§ 280m - Loan and lease terms - Vermont Statutes

§ 280m. Loan and lease terms

(a) The board shall determine the form and content of any borrower obligation, including the term and rate or rates of interest on any loan or lease.

(b) Notwithstanding subsection (a) of this section, loans and leases financed through the application of federal monies pursuant to 23 U.S.C. § 129 or section 350 of the NHS Act shall:

(1) bear interest at or below market rates or otherwise as may be specified therein;

(2) have a repayment term of not longer than 30 years;

(3) be subject to repayment commencing not later than five years after the facility financed with the proceeds of such loan has been completed or, in the case of a highway project, the facility has opened to traffic; and

(4) be made only after all federal environmental requirements applicable to the qualified project have been complied with and all federal environmental permits obtained.

(c) Notwithstanding any provisions of this subchapter to the contrary, the secretary may waive any of the requirements contained in this section if such waiver would not cause the loan or the program to violate the requirements of ISTEA or the NHS Act or any other applicable federal requirement. (Added 1997, No. 43, § 1.)