§ 3823 - The Austine School; financing - Vermont Statutes

§ 3823. The Austine School; financing

(a) Notwithstanding any provision of law to the contrary, the Vermont Center for the Deaf and Hard of Hearing, which owns and operates the Austine School for the Deaf, and its successors in interest are authorized to mortgage, pledge as collateral, sell, transfer, or otherwise convey any real property associated with the Austine School for the Deaf without consent of the general assembly.

(b) All state capital appropriations made to or for the benefit of the Austine School for the Deaf prior to or subsequent to the effective date of this section shall create a first priority lien in favor of the state unless expressly waived by the general assembly; provided that this first priority lien shall be subordinate, in an amount not to exceed $3,000,000.00, to the interest of any lender to whom the Vermont Center for the Deaf and Hard of Hearing has pledged its real property as collateral pursuant to subsection (a) of this section.

(c) If the Vermont Center for the Deaf and Hard of Hearing sells any or all of its real property, then, subject to the subordination provisions of subsection (b) of this section, all state capital appropriations made to or for the benefit of the Austine School shall be repaid to the state, without interest, from any remaining proceeds of the sale. (Added 1993, No. 233 (Adj. Sess.), § 50, eff. June 21, 1994; amended 2003, No. 63, § 42, eff. June 11, 2003.)