§ 280o - Issuance of revenue bonds - Vermont Statutes

§ 280o. Issuance of revenue bonds

(a) The authority may issue bonds to finance or refinance any cost of a qualified project or provide other financial assistance, the proceeds of which are to be deposited in the program, or used to refinance existing obligations (whether obligations of the authority or another entity), used to fund the cost of a qualified project.

(b) Such bonds shall be special revenue bonds of the state payable solely from revenues, credited to the program.

(c) Notwithstanding the provisions of any law to the contrary, such bonds shall not be general obligations of the state.

(d) Bonds may be issued provided that such issuance meets the requirements of section 244 and subsections (b), (c), (d), (f) and (g) of section 254 of this title.

(e) Sections 250, 252 and subsections (b), (c), and (d) of section 253 of this title shall also apply to bonds issued under this subchapter, except that any reference to industrial facilities therein shall also apply to eligible projects under this subchapter.

(f) Bonds may be secured by a trust agreement entered into by the authority, which trust agreement may pledge or assign, in whole or in part, any loan agreements or governmental obligations, and all or any part of the monies credited to the program, subject to applicable federal requirements, and any funds or accounts established under a trust agreement, any contract or other rights to receive the same, whether then existing or coming into existence and whether then held or thereafter acquired, and the proceeds thereof. (Added 1997, No. 43, § 1.)