§ 216 - Authority; general powers - Vermont Statutes

§ 216. Authority; general powers

The authority is hereby authorized:

(1) To sue and be sued in its own name and plead and be impleaded; service of process upon it in any action shall be made by service upon the secretary of state either in hand or by leaving a copy of the process at his office;

(2) To adopt an official seal and alter the same;

(3) To adopt and from time to time amend bylaws, rules and regulations for the calling and conduct of its meetings and for the conduct of its affairs, including, but not limited to regulations relating to applications for financial assistance and disclosure of information supplied to it;

(4) To establish reasonable priorities among the types and locations of projects to be undertaken or aided under this chapter, and to use its discretion in the selection and combining of programs to be utilized in the undertaking or aiding of such projects;

(5) To maintain its principal office in Washington county and other offices at such place or places as it may designate;

(6) To employ such employees, who may be in the classified system under chapter 13 of Title 3 within the discretion of the authority, and to employ or contract with agents, consultants, legal advisors and other experts, as may be necessary or desirable for its purposes, to determine the qualifications, duties and compensation of such employees, agents, consultants, legal advisors and experts and to utilize the services of other governmental agencies and departments;

(7) To contract with the state of Vermont or any agency or political subdivision thereof, public corporations or bodies, private corporations or individuals for any purposes related to industrial development;

(8) To borrow money, make and issue negotiable bonds, notes, commercial paper, and give other evidences of indebtedness or obligations, and give security therefor, including, without limitation, the sale, assignment, or pledge of the authority's interest in loans. Such obligations may be incurred for any of the authority's corporate purposes, including the expenses of preparing, issuing, and marketing obligations issued for such purposes, and the establishment of reserve funds, including reserve funds created under section 219 of this title. Such obligations shall be in such form and denominations, and with such terms and provisions, including the maturity date or dates, redemption provisions and other provisions necessary or desirable. Such obligations shall be either taxable or tax-exempt, and shall be noninterest bearing, or bear interest at such rate or rates, which may be fixed or variable, as may be sufficient or necessary to effect the issuance and sale or resale thereof. The authority is authorized to enter into such agreements with other persons as the authority deems necessary or appropriate in connection with the issuance, sale, and resale of such obligations, including without limitation, trust indentures, bond purchase agreements, disclosure agreements, remarketing agreements, agreements providing liquidity or credit facilities, bond insurance, or other credit enhancements in connection with such obligations. The authority is authorized to resell or retire any such notes prior to the stated maturity thereof;

(9) To make such charges against local development corporations as may be mutually agreed upon to assist in meeting the expenses of the authority incurred under this chapter, including any interest charged by the state treasurer;

(10) To administer its own funds and to invest or deposit funds which are not needed currently to meet the obligations of the authority;

(11) To acquire, hold and dispose of real and personal property; to enter into all contracts, leases, agreements and arrangements and to do all lawful acts and things necessary or incidental to the performance of its duties and the execution of its powers under this chapter;

(12) To make such payments in lieu of taxes for highway maintenance, fire protection or for other services as the authority considers advisable, in the event property owned by the authority is occupied in whole or in part;

(13) To cause to be incorporated in Vermont a nonprofit corporation which will qualify as a state development company under Title 15 of the United States Code and rules and regulations adopted pursuant thereto. The voting members of the authority shall be members of the company and shall constitute the board of directors of the company. The company shall have at least 14 other members selected by the members of the authority. The company shall be organized and operate under the nonprofit corporation laws of the state of Vermont to the extent not inconsistent herewith. The authority shall have the power to contract with the company to provide staff and management needs of the company. The authority is authorized to contribute up to $25,000.00 to the capital of the company.

(14) To incorporate one or more nonprofit corporations in Vermont to fulfill the goals of chapter 12 of this title. Such corporation shall be empowered to borrow money and to receive and accept gifts, grants, or contributions from any source, provided that such gifts, grants, or contributions are not less than $5,000.00 from any one source for the period of one year and provided that such nonprofit corporation provides business loans of not less than $2,500.00 to any particular entity or individual. The voting members of the authority shall be directors of the corporation. The corporation shall be organized and operate under the nonprofit corporation laws of the state of Vermont. The authority may contract with the corporation to provide staff and management needs of the company. The authority may contribute no more than $1,050,000.00 to the capital of the corporation;

(15) To delegate to loan officers the power to review, approve and make loans under this chapter, subject to the approval of the manager, and to disburse funds on such loans, subject to the approval of the manager, provided that such loans do not exceed $250,000.00 in aggregate amount for any industrial loan for any three-year period for any particular individual, partnership, corporation or other entity or related entity, or do not exceed $200,000.00 in aggregate amount if the loan is guaranteed by the Farm Services Agency, or its successor agency, or $150,000.00 in aggregate amount if the loan is not guaranteed by the Farm Services Agency, or its successor agency, for any agricultural loan for any three-year period for any particular individual, partnership, corporation, or other entity or related entity. No funds may be disbursed for any loan approved under this provision, except for any agricultural loan referenced above in an amount not to exceed $50,000.00, until three working days after the members of the authority are notified by facsimile, electronic mail, or overnight delivery mailed or sent on the day of approval, of the intention to approve such loan. If any member objects within that three-day period, the approval will be held for reconsideration by the members of the authority at its next duly scheduled meeting;

(16) To cause to be formed in Vermont a for-profit limited partnership, the purpose of which shall be to invest funds in commercial and agricultural enterprises that create job opportunities and support economic development. The authority's investment in the partnership may not exceed $2,000,000.00. To manage the operations of and attract investors to the partnership, the authority is further authorized to cause to be formed in Vermont a for-profit limited liability company. The authority's investment in the limited liability company shall be determined by the authority. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, §§ 4, 10, eff. April 22, 1977; 1977, No. 222 (Adj. Sess.), § 5, eff. July 2, 1978; 1981, No. 54, § 2, eff. April 28, 1981; 1983, No. 33, §§ 2, 3, eff. April 2, 1983; 1993, No. 210 (Adj. Sess.), § 229a; 1995, No. 46, §§ 4, 5, eff. April 20, 1995; 1995, No. 184 (Act. Sess.), § 4; 1999, No. 131 (Adj. Sess.), § 1; 2003, No. 67, §§ 1, 2, eff. June 16, 2003; 2005, No. 137 (Adj. Sess.), § 1.)