 1986 | | - | (1)Loanstolocaldevelopmentcorporationsunderthissubchapter, |
|---|
| 1987 | | - | providedthatifthefundsforanysuchloanarederivedfromtheissueofnotes |
|---|
| 1988 | | - | totheStateTreasurerundersection235ofthischapter,theloanshallbear |
|---|
| 1989 | | - | interestataratenotlessthantherateonthenoteschapter. |
|---|
| 1990 | | - | (2)Directmortgageloansasdescribedinsubchapter5ofthischapter. |
|---|
| 1991 | | - | (3)Loansforthefinancingofexportactivitiesundersubchapter9of |
|---|
| 1992 | | - | thischapter. |
|---|
| 1993 | | - | (4)OtherloansastheAuthoritymayprescribeundersubchapter10of |
|---|
| 1994 | | - | thischapter. |
|---|
| 1995 | | - | (b)InordertoprovidemoniesintheFundforloansunderthischapter,the |
|---|
| 1996 | | - | AuthoritymayissuenotesforpurchasebytheStateTreasurerasprovidedin |
|---|
| 1997 | | - | section235ofthischapter. |
|---|
| 1998 | | - | (c)MoniesintheFundmaybeloanedtotheVermontAgriculturalCredit |
|---|
| 1999 | | - | Programtosupportitslendingoperationsasestablishedinchapter16Aofthis |
|---|
| 2000 | | - | titleatinterestratesandontermsandconditionstobesetbytheAuthorityto |
|---|
| 2001 | | - | establishalineofcreditinanamountnottoexceed$100,000,000.00tobe BILLASPASSEDBYTHEHOUSE H.398 |
|---|
| 2002 | | - | 2025 Page64of65 |
|---|
| 2003 | | - | advancedtotheVermontAgriculturalCreditProgramtosupportitslending |
|---|
| 2004 | | - | operationsasestablishedinchapter16Aofthistitle. |
|---|
| 2005 | | - | (d)(c)MoniesintheFundmaybeloanedtotheVermontSmallBusiness |
|---|
| 2006 | | - | DevelopmentCorporationtosupportitslendingoperationsasestablished |
|---|
| 2007 | | - | pursuanttosubdivision216(14)ofthistitleatinterestratesandontermsand |
|---|
| 2008 | | - | conditionstobesetbytheAuthority. |
|---|
| 2009 | | - | (e)(d)MoniesintheFundmaybeloanedtotheVermont504Corporation |
|---|
| 2010 | | - | tosupportitslendingoperationsasestablishedpursuanttosubdivision |
|---|
| 2011 | | - | 216(13)ofthistitleatinterestratesandontermsandconditionstobesetby |
|---|
| 2012 | | - | theAuthority. |
|---|
| 2013 | | - | (f)(e)TheAuthoritymayloanmoneyfromtheFundtotheVermont |
|---|
| 2014 | | - | SustainableEnergyLoanFundestablishedundersubchapter13ofthischapter |
|---|
| 2015 | | - | atinterestratesandontermsandconditionssetbytheAuthority. |
|---|
| 2016 | | - | Sec.3.2024ActsandResolvesNo.113,Sec.B.1100isamendedtoread: |
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| 2017 | | - | Sec.B.1100MISCELLANEOUSFISCALYEAR2025ONE-TIME |
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| 2018 | | - | APPROPRIATIONS |
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| 2019 | | - | *** |
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| 2020 | | - | (h)DepartmentofEconomicDevelopment.Infiscalyear2025,fundsare |
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| 2021 | | - | appropriatedforthefollowing: BILLASPASSEDBYTHEHOUSE H.398 |
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| 2022 | | - | 2025 Page65of65 |
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| 2023 | | - | (1)$150,000GeneralFundforcontinuedfundingoftheInternational |
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| 2024 | | - | BusinessOfficepreviouslyfundedby2021ActsandResolvesNo.74,Sec. |
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| 2025 | | - | G.300(b)(1);and |
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| 2026 | | - | (2)$2,000,000GeneralFundforagranttotheVermontEconomic |
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| 2027 | | - | DevelopmentAuthoritytoestablishadisasterrelieffundforusebybusinesses |
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| 2028 | | - | andagriculturalenterprisesfollowinganaturaldisaster. |
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| 2029 | | - | Sec.43.EFFECTIVEDATE |
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| 2030 | | - | ThisactshalltakeeffectonJuly1,2025. |
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| 1 | + | BILL AS INTRODUCED H.398 |
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| 2 | + | 2025 Page 1 of 31 |
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| 3 | + | |
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| 4 | + | |
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| 5 | + | VT LEG #380755 v.1 |
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| 6 | + | H.398 1 |
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| 7 | + | Introduced by Representatives Marcotte of Coventry, Graning of Jericho, and 2 |
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| 8 | + | Priestley of Bradford 3 |
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| 9 | + | Referred to Committee on 4 |
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| 10 | + | Date: 5 |
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| 11 | + | Subject: Conservation and development; economic development 6 |
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| 12 | + | Statement of purpose of bill as introduced: This bill proposes to amend certain 7 |
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| 13 | + | provisions governing the Vermont Economic Development Authority. 8 |
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| 14 | + | An act relating to the Vermont Economic Development Authority 9 |
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| 15 | + | It is hereby enacted by the General Assembly of the State of Vermont: 10 |
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| 16 | + | Sec. 1. 10 V.S.A. chapter 12 is amended to read: 11 |
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| 17 | + | CHAPTER 12. VERMONT ECONOMIC DEVELOPMENT AUTHORITY 12 |
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| 18 | + | * * * 13 |
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| 19 | + | § 212. DEFINITIONS 14 |
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| 20 | + | As used in this chapter: 15 |
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| 21 | + | * * * 16 |
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| 22 | + | (6) “Eligible facility” or “eligible project” means any industrial, 17 |
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| 23 | + | commercial, or agricultural enterprise or endeavor approved by the Authority 18 |
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| 24 | + | that meets the criteria established in the Vermont Sustainable Jobs Strategy 19 |
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| 25 | + | adopted by the Governor under section 280b of this title used in a trade or 20 BILL AS INTRODUCED H.398 |
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| 26 | + | 2025 Page 2 of 31 |
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| 27 | + | |
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| 28 | + | |
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| 29 | + | VT LEG #380755 v.1 |
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| 30 | + | business whether or not such business is operated for profit, including land and 1 |
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| 31 | + | rights in land, air, or water; buildings; structures; machinery; and equipment of 2 |
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| 32 | + | such eligible facilities or eligible projects, except that an eligible facility or 3 |
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| 33 | + | project shall not include the portion of an enterprise or endeavor relating to the 4 |
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| 34 | + | sale of goods at retail where such goods are manufactured primarily out of 5 |
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| 35 | + | State, and except further that an eligible facility or project shall not include the 6 |
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| 36 | + | portion of an enterprise or endeavor relating to housing unless otherwise 7 |
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| 37 | + | authorized in this chapter, however, certain housing projects designed for the 8 |
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| 38 | + | purpose of housing employees of a business may be eligible upon consent of 9 |
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| 39 | + | the Vermont Housing Finance Agency. Such enterprises or endeavors may 10 |
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| 40 | + | include: 11 |
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| 41 | + | * * * 12 |
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| 42 | + | (T) Any capital improvement; purchase of receivables, property, 13 |
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| 43 | + | assets, commodities, bonds, or other revenue streams or related assets; working 14 |
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| 44 | + | capital program or liability; or other insurance program. 15 |
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| 45 | + | * * * 16 |
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| 46 | + | (9) “Insurance contract” means a contract insuring mortgage payments 17 |
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| 47 | + | under subchapter 2 of this chapter. [Repealed.] 18 |
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| 48 | + | * * * 19 |
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| 49 | + | (11) “Maturity date,” as used in subchapter 2 of this chapter, means the 20 |
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| 50 | + | date upon which the note or other evidence of indebtedness secured by a 21 BILL AS INTRODUCED H.398 |
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| 51 | + | 2025 Page 3 of 31 |
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| 52 | + | |
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| 53 | + | |
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| 54 | + | VT LEG #380755 v.1 |
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| 55 | + | mortgage would be extinguished if paid in accordance with the mortgage 1 |
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| 56 | + | payments. [Repealed.] 2 |
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| 57 | + | (12) “Mortgage,” as used in subchapter 2 of this chapter, means a first 3 |
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| 58 | + | mortgage upon an eligible facility given by a mortgagor, as herein defined, to 4 |
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| 59 | + | secure the repayment of amounts borrowed to pay costs of a project. 5 |
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| 60 | + | [Repealed.] 6 |
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| 61 | + | (13) “Mortgage payments,” as used in subchapter 2 of this chapter, 7 |
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| 62 | + | means the periodic payments called for by a mortgage that shall cover lease 8 |
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| 63 | + | land rentals, if any, mortgage insurance premiums, interest, installments of 9 |
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| 64 | + | principal, taxes and assessments, hazard insurance payments, and any other 10 |
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| 65 | + | payments called for in the mortgage. [Repealed.] 11 |
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| 66 | + | (14) “Mortgagee,” as used in subchapter 2 of this chapter, means the 12 |
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| 67 | + | original lender under a mortgage and its successors and assigns, if approved by 13 |
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| 68 | + | the Authority. [Repealed.] 14 |
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| 69 | + | (15) “Mortgagor,” as used in subchapter 2 of this chapter, means the 15 |
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| 70 | + | original borrower under a mortgage or a security agreement and its successors 16 |
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| 71 | + | and assigns, if approved by the Authority. [Repealed.] 17 |
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| 72 | + | * * * 18 |
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| 73 | + | § 213. AUTHORITY; ORGANIZATION 19 |
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| 74 | + | * * * 20 BILL AS INTRODUCED H.398 |
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| 75 | + | 2025 Page 4 of 31 |
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| 76 | + | |
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| 77 | + | |
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| 78 | + | VT LEG #380755 v.1 |
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| 79 | + | (c) The Authority shall elect a chair from among its appointed members, 1 |
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| 80 | + | and a vice chair and treasurer from among its members or staff and shall 2 |
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| 81 | + | employ a manager who shall hold office at the Authority’s pleasure and who, 3 |
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| 82 | + | unless he or she the individual is a member of the classified service under 3 4 |
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| 83 | + | V.S.A. chapter 13, shall receive such compensation as may be fixed by the 5 |
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| 84 | + | Authority with the approval of the Governor. A quorum shall consist of eight 6 |
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| 85 | + | members. Members disqualified from voting under section 214 of this title 7 |
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| 86 | + | shall be considered present for purposes of determining a quorum. No action 8 |
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| 87 | + | of the Authority shall be considered valid unless the action is supported by a 9 |
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| 88 | + | majority vote of the members present and voting and then only if at least five 10 |
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| 89 | + | members vote in favor of the action. 11 |
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| 90 | + | * * * 12 |
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| 91 | + | (i) The Authority shall study and report back to the Legislature no later 13 |
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| 92 | + | than January 15, 1989 on the feasibility of hiring full-time counsel in lieu of 14 |
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| 93 | + | retaining outside counsel. [Repealed.] 15 |
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| 94 | + | § 214. MEMBERS; DISQUALIFICAT ION 16 |
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| 95 | + | A member of the Authority may not participate in any decision: 17 |
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| 96 | + | * * * 18 |
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| 97 | + | (2) Upon any insurance contract under subchapter 2 of this chapter or 19 |
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| 98 | + | loan under subchapter 5 of this chapter, if the member is a member, director, 20 |
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| 99 | + | trustee, employee, or officer of; or has any interest direct or indirect in; or 21 BILL AS INTRODUCED H.398 |
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| 100 | + | 2025 Page 5 of 31 |
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| 101 | + | |
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| 102 | + | |
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| 103 | + | VT LEG #380755 v.1 |
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| 104 | + | owns any stock, bonds, or other liabilities issued by or authorized by the 1 |
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| 105 | + | prospective mortgagor, mortgagee, or tenant; 2 |
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| 106 | + | * * * 3 |
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| 107 | + | § 215. MANAGER; DUTIES 4 |
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| 108 | + | The manager shall be the chief administrative officer of the Authority and 5 |
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| 109 | + | shall direct and supervise the administrative affairs and technical activities of 6 |
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| 110 | + | the Authority in accordance with any rules, regulations, and policies set forth 7 |
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| 111 | + | by the Authority. In addition to any other duties, the manager shall: 8 |
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| 112 | + | * * * 9 |
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| 113 | + | (4) work closely with the Agency of Commerce and Community 10 |
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| 114 | + | Development and provide assistance to the various divisions of that Agency 11 |
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| 115 | + | when requested to facilitate the planning and financing of projects; 12 |
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| 116 | + | (5) make recommendations and reports, in cooperation with the Agency 13 |
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| 117 | + | of Commerce and Community Development, to the Authority on the merits of 14 |
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| 118 | + | any proposed project, on the status of local development corporations, and on 15 |
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| 119 | + | suitable industrial sites; [Repealed.] 16 |
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| 120 | + | (6) perform such other duties as may be directed by the Authority in the 17 |
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| 121 | + | carrying out of the purposes of this chapter. 18 |
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| 122 | + | § 216. AUTHORITY; GENERAL POWERS 19 |
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| 123 | + | The Authority is hereby authorized: 20 BILL AS INTRODUCED H.398 |
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| 124 | + | 2025 Page 6 of 31 |
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| 125 | + | |
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| 126 | + | |
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| 127 | + | VT LEG #380755 v.1 |
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| 128 | + | (1) To sue and be sued in its own name and plead and be impleaded; 1 |
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| 129 | + | service of process upon it in any action shall be made by service upon the 2 |
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| 130 | + | Secretary of State either in hand or by leaving a copy of the process at his or 3 |
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| 131 | + | her the Secretary’s office. 4 |
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| 132 | + | * * * 5 |
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| 133 | + | (3) To adopt and from time to time amend bylaws, and rules, and 6 |
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| 134 | + | regulations for the calling and conduct of its meetings and for the conduct of 7 |
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| 135 | + | its affairs, including regulations rules relating to applications for financial 8 |
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| 136 | + | assistance and disclosure of information supplied to it. 9 |
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| 137 | + | * * * 10 |
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| 138 | + | (6) To employ such employees, who may be in the classified system 11 |
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| 139 | + | under 3 V.S.A. chapter 13 within the discretion of the Authority, and to 12 |
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| 140 | + | employ or contract with agents, consultants, legal advisors, and other experts, 13 |
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| 141 | + | as may be necessary or desirable for its purposes, to determine the 14 |
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| 142 | + | qualifications, duties, and compensation of such employees, agents, 15 |
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| 143 | + | consultants, legal advisors, and experts and to utilize the services of other 16 |
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| 144 | + | governmental agencies and departments. 17 |
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| 145 | + | * * * 18 |
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| 146 | + | (9) To make such charges against local development corporations as 19 |
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| 147 | + | may be mutually agreed upon to assist in meeting the expenses of the 20 BILL AS INTRODUCED H.398 |
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| 148 | + | 2025 Page 7 of 31 |
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| 149 | + | |
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| 150 | + | |
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| 151 | + | VT LEG #380755 v.1 |
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| 152 | + | Authority incurred under this chapter, including any interest charged by the 1 |
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| 153 | + | State Treasurer. 2 |
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| 154 | + | (10) To administer its own funds and to invest or deposit funds which 3 |
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| 155 | + | that are not needed currently to meet the obligations of the Authority. 4 |
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| 156 | + | * * * 5 |
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| 157 | + | (13) To cause to be incorporated in Vermont a nonprofit corporation that 6 |
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| 158 | + | will qualify as a State development company under Title 15 of the U.S. Code 7 |
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| 159 | + | 15 U.S.C. § 695 and rules and regulations adopted promulgated pursuant 8 |
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| 160 | + | thereto. The voting members of the Authority shall be members of the 9 |
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| 161 | + | company and shall constitute the board of directors of the company. The 10 |
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| 162 | + | company shall have at least 14 other members selected by the members of the 11 |
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| 163 | + | Authority. The company shall be organized and operate under the nonprofit 12 |
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| 164 | + | corporation laws of the State of Vermont to the extent not inconsistent 13 |
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| 165 | + | herewith. The Authority shall have the power to contract with the company to 14 |
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| 166 | + | provide staff and management needs of the company. The Authority is 15 |
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| 167 | + | authorized to contribute to the capital of the company in an amount the 16 |
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| 168 | + | Authority determines is necessary and appropriate. 17 |
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| 169 | + | * * * 18 |
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| 170 | + | (15) To delegate to loan officers the power to review, approve, and 19 |
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| 171 | + | make loans under this chapter, subject to the approval of the manager, and to 20 BILL AS INTRODUCED H.398 |
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| 172 | + | 2025 Page 8 of 31 |
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| 173 | + | |
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| 174 | + | |
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| 175 | + | VT LEG #380755 v.1 |
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| 176 | + | disburse funds on such loans, subject to the approval of the manager as set 1 |
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| 177 | + | forth in the policies and procedures of the Authority. 2 |
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| 178 | + | * * * 3 |
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| 179 | + | § 217. RECORDS; ANNUAL REPORT; AUDIT 4 |
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| 180 | + | (a) The Authority shall keep an accurate account of all its activities and of 5 |
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| 181 | + | all its receipts and expenditures. Information and records in connection with 6 |
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| 182 | + | an application for an insurance contract under subchapter 2 of this chapter shall 7 |
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| 183 | + | be preserved for three years after the application has been denied or, if the 8 |
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| 184 | + | application is accepted, for three years after the mortgage has been discharged 9 |
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| 185 | + | and thereafter until the Authority orders them destroyed. 10 |
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| 186 | + | * * * 11 |
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| 187 | + | (c) The Auditor of Accounts of the State and his or her the Auditor’s 12 |
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| 188 | + | authorized representatives may at any time examine the accounts and books of 13 |
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| 189 | + | the Authority, including its receipts, disbursements, contracts, funds, 14 |
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| 190 | + | investments, and any other matters relating to its financial statements. 15 |
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| 191 | + | * * * 16 |
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| 192 | + | § 217a. APPLICATION 17 |
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| 193 | + | Among such other things as may be required by the Authority, any 18 |
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| 194 | + | application for financing or for mortgage insurance under this chapter shall 19 |
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| 195 | + | state in detail on the application the nature and purpose of the business and its 20 BILL AS INTRODUCED H.398 |
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| 196 | + | 2025 Page 9 of 31 |
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| 197 | + | |
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| 198 | + | |
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| 199 | + | VT LEG #380755 v.1 |
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| 200 | + | products for which the loan, or revenue bonds or mortgage insurance is are 1 |
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| 201 | + | intended to benefit. 2 |
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| 202 | + | * * * 3 |
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| 203 | + | § 231. ASSISTANCE TO LOCAL DEVELOPMENT CORPORATIONS 4 |
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| 204 | + | Upon application of a local development corporation, the Authority may 5 |
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| 205 | + | loan money to that local development corporation, upon such terms and 6 |
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| 206 | + | conditions as it may prescribe, for the purpose of industrial park planning and 7 |
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| 207 | + | development, for constructing or improving a speculative building or small 8 |
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| 208 | + | business incubator facility on land owned or held under lease by the local 9 |
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| 209 | + | development corporation, for purchase or improvement of existing buildings 10 |
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| 210 | + | suitable for or which can be made suitable for industrial or small business 11 |
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| 211 | + | incubation facility purposes and for the purchase of land in connection with 12 |
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| 212 | + | any of the foregoing. Before the local development corporation receives such 13 |
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| 213 | + | funds for such purposes from the Authority, it shall give to the Authority 14 |
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| 214 | + | security for the repayment of the funds. The security shall be in such form and 15 |
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| 215 | + | amounts as the Authority may determine and shall, in each instance, include a 16 |
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| 216 | + | first mortgage on the land, or the leasehold, building, and appurtenances 17 |
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| 217 | + | financed by such funds. Loans by the Authority to local development 18 |
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| 218 | + | corporations for the construction of speculative buildings or improvements to 19 |
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| 219 | + | those buildings shall be repaid in full, including interest and other charges, 20 |
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| 220 | + | within 90 days after the building is occupied if the building is being sold, or 21 BILL AS INTRODUCED H.398 |
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| 221 | + | 2025 Page 10 of 31 |
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| 222 | + | |
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| 223 | + | |
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| 224 | + | VT LEG #380755 v.1 |
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| 225 | + | within five years after the property is occupied if the building is being leased, 1 |
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| 226 | + | or within such period of time deemed reasonable by the Authority. Loans by 2 |
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| 227 | + | the Authority to local development corporations for the construction, purchase, 3 |
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| 228 | + | or improvement of small business incubator facilities shall be repaid in full, 4 |
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| 229 | + | including interest and other charges, within ten 20 years after the property is 5 |
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| 230 | + | occupied. 6 |
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| 231 | + | * * * 7 |
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| 232 | + | § 244. BONDS 8 |
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| 233 | + | * * * 9 |
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| 234 | + | (b) Bonds shall bear the manual or digital signature of the treasurer of the 10 |
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| 235 | + | municipality and the manual, digital, or facsimile signature or signatures of the 11 |
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| 236 | + | mayor or a majority of the selectboard or trustees as the case may be. Interest 12 |
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| 237 | + | coupons, if any, shall bear the facsimile signature of the treasurer. If the 13 |
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| 238 | + | municipality has a corporate seal, bonds shall bear the seal or a facsimile of the 14 |
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| 239 | + | seal. Bonds executed in accordance with this subchapter shall be valid 15 |
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| 240 | + | notwithstanding that before the delivery thereof and payment therefor any or 16 |
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| 241 | + | all of the persons whose signatures appear thereon shall have ceased to hold 17 |
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| 242 | + | office. 18 |
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| 243 | + | * * * 19 BILL AS INTRODUCED H.398 |
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| 244 | + | 2025 Page 11 of 31 |
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| 245 | + | |
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| 246 | + | |
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| 247 | + | VT LEG #380755 v.1 |
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| 248 | + | § 253. STATE AUTHORITY PROJECTS 1 |
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| 249 | + | (a) The State of Vermont Authority may engage in projects within the state 2 |
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| 250 | + | in accordance with the provisions of this subchapter. For the purposes of this 3 |
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| 251 | + | section and section 254 of this title: 4 |
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| 252 | + | (1) The word “municipality” as used in the sections of this subchapter 5 |
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| 253 | + | other than this section shall mean the “State of Vermont” “Authority”; 6 |
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| 254 | + | * * * 7 |
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| 255 | + | (b) For the purposes of engaging in a project, the Authority shall act in the 8 |
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| 256 | + | name of the State and on its behalf of the State as its agent and instrumentality 9 |
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| 257 | + | for the execution of financing documents, security documents, bonds, and 10 |
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| 258 | + | other appropriate instruments or for the taking of any action with respect to a 11 |
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| 259 | + | project financed in whole or in part by the issue of bonds under section 254 of 12 |
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| 260 | + | this title. 13 |
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| 261 | + | (c) Title to or possessory interest in any eligible facility that is financed in 14 |
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| 262 | + | whole or in part by the issue of bonds pursuant to section 254 of this title may 15 |
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| 263 | + | be taken and held in the name of the State Authority. In performing its 16 |
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| 264 | + | functions under this section, the Authority may exercise any and all powers 17 |
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| 265 | + | conferred upon municipalities by this subchapter, but the Authority shall not 18 |
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| 266 | + | execute any financing document, security document, or bond with respect to a 19 |
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| 267 | + | project until the Authority has made the findings required by section 246 of 20 |
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| 268 | + | this title. 21 BILL AS INTRODUCED H.398 |
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| 269 | + | 2025 Page 12 of 31 |
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| 270 | + | |
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| 271 | + | |
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| 272 | + | VT LEG #380755 v.1 |
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| 273 | + | (d) The Authority shall establish guidelines for the type and location of 1 |
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| 274 | + | projects that shall be considered in evaluating applications for financing under 2 |
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| 275 | + | this subchapter. These guidelines shall be used to prioritize projects and shall 3 |
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| 276 | + | include factors such as the number of permanent jobs created or retained; the 4 |
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| 277 | + | wage rates of the jobs created; the availability and suitability of private market 5 |
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| 278 | + | financing; the employment multiplier effect; the potential for alleviating 6 |
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| 279 | + | unemployment in distressed areas; the potential effect on the revitalization of 7 |
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| 280 | + | depressed commercial areas; the potential to stimulate markets for recycled 8 |
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| 281 | + | materials to be used as raw materials; whether the project is located in the job 9 |
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| 282 | + | development zone as designated under chapter 29, subchapter 2 of this title; 10 |
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| 283 | + | and a potential for increasing capital investment. In the consideration of 11 |
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| 284 | + | nonmanufacturing projects, priority shall be given to those projects located 12 |
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| 285 | + | within areas suffering from the loss of commercial or service enterprises, loss 13 |
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| 286 | + | of commercial or service sales, buildings with large vacancy rates, or 14 |
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| 287 | + | physically deteriorating structures. 15 |
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| 288 | + | § 254. STATE BONDS 16 |
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| 289 | + | * * * 17 |
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| 290 | + | (c) Bonds issued under this section shall bear the manual, digital, or 18 |
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| 291 | + | facsimile signature of the manager or treasurer of the Authority and the manual 19 |
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| 292 | + | or facsimile signature of the Chair or Vice Chair of the Authority, or 20 |
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| 293 | + | authorized designee and agent; provided, however, that at least one of the 21 BILL AS INTRODUCED H.398 |
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| 294 | + | 2025 Page 13 of 31 |
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| 295 | + | |
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| 296 | + | |
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| 297 | + | VT LEG #380755 v.1 |
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| 298 | + | foregoing such signatures shall be manual unless the bonds are to be manually 1 |
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| 299 | + | authenticated by a bank or trust company serving as trustee for the bonds. The 2 |
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| 300 | + | details of the bonds shall be fixed by the signing officers in accordance with 3 |
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| 301 | + | section 244 of this title. Bonds shall be sold by the signing officers at public or 4 |
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| 302 | + | private sale, and the proceeds thereof shall be paid to the trustee, lender, or 5 |
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| 303 | + | disbursing agent under the security document that secures the bonds. 6 |
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| 304 | + | (d) No financing or security document, or bond, or other instrument issued 7 |
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| 305 | + | or entered into in the name and on behalf of the State under this subchapter 8 |
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| 306 | + | shall in any way obligate the State to raise any money by taxation or use other 9 |
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| 307 | + | funds for any purpose to pay any debt or meet any financial obligation to any 10 |
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| 308 | + | person at any time in relation to an eligible facility financed in whole or in part 11 |
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| 309 | + | by the issue of the Authority’s bonds under this subchapter, except from 12 |
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| 310 | + | monies received or to be received under a financing or security document 13 |
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| 311 | + | entered into under this subchapter or except as may be required by any other 14 |
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| 312 | + | provision of law. Notwithstanding the provisions of this subsection, the State 15 |
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| 313 | + | may accept and expend with respect to an eligible facility any gifts or grants 16 |
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| 314 | + | received from any source in accordance with the terms of the gifts or grants. 17 |
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| 315 | + | * * * 18 |
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| 316 | + | (f) Bonds may be issued by the Authority under this subchapter for the 19 |
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| 317 | + | purpose of making loans to local development corporations for industrial park 20 |
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| 318 | + | planning and development, constructing, or improving a speculative building 21 BILL AS INTRODUCED H.398 |
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| 319 | + | 2025 Page 14 of 31 |
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| 320 | + | |
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| 321 | + | |
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| 322 | + | VT LEG #380755 v.1 |
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| 323 | + | or small business incubator facility on land owned or held under lease by the 1 |
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| 324 | + | local development corporation, purchase or improvement of existing buildings 2 |
|---|
| 325 | + | suitable or that can be made suitable for industrial or business incubation 3 |
|---|
| 326 | + | purposes, and purchase of land in connection with any of the foregoing. 4 |
|---|
| 327 | + | (1) Before issuing bonds for construction of a speculative building or 5 |
|---|
| 328 | + | small business incubator facility and the purchase of land in connection 6 |
|---|
| 329 | + | therewith, the Authority shall make the determinations and incorporate in its 7 |
|---|
| 330 | + | minutes the findings that: 8 |
|---|
| 331 | + | (A) the project is within the scope of this chapter, will be of public 9 |
|---|
| 332 | + | use and benefit, and may reasonably be expected to create new employment 10 |
|---|
| 333 | + | opportunities; 11 |
|---|
| 334 | + | (B) the proposed site for the speculative building or small business 12 |
|---|
| 335 | + | incubator facility will be located on adequate land owned or to be acquired by 13 |
|---|
| 336 | + | the local development corporation or leased by the local development 14 |
|---|
| 337 | + | corporation on terms satisfactory to the Authority; 15 |
|---|
| 338 | + | (C) an adequate access road from a public highway is provided to the 16 |
|---|
| 339 | + | proposed site and that such utilities as water, sewer, and power facilities are 17 |
|---|
| 340 | + | available, or will be available when the speculative building or small business 18 |
|---|
| 341 | + | incubator facility is completed; 19 BILL AS INTRODUCED H.398 |
|---|
| 342 | + | 2025 Page 15 of 31 |
|---|
| 343 | + | |
|---|
| 344 | + | |
|---|
| 345 | + | VT LEG #380755 v.1 |
|---|
| 346 | + | (D) the project plans comply with all applicable environmental, 1 |
|---|
| 347 | + | zoning, planning, and sanitary laws and regulations of the municipality where 2 |
|---|
| 348 | + | it is to be located and of the State of Vermont; 3 |
|---|
| 349 | + | (E) the local development corporation is responsible and has 4 |
|---|
| 350 | + | presented evidence to demonstrate its ability to carry out the project as 5 |
|---|
| 351 | + | planned; 6 |
|---|
| 352 | + | (F) evidence has been presented demonstrating the feasibility of the 7 |
|---|
| 353 | + | site as a location for business, and additional evidence has been presented that 8 |
|---|
| 354 | + | an adequate supply of labor is available within the labor market area to serve a 9 |
|---|
| 355 | + | business located on the site; 10 |
|---|
| 356 | + | (G) the local development corporation has made adequate provisions 11 |
|---|
| 357 | + | for insurance protection of the building while it is unoccupied and suitable 12 |
|---|
| 358 | + | arrangements have been made for fire protection and maintenance while it is 13 |
|---|
| 359 | + | unoccupied; 14 |
|---|
| 360 | + | (H) the project will be without unreasonable risk of loss to the 15 |
|---|
| 361 | + | Authority, and the local development corporation is unable to secure on 16 |
|---|
| 362 | + | reasonable terms the funds required for the project without the assistance of the 17 |
|---|
| 363 | + | Authority; 18 |
|---|
| 364 | + | (I) the financing and security documents contain provisions such that 19 |
|---|
| 365 | + | under no circumstances is the State obligated directly or indirectly to pay 20 |
|---|
| 366 | + | project costs; debt service; or expenses of operation, maintenance, and upkeep 21 BILL AS INTRODUCED H.398 |
|---|
| 367 | + | 2025 Page 16 of 31 |
|---|
| 368 | + | |
|---|
| 369 | + | |
|---|
| 370 | + | VT LEG #380755 v.1 |
|---|
| 371 | + | of the facility except from bond proceeds or from funds received under the 1 |
|---|
| 372 | + | financing or security documents, exclusive of funds received thereunder by the 2 |
|---|
| 373 | + | State for its own use; 3 |
|---|
| 374 | + | (J) neither the financing document nor the security document 4 |
|---|
| 375 | + | purports to create any debt of the State with respect to the eligible facility, 5 |
|---|
| 376 | + | other than a special obligation of the State under this chapter required by 6 |
|---|
| 377 | + | section 232 of this title. 7 |
|---|
| 378 | + | (2) Before issuing bonds for industrial park planning and development 8 |
|---|
| 379 | + | and the purchase of land in connection therewith, the Authority shall make the 9 |
|---|
| 380 | + | determinations and incorporate in its minutes the findings that: 10 |
|---|
| 381 | + | (A) the proposed industrial park is on adequate land owned or to be 11 |
|---|
| 382 | + | owned by the local development corporation or leased by the local 12 |
|---|
| 383 | + | development corporation on terms satisfactory to the Authority; 13 |
|---|
| 384 | + | (B) an adequate access road from a public highway is provided to the 14 |
|---|
| 385 | + | proposed site, and utilities, including water, sewer, and power facilities, are 15 |
|---|
| 386 | + | available or will be available for any future tenant located in the park; 16 |
|---|
| 387 | + | (C) the total industrial park will be planned by architects and 17 |
|---|
| 388 | + | engineers acceptable to the Authority; 18 |
|---|
| 389 | + | (D) no more than 80 percent of the fair market value of the industrial 19 |
|---|
| 390 | + | park, as shown by appraisal by an appraiser acceptable to the Authority, is to 20 |
|---|
| 391 | + | be financed under the loan; 21 BILL AS INTRODUCED H.398 |
|---|
| 392 | + | 2025 Page 17 of 31 |
|---|
| 393 | + | |
|---|
| 394 | + | |
|---|
| 395 | + | VT LEG #380755 v.1 |
|---|
| 396 | + | (E) the park project is within the scope of this chapter, will be of 1 |
|---|
| 397 | + | public use and benefit, and may reasonably be expected to create new 2 |
|---|
| 398 | + | employment opportunities; 3 |
|---|
| 399 | + | (F) the park project complies with all applicable environmental, 4 |
|---|
| 400 | + | zoning, planning, and sanitary laws and regulations of the municipality in 5 |
|---|
| 401 | + | which it is to be located and of the State of Vermont; 6 |
|---|
| 402 | + | (G) the local development corporation is responsible and has 7 |
|---|
| 403 | + | presented evidence to demonstrate its ability to carry out the park project as 8 |
|---|
| 404 | + | planned; 9 |
|---|
| 405 | + | (H) evidence has been presented demonstrating the feasibility of the 10 |
|---|
| 406 | + | site as a location for industry, and additional evidence has been presented that 11 |
|---|
| 407 | + | an adequate supply of labor is available within the labor market area to serve 12 |
|---|
| 408 | + | an industry located on the site; 13 |
|---|
| 409 | + | (I) the park project will be without unreasonable risk of loss to the 14 |
|---|
| 410 | + | Authority, and the local development corporation is unable to secure on 15 |
|---|
| 411 | + | reasonable terms the funds required for the project without the assistance of the 16 |
|---|
| 412 | + | Authority; 17 |
|---|
| 413 | + | (J) the financing and security documents contain provisions such that 18 |
|---|
| 414 | + | under no circumstances is the State obligated directly or indirectly to pay 19 |
|---|
| 415 | + | project costs; debt service; or expenses of operation, maintenance, and upkeep 20 |
|---|
| 416 | + | of the facility except from bond proceeds or from funds received under the 21 BILL AS INTRODUCED H.398 |
|---|
| 417 | + | 2025 Page 18 of 31 |
|---|
| 418 | + | |
|---|
| 419 | + | |
|---|
| 420 | + | VT LEG #380755 v.1 |
|---|
| 421 | + | financing or security documents, exclusive of funds received thereunder by the 1 |
|---|
| 422 | + | State for its own use; 2 |
|---|
| 423 | + | (K) neither the financing document nor the security document 3 |
|---|
| 424 | + | purports to create any debt of the State with respect to the eligible facility, 4 |
|---|
| 425 | + | other than a special obligation of the State under this chapter required by 5 |
|---|
| 426 | + | section 237 of this title. 6 |
|---|
| 427 | + | (3) All determinations and findings made by the Authority pursuant to 7 |
|---|
| 428 | + | this section shall be conclusive Financing and security documents shall contain 8 |
|---|
| 429 | + | provisions such that under no circumstances is the State obligated directly or 9 |
|---|
| 430 | + | indirectly to pay project costs; debt service; or expenses of operation, 10 |
|---|
| 431 | + | maintenance, and upkeep of the facility except from bond proceeds or from 11 |
|---|
| 432 | + | funds received under the financing or security documents, exclusive of funds 12 |
|---|
| 433 | + | received thereunder by the State for its own use. 13 |
|---|
| 434 | + | (4) Financing and security documents shall not create any debt of the 14 |
|---|
| 435 | + | State with respect to the eligible facility, other than a special obligation of the 15 |
|---|
| 436 | + | State under this chapter. 16 |
|---|
| 437 | + | (g) Bonds issued by the Authority under this subchapter may be secured, in 17 |
|---|
| 438 | + | whole or in part, by mortgage insurance under subchapter 2 of this chapter 18 |
|---|
| 439 | + | upon the terms and conditions set forth in subchapter 2 and in this subsection. 19 |
|---|
| 440 | + | Such insurance may be in the form of reinsurance or may be for the purpose of 20 |
|---|
| 441 | + | creating a loan loss reserve, in a case where the bonds are also secured by the 21 BILL AS INTRODUCED H.398 |
|---|
| 442 | + | 2025 Page 19 of 31 |
|---|
| 443 | + | |
|---|
| 444 | + | |
|---|
| 445 | + | VT LEG #380755 v.1 |
|---|
| 446 | + | mortgage insurance from another source. The principal amount of bonds so 1 |
|---|
| 447 | + | secured outstanding at any time with respect to facilities of any one user, or 2 |
|---|
| 448 | + | any related person, in any one municipality, shall not exceed $2,500,000.00. 3 |
|---|
| 449 | + | For purposes of this subsection, the term “mortgagee” as used in subchapter 2 4 |
|---|
| 450 | + | of this chapter shall mean the purchasers of the bonds, or where appropriate the 5 |
|---|
| 451 | + | trustee under the security document; the mortgage payments to be insured shall 6 |
|---|
| 452 | + | be those required to be made by the user under the financing document; and 7 |
|---|
| 453 | + | bond proceeds, instead of being used to pay project costs directly, may be used 8 |
|---|
| 454 | + | to purchase participation in loans originated by local banks or other responsible 9 |
|---|
| 455 | + | financial institutions where the proceeds of such loans have been used to pay 10 |
|---|
| 456 | + | project costs. In authorizing mortgage insurance to secure bonds, the 11 |
|---|
| 457 | + | Authority shall make all of the findings and determinations set forth in 12 |
|---|
| 458 | + | subsection 221(a) of this title, except that the principal of the mortgage cannot 13 |
|---|
| 459 | + | exceed $2,500,000.00. In authorizing any bonds that are to be secured by 14 |
|---|
| 460 | + | mortgage insurance, the Authority shall make all of the findings and 15 |
|---|
| 461 | + | determinations set forth in section 246 of this title, and may make the findings 16 |
|---|
| 462 | + | set forth in subdivisions 246(5) and (7) of this title, notwithstanding the fact 17 |
|---|
| 463 | + | that the mortgage insurance will create a contingent liability of the Authority. 18 |
|---|
| 464 | + | The creation of such contingent liability shall not be deemed to violate the 19 |
|---|
| 465 | + | prohibition contained in subsection (d), and the statement required on each 20 |
|---|
| 466 | + | bond that it does not constitute an indebtedness of the State may be modified to 21 BILL AS INTRODUCED H.398 |
|---|
| 467 | + | 2025 Page 20 of 31 |
|---|
| 468 | + | |
|---|
| 469 | + | |
|---|
| 470 | + | VT LEG #380755 v.1 |
|---|
| 471 | + | refer to the mortgage insurance. Separate series of bonds all of which are 1 |
|---|
| 472 | + | secured by mortgage insurance may be combined pursuant to subsection (e) of 2 |
|---|
| 473 | + | this section, and the proceeds of any payment of such mortgage insurance may 3 |
|---|
| 474 | + | be allocated and applied by the trustee for the benefit of the bondholders in 4 |
|---|
| 475 | + | accordance with the terms of the security document providing for the 5 |
|---|
| 476 | + | combined financing All determinations and findings made by the Authority 6 |
|---|
| 477 | + | pursuant to this section shall be conclusive. 7 |
|---|
| 478 | + | (h) The Authority is authorized to pledge security and to enter into security, 8 |
|---|
| 479 | + | insurance, or other forms of credit enhancement. A pledge in any agreement 9 |
|---|
| 480 | + | shall be valid and binding from the time such pledge shall be made without any 10 |
|---|
| 481 | + | physical delivery or further act, and the lien of such pledge shall be valid and 11 |
|---|
| 482 | + | binding as against all parties having claims of any kind in tort, contract, or 12 |
|---|
| 483 | + | otherwise, irrespective of whether such parties have notice thereof. Any such 13 |
|---|
| 484 | + | pledge shall be perfected by filing of the agreement in the records of the 14 |
|---|
| 485 | + | Authority and n filing need be made under any other provision of law. 15 |
|---|
| 486 | + | (i) The Authority may purchase any bond issued under this subchapter 4. 16 |
|---|
| 487 | + | Subject to the terms of any agreement with the bondholders, the Authority may 17 |
|---|
| 488 | + | hold, pledge, resell, or cancel any bond purchased under this paragraph, expect 18 |
|---|
| 489 | + | that a purchase under this paragraph shall not cause the extinguishment of such 19 |
|---|
| 490 | + | bond unless the Authority cancels the bond or otherwise certifies its intention 20 |
|---|
| 491 | + | that the bond be extinguished. 21 BILL AS INTRODUCED H.398 |
|---|
| 492 | + | 2025 Page 21 of 31 |
|---|
| 493 | + | |
|---|
| 494 | + | |
|---|
| 495 | + | VT LEG #380755 v.1 |
|---|
| 496 | + | (j) No designated member, director, officer, employee, or agent of the 1 |
|---|
| 497 | + | Authority shall be liable personally on the bonds or any contract entered into 2 |
|---|
| 498 | + | by the Authority or subject to any personal liability or accountability by reason 3 |
|---|
| 499 | + | of the issuance of the bonds unless the personal liability or accountability is the 4 |
|---|
| 500 | + | result of intentional misconduct. 5 |
|---|
| 501 | + | Subchapter 5. Direct Mortgage Loans 6 |
|---|
| 502 | + | § 261. ADDITIONAL POWERS 7 |
|---|
| 503 | + | In addition to powers enumerated elsewhere in this chapter, the Authority 8 |
|---|
| 504 | + | may: 9 |
|---|
| 505 | + | (1) Make loans secured by mortgages or other assets, which may be 10 |
|---|
| 506 | + | subordinate to one or more prior mortgages or liens, upon application by the 11 |
|---|
| 507 | + | proposed mortgagor obligor, who may be a private corporation, nonprofit 12 |
|---|
| 508 | + | organization, partnership, person, or municipality financing an eligible project 13 |
|---|
| 509 | + | described in subdivision 212(6) of this title, upon such terms as the Authority 14 |
|---|
| 510 | + | may prescribe, for the purpose of financing the establishment or expansion of 15 |
|---|
| 511 | + | eligible facilities. Such loans shall be made from the Vermont Jobs Fund 16 |
|---|
| 512 | + | established under subchapter 3 of this chapter. The Authority may provide for 17 |
|---|
| 513 | + | the repayment and redeposit of such loans as provided in this subchapter. 18 |
|---|
| 514 | + | * * * 19 |
|---|
| 515 | + | (3) Purchase prior mortgages secured loans and make payments on prior 20 |
|---|
| 516 | + | mortgages secured loans on any eligible facility where the purchase or 21 BILL AS INTRODUCED H.398 |
|---|
| 517 | + | 2025 Page 22 of 31 |
|---|
| 518 | + | |
|---|
| 519 | + | |
|---|
| 520 | + | VT LEG #380755 v.1 |
|---|
| 521 | + | payment is necessary to protect any loan previously made by the Authority. In 1 |
|---|
| 522 | + | addition, the Authority may sell, transfer, convey, and assign any such prior 2 |
|---|
| 523 | + | mortgage or security. Monies used by the Authority in the purchase of any 3 |
|---|
| 524 | + | prior mortgages mortgage or security, or any payments thereon, shall be 4 |
|---|
| 525 | + | withdrawn from the Vermont Jobs Fund, and any monies derived from the sale 5 |
|---|
| 526 | + | of any prior mortgages mortgage or security shall be deposited by the 6 |
|---|
| 527 | + | Authority in the Vermont Jobs Fund. 7 |
|---|
| 528 | + | * * * 8 |
|---|
| 529 | + | § 262. FINDINGS 9 |
|---|
| 530 | + | Before making any loan, the Authority shall receive from an applicant a 10 |
|---|
| 531 | + | loan application in such form as the Authority may by regulation rule 11 |
|---|
| 532 | + | prescribe, and the Authority, or the Authority’s loan officer pursuant to the 12 |
|---|
| 533 | + | provisions of subdivision 216(15) of this title, shall determine and incorporate 13 |
|---|
| 534 | + | findings in its minutes that: 14 |
|---|
| 535 | + | (1) The project is within the scope of this chapter and will increase or 15 |
|---|
| 536 | + | maintain employment and expand the economy of the State. 16 |
|---|
| 537 | + | (2) The project plans comply with all applicable environmental, zoning, 17 |
|---|
| 538 | + | planning, and sanitary laws and regulations of the municipality where it is to 18 |
|---|
| 539 | + | be located and of the State of Vermont. 19 |
|---|
| 540 | + | * * * 20 BILL AS INTRODUCED H.398 |
|---|
| 541 | + | 2025 Page 23 of 31 |
|---|
| 542 | + | |
|---|
| 543 | + | |
|---|
| 544 | + | VT LEG #380755 v.1 |
|---|
| 545 | + | (5) The principal obligation of the Authority’s mortgage does not 1 |
|---|
| 546 | + | exceed $5,000,000.00, which may be secured by land and buildings or by 2 |
|---|
| 547 | + | machinery and equipment, or both, unless: 3 |
|---|
| 548 | + | (A) an integral element of the project consists of the generation of 4 |
|---|
| 549 | + | heat or electricity employing biomass, geothermal, methane, solar, or wind 5 |
|---|
| 550 | + | energy resources to be primarily consumed at the project, in which case the 6 |
|---|
| 551 | + | principal obligation of the Authority’s mortgage does not exceed 7 |
|---|
| 552 | + | $6,000,000.00, which may be secured by land and by buildings or machinery 8 |
|---|
| 553 | + | and equipment, or both; such principal obligation does not exceed 40 percent 9 |
|---|
| 554 | + | of the cost of the project; and the mortgagor obligor is able to obtain financing 10 |
|---|
| 555 | + | for the balance of the cost of the project from other sources as provided in the 11 |
|---|
| 556 | + | following section; or 12 |
|---|
| 557 | + | * * * 13 |
|---|
| 558 | + | (6) The mortgagor obligor is responsible and able to manage its 14 |
|---|
| 559 | + | responsibilities as mortgagor obligor and owner of the project. 15 |
|---|
| 560 | + | (7) The mortgage loan has a satisfactory maturity date, in no case later 16 |
|---|
| 561 | + | than 20 years from the date of the mortgage. 17 |
|---|
| 562 | + | (8) The mortgagor obligor is unable to finance the project upon 18 |
|---|
| 563 | + | reasonable terms without the assistance of the requested loan from the 19 |
|---|
| 564 | + | Authority, or in the alternative, the granting of the loan will serve as a 20 BILL AS INTRODUCED H.398 |
|---|
| 565 | + | 2025 Page 24 of 31 |
|---|
| 566 | + | |
|---|
| 567 | + | |
|---|
| 568 | + | VT LEG #380755 v.1 |
|---|
| 569 | + | substantial inducement for the establishment or expansion of an eligible project 1 |
|---|
| 570 | + | within the State. 2 |
|---|
| 571 | + | (9) The mortgagor obligor has made adequate provision for insurance 3 |
|---|
| 572 | + | protection of the project while the loan is outstanding. 4 |
|---|
| 573 | + | * * * 5 |
|---|
| 574 | + | § 263. MORTGAGE LOAN; LIMITATIONS 6 |
|---|
| 575 | + | (a) When it has been determined by the Authority that the establishment or 7 |
|---|
| 576 | + | expansion of a particular eligible facility will accomplish the public purposes 8 |
|---|
| 577 | + | of this act, the Authority may contract to loan to the mortgagor obligor an 9 |
|---|
| 578 | + | amount not in excess of 40 percent of the cost of such eligible facility. In 10 |
|---|
| 579 | + | addition, the Authority shall have determined that the mortgagor obligor has 11 |
|---|
| 580 | + | obtained from other independent and responsible sources, such as banks and 12 |
|---|
| 581 | + | insurance companies financial institutions or otherwise, a firm commitment for 13 |
|---|
| 582 | + | all other funds, over and above the loan of the Authority and such funds or 14 |
|---|
| 583 | + | property as the local development corporation may hold, necessary for 15 |
|---|
| 584 | + | payment of all of the cost of the project, and that the sum of all these funds, 16 |
|---|
| 585 | + | together with any funds, machinery, and equipment to be provided by the 17 |
|---|
| 586 | + | mortgagor obligor is adequate for the completion and operation of the project. 18 |
|---|
| 587 | + | (b) Any loan of the Authority under this subchapter shall be for a period of 19 |
|---|
| 588 | + | time and shall bear interest at such rate as determined by the Authority and 20 |
|---|
| 589 | + | shall be secured by a mortgage on the eligible facility or a lien on its assets for 21 BILL AS INTRODUCED H.398 |
|---|
| 590 | + | 2025 Page 25 of 31 |
|---|
| 591 | + | |
|---|
| 592 | + | |
|---|
| 593 | + | VT LEG #380755 v.1 |
|---|
| 594 | + | which the loan was made or upon the assets of a municipal communications 1 |
|---|
| 595 | + | plant, including the net revenues derived from the operation thereof, or both. 2 |
|---|
| 596 | + | The mortgage secured loan may be subordinate to one or more prior mortgages 3 |
|---|
| 597 | + | loans, including the mortgage liens securing the obligation issued to secure the 4 |
|---|
| 598 | + | commitment of funds from the independent and responsible sources and used 5 |
|---|
| 599 | + | in the financing of the economic development project. Monies loaned by the 6 |
|---|
| 600 | + | Authority shall be withdrawn from the Vermont Jobs Fund and paid over to the 7 |
|---|
| 601 | + | mortgagor obligor in such manner as provided and prescribed by the rules and 8 |
|---|
| 602 | + | regulations of the Authority. All payments of principal and interest on the 9 |
|---|
| 603 | + | loans shall be deposited by the Authority in the Vermont Jobs Fund. 10 |
|---|
| 604 | + | (c) Loans by the Authority for an eligible facility under this subchapter 11 |
|---|
| 605 | + | shall be made only in the manner and to the extent provided in this section, 12 |
|---|
| 606 | + | except, however, in those instances where an agency of the federal government 13 |
|---|
| 607 | + | participates in the financing of an eligible facility by loan, grant, or otherwise. 14 |
|---|
| 608 | + | When any federal agency participates, the Authority may adjust the required 15 |
|---|
| 609 | + | ratio of financial participation by the local development corporation, 16 |
|---|
| 610 | + | independent sources of funds, and the Authority in such manner as to ensure 17 |
|---|
| 611 | + | the maximum benefit available by the participation of the federal agency. 18 |
|---|
| 612 | + | Where any federal agency participating in the financing of an eligible facility 19 |
|---|
| 613 | + | is not permitted to take as security a mortgage, the lien of which is junior to the 20 BILL AS INTRODUCED H.398 |
|---|
| 614 | + | 2025 Page 26 of 31 |
|---|
| 615 | + | |
|---|
| 616 | + | |
|---|
| 617 | + | VT LEG #380755 v.1 |
|---|
| 618 | + | mortgage of the Authority, the Authority shall be authorized to take as security 1 |
|---|
| 619 | + | for its loan a mortgage junior in lien to that of the federal agency. 2 |
|---|
| 620 | + | * * * 3 |
|---|
| 621 | + | § 264. ACCELERATED REPAYMENT PROVISIONS 4 |
|---|
| 622 | + | Any direct mortgage loan made on or after July 1, 1988 under this 5 |
|---|
| 623 | + | subchapter shall be conditioned upon the maintenance of a reasonable level of 6 |
|---|
| 624 | + | employment at the facility or facilities owned by the mortgagor obligor and 7 |
|---|
| 625 | + | pledged as security for the loan. For the purposes of this section, a reasonable 8 |
|---|
| 626 | + | level of employment shall be deemed not to have been maintained whenever a 9 |
|---|
| 627 | + | mortgagor an obligor employing 50 or more employees at such facility or 10 |
|---|
| 628 | + | facilities permanently transfers, within any three-year period, 50 percent or 11 |
|---|
| 629 | + | more of those employees or employment positions to any out-of-state facility. 12 |
|---|
| 630 | + | Upon breach of this condition, the Authority may declare all principal and 13 |
|---|
| 631 | + | interest of the mortgage loan immediately due and payable and may commence 14 |
|---|
| 632 | + | foreclosure on any property held as security for the mortgage loan or take any 15 |
|---|
| 633 | + | other lawful steps to obtain payment. 16 |
|---|
| 634 | + | * * * 17 |
|---|
| 635 | + | § 279c. VERMONT EXPORT FINANCE PROGRAM 18 |
|---|
| 636 | + | * * * 19 |
|---|
| 637 | + | (e) Any excess of revenues over expenses derived from this program shall 20 |
|---|
| 638 | + | be deposited in the development fund Vermont Jobs Fund. 21 BILL AS INTRODUCED H.398 |
|---|
| 639 | + | 2025 Page 27 of 31 |
|---|
| 640 | + | |
|---|
| 641 | + | |
|---|
| 642 | + | VT LEG #380755 v.1 |
|---|
| 643 | + | * * * 1 |
|---|
| 644 | + | § 280a. ELIGIBLE PROJECTS; AUTHORIZED FINANCING PROGRAMS 2 |
|---|
| 645 | + | (a) The Authority may develop, modify, and implement any existing or 3 |
|---|
| 646 | + | new financing program, provided that any specific project that benefits from 4 |
|---|
| 647 | + | such program shall meet the criteria contained in the Vermont Sustainable Jobs 5 |
|---|
| 648 | + | Strategy adopted under section 280b of this title, and provided further that the 6 |
|---|
| 649 | + | program shall meet the criteria contained in the Vermont Sustainable Jobs 7 |
|---|
| 650 | + | Strategy adopted under section 280b of this title. These programs may include: 8 |
|---|
| 651 | + | (1) the Mortgage Insurance Program, administered under chapter 12, 9 |
|---|
| 652 | + | subchapter 2 of this title; [Repealed.] 10 |
|---|
| 653 | + | * * * 11 |
|---|
| 654 | + | (7) one or more programs targeting economically distressed regions of 12 |
|---|
| 655 | + | the State, and specifically including the Authority to develop a program to 13 |
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| 656 | + | finance or refinance up to 100 percent of the existing assets or debts of a 14 |
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| 657 | + | health, recreation, and fitness organization that is exempt under Section 15 |
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| 658 | + | 501(c)(3) of the Internal Revenue Code, the income of which is entirely used 16 |
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| 659 | + | for its exempt purpose, that owns and operates a recreation facility located in a 17 |
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| 660 | + | distressed region of the State; [Repealed.] 18 |
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| 661 | + | * * * 19 |
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| 662 | + | § 280b. THE VERMONT SUSTAINABLE JOBS STRATEGY 20 |
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| 663 | + | * * * 21 BILL AS INTRODUCED H.398 |
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| 664 | + | 2025 Page 28 of 31 |
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| 665 | + | |
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| 666 | + | |
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| 667 | + | VT LEG #380755 v.1 |
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| 668 | + | (c)(1) Before adopting the Vermont sustainable jobs strategy, the Governor 1 |
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| 669 | + | shall direct the Authority and the Secretary of Commerce and Community 2 |
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| 670 | + | Development to solicit information and recommendations from the people and 3 |
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| 671 | + | businesses of the State. 4 |
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| 672 | + | (2) After soliciting information and recommendations, the Authority and 5 |
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| 673 | + | the Secretary shall jointly develop a proposed Vermont sustainable jobs 6 |
|---|
| 674 | + | strategy. In developing a proposed strategy, the Authority and the Secretary 7 |
|---|
| 675 | + | shall consider how best to integrate Vermont’s economic, social, and 8 |
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| 676 | + | environmental values into a Vermont sustainable jobs strategy. The Authority 9 |
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| 677 | + | and the Secretary shall jointly present their proposed strategy to the House 10 |
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| 678 | + | Committee on Commerce and Economic Development and the Senate 11 |
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| 679 | + | Committee on Economic Development, Housing and General Affairs meeting 12 |
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| 680 | + | in joint hearing. 13 |
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| 681 | + | * * * 14 |
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| 682 | + | Subchapter 15. Disaster Recovery Loan Fund 15 |
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| 683 | + | § 280gg. DISASTER RECOVERY LOAN FUND 16 |
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| 684 | + | (a) There is established within the Authority the Vermont Disaster 17 |
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| 685 | + | Recovery Loan Fund, referred to in this subchapter as “the Fund,” the purpose 18 |
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| 686 | + | of which is to enable the Authority to provide loans and other forms of 19 |
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| 687 | + | financial assistance to businesses and agricultural enterprises after disasters. 20 |
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| 688 | + | (b) The Authority shall establish: 21 BILL AS INTRODUCED H.398 |
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| 689 | + | 2025 Page 29 of 31 |
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| 690 | + | |
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| 691 | + | |
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| 692 | + | VT LEG #380755 v.1 |
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| 693 | + | (1) policies and procedures for the Fund that the Authority determines 1 |
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| 694 | + | are necessary to carry out the purposes of this subchapter; and 2 |
|---|
| 695 | + | (2) financing programs necessary to ensure timely delivery of financial 3 |
|---|
| 696 | + | assistance after a disaster. 4 |
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| 697 | + | (c) The Authority shall limit the interest rates charged for loans provided 5 |
|---|
| 698 | + | utilizing funds from the Disaster Recovery Loan Fund to rates necessary to 6 |
|---|
| 699 | + | cover the costs of administering the Fund. 7 |
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| 700 | + | (d) This is a revolving loan program and any excess of revenues over 8 |
|---|
| 701 | + | expenses derived from this program shall be deposited in the Fund. 9 |
|---|
| 702 | + | Sec. 2. 10 V.S.A. § 234 is redesignated and amended to read: 10 |
|---|
| 703 | + | § 234 220a. THE VERMONT JOBS FUND 11 |
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| 704 | + | (a) There is hereby created the Vermont Jobs Fund, hereinafter called the 12 |
|---|
| 705 | + | Fund, which shall be used by the Authority as a nonlapsing fund for the 13 |
|---|
| 706 | + | purposes of subchapters 3, 5, 9, and 10 of this chapter. To it shall be charged 14 |
|---|
| 707 | + | all operating expenses of the Authority not otherwise provided for and all 15 |
|---|
| 708 | + | payments of interest and principal required to be made by the Authority under 16 |
|---|
| 709 | + | this subchapter. To it shall be credited any appropriations made by the General 17 |
|---|
| 710 | + | Assembly for the purposes of subchapters 3, 5, 9, and 10 of this chapter and all 18 |
|---|
| 711 | + | payments required to be made to the Authority under subchapters 3, 5, 9, and 19 |
|---|
| 712 | + | 10 of this chapter, it being the intent of this section that the Fund shall operate 20 |
|---|
| 713 | + | as a revolving fund whereby all appropriations and payments made thereto, 21 BILL AS INTRODUCED H.398 |
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| 714 | + | 2025 Page 30 of 31 |
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| 715 | + | |
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| 716 | + | |
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| 717 | + | VT LEG #380755 v.1 |
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| 718 | + | unless required to repay notes under the following section, may be applied and 1 |
|---|
| 719 | + | reapplied for the purposes of subchapters 3, 5, 9, and 10 of this chapter. 2 |
|---|
| 720 | + | Monies in the Fund may be loaned at interest rates to be set by the Authority 3 |
|---|
| 721 | + | for the following: 4 |
|---|
| 722 | + | (1) Loans to local development corporations under this subchapter, 5 |
|---|
| 723 | + | provided that if the funds for any such loan are derived from the issue of notes 6 |
|---|
| 724 | + | to the State Treasurer under section 235 of this chapter, the loan shall bear 7 |
|---|
| 725 | + | interest at a rate not less than the rate on the notes chapter. 8 |
|---|
| 726 | + | (2) Direct mortgage loans as described in subchapter 5 of this chapter. 9 |
|---|
| 727 | + | (3) Loans for the financing of export activities under subchapter 9 of 10 |
|---|
| 728 | + | this chapter. 11 |
|---|
| 729 | + | (4) Other loans as the Authority may prescribe under subchapter 10 of 12 |
|---|
| 730 | + | this chapter. 13 |
|---|
| 731 | + | (b) In order to provide monies in the Fund for loans under this chapter, the 14 |
|---|
| 732 | + | Authority may issue notes for purchase by the State Treasurer as provided in 15 |
|---|
| 733 | + | section 235 of this chapter. 16 |
|---|
| 734 | + | (c) Monies in the Fund may be loaned to the Vermont Agricultural Credit 17 |
|---|
| 735 | + | Program to support its lending operations as established in chapter 16A of this 18 |
|---|
| 736 | + | title at interest rates and on terms and conditions to be set by the Authority to 19 |
|---|
| 737 | + | establish a line of credit in an amount not to exceed $100,000,000.00 to be 20 BILL AS INTRODUCED H.398 |
|---|
| 738 | + | 2025 Page 31 of 31 |
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| 739 | + | |
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| 740 | + | |
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| 741 | + | VT LEG #380755 v.1 |
|---|
| 742 | + | advanced to the Vermont Agricultural Credit Program to support its lending 1 |
|---|
| 743 | + | operations as established in chapter 16A of this title. 2 |
|---|
| 744 | + | (d)(c) Monies in the Fund may be loaned to the Vermont Small Business 3 |
|---|
| 745 | + | Development Corporation to support its lending operations as established 4 |
|---|
| 746 | + | pursuant to subdivision 216(14) of this title at interest rates and on terms and 5 |
|---|
| 747 | + | conditions to be set by the Authority. 6 |
|---|
| 748 | + | (e)(d) Monies in the Fund may be loaned to the Vermont 504 Corporation 7 |
|---|
| 749 | + | to support its lending operations as established pursuant to subdivision 216(13) 8 |
|---|
| 750 | + | of this title at interest rates and on terms and conditions to be set by the 9 |
|---|
| 751 | + | Authority. 10 |
|---|
| 752 | + | (f)(e) The Authority may loan money from the Fund to the Vermont 11 |
|---|
| 753 | + | Sustainable Energy Loan Fund established under subchapter 13 of this chapter 12 |
|---|
| 754 | + | at interest rates and on terms and conditions set by the Authority. 13 |
|---|
| 755 | + | Sec. 3. APPROPRIATION 14 |
|---|
| 756 | + | The sum of $2,000,000.00 is appropriated from the General Fund to the 15 |
|---|
| 757 | + | Agency of Commerce and Community Development to fund the Disaster 16 |
|---|
| 758 | + | Recovery Loan Fund established in 10 V.S.A. § 280gg. 17 |
|---|
| 759 | + | Sec. 4. EFFECTIVE DATE 18 |
|---|
| 760 | + | This act shall take effect on July 1, 2025. 19 |
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