§ 280g - State infrastructure bank program; duties; powers - Vermont Statutes

§ 280g. State infrastructure bank program; duties; powers

(a) The board, in addition to any other powers and duties conferred or imposed on it by this chapter or any other law, shall have the following powers and duties:

(1) to apply for, receive, administer and comply with the conditions and requirements respecting any grant, gift or appropriation of property, services or monies;

(2) to make loans to or enter into leases with qualified borrowers to finance the costs of qualified projects, to acquire, hold and sell borrower obligations evidencing the loans at such prices and in such manner as the board shall deem advisable, and to pledge borrower obligations to secure bonds issued pursuant to this subchapter;

(3) to enter into guarantees secured solely by, or purchase insurance or other credit enhancement through, amounts on deposit in the program;

(4) to enter into contracts, arrangements and agreements to provide any other form of financial assistance through amounts on deposit in the program that the board may consider appropriate;

(5) to enter into contracts, arrangements and agreements with other persons and execute and deliver all trust agreements, loan agreements and other instruments necessary or convenient to the exercise of the powers granted in this subchapter;

(6) to enter into an agreement, contract or other arrangement directly or indirectly with the agency or authority or with a private enterprise in furtherance of and in accordance with the provisions of ISTEA or the NHS Act, as applicable;

(7) to obtain insurance necessary or convenient to the exercise of the power granted in this subchapter;

(8) to engage accounting, management, legal, financial, consulting and other professional services necessary to the conduct of the program;

(9) to distribute the benefits conferred by this subchapter throughout the state; and

(10) to delegate to loan officers the power to review, approve and make loans under the van pool loan program, subject to the approval of the manager. Loans shall be approved in an aggregate amount sufficient to procure seven to fifteen passenger vans at a resonable market price. Loan repayment terms shall be available for a period from three to five years. No funds may be disbursed for any loan approved under this provision until three working days after the members of the board are notified by facsimile or overnight delivery, mailed or sent on the day of approval, of the intention to approve such a loan. If any member objects within that three-day period, the approval will be held for reconsideration by the members of the board at its next duly scheduled meeting.

(b) In its administration of the program as provided in this subchapter, the program shall comply with applicable federal requirements under ISTEA and the NHS Act and other applicable federal programs. The program shall not be authorized or empowered to be or to constitute a bank, trust company or licensed lender under the jurisdiction or under the control of the department of banking, insurance, securities, and health care administration or the comptroller of the currency or the treasury department of the United States, or to be or constitute a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange or securities dealers' law of the United States or Vermont.

(c) The agency shall provide technical assistance to either the board, program or the Vermont economic development authority to insure compliance pursuant to subsection (b) of this section.

(d) A van pool loan program for low-interest or interest-free loans is created within the state infrastructure bank to facilitate the purchase of vans to be used as part of ride sharing arrangements. (Added 1997, No. 43, § 1; amended 1997, No. 144 (Adj. Sess.), § 20.)