§ 234 - The Vermont jobs fund - Vermont Statutes

§ 234. The Vermont jobs fund

(a) There is hereby created the Vermont jobs fund, hereinafter called the fund, which shall be used by the authority as a nonlapsing fund for the purposes of subchapters 3, 5, 9 and 10 of this chapter. To it shall be charged all operating expenses of the authority not otherwise provided for and all payments of interest and principal required to be made by the authority under this subchapter. To it shall be credited any appropriations made by the general assembly for the purposes of subchapters 3, 5, 9 and 10 of this chapter and all payments required to be made to the authority under subchapters 3, 5, 9 and 10 of this chapter, it being the intent of this section that the fund shall operate as a revolving fund whereby all appropriations and payments made thereto, unless required to repay notes under the following section, may be applied and reapplied for the purposes of subchapters 3, 5, 9 and 10 of this chapter. Monies in the fund may be loaned at interest rates to be set by the authority for the following:

(1) Loans to local development corporations under this subchapter, provided that if the funds for any such loan are derived from the issue of notes to the state treasurer under section 235 of this chapter, the loan shall bear interest at a rate not less than the rate on the notes.

(2) Direct mortgage loans as described in subchapter 5 of this chapter.

(3) Loans for the financing of export activities under subchapter 9 of this chapter.

(4) Other loans as the authority may prescribe under subchapter 10 of this chapter.

(b) In order to provide monies in the industrial development fund for loans under this chapter, the authority may issue notes for purchase by the state treasurer as provided in section 235 of this chapter.

(c) Monies in the fund may be loaned at interest rates and on terms and conditions to be set by the authority to establish a line of credit in an amount not to exceed $30,000,000.00 to be advanced to the Vermont agricultural credit program to support its lending operations as established in chapter 16A of this title.

(d) Monies in the fund may be loaned at interest rates and on terms and conditions to be set by the authority to establish a line of credit in an amount not to exceed $3,000,000.00 to be advanced to the Vermont small business development corporation to support its lending operations as established pursuant to subdivision 216(14) of this title. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1985, No. 81, § 3; 1995, No. 46, § 8, eff. April 20, 1995; 2003, No. 7, § 8, eff. April 25, 2003; 2003, No. 67, § 4, eff. June 16, 2003.)