§ 280q - Loans to qualified borrowers to finance qualified projects - Vermont Statutes

§ 280q. Loans to qualified borrowers to finance qualified projects

(a) Any qualified borrower may apply to the program for a loan to assist in financing the cost of a qualified project. At the option of the board, and subject to applicable federal requirements, a loan may be made as secured loans or as unsecured general obligations of a qualified borrower. Each loan shall be made pursuant to a loan agreement between the program and the qualified borrower acting by and through the officer or officers, board, committee or other body authorized by law, or otherwise its chief executive officer.

(b) A qualified borrower may receive, apply, pledge, assign and grant security interests in project revenues, and, in the case of a governmental unit, its general revenues to secure its obligations under loan agreements and borrower obligations as provided in this subchapter and may fix, revise, charge and collect fees, rates, rents, assessments and other charges of general or special application for the operation or services of any qualified project, the system of which it is a part and any other revenue producing facilities from which the qualified borrower derives project revenues to meet its obligations under any loan agreements or borrower obligation, or otherwise to provide for the construction, maintenance and operation of a qualified project.

(c) For the purposes of entering into a loan and establishing the authorized terms and conditions thereof and for issuing any government obligations, a governmental unit shall be deemed to have the powers expressly granted to governmental units in this subchapter and the powers granted to the governmental unit in any bond act applicable to it specifically or as a member of a class of governmental instrumentalities. Liberal construction shall be given in support of the broadest interpretation of governmental unit powers derived from either this subchapter or any bonds act, provided that nothing in this subchapter shall be construed as affecting the manner of voting and other procedures of any governmental unit by the governing body thereof or any limitations on indebtedness of governmental units. (Added 1997, No. 43, § 1.)