State Codes and Statutes
Statutes > Vermont > Title-24 > Chapter-120 > 4757
§ 4757. Revolving loan funds; additional uses
In addition to providing a source of funds from which loans may be made to municipalities under this chapter, each fund created under section 4753 of this chapter may be used for one or more of the following purposes:
(1) to make loans, to refund bonds or notes of a municipality issued after March 7, 1985 for sewerage works, or after July 1, 1993 for water supply systems for the purpose of financing the construction of any capital improvements or management program described in section 4753 and certified under section 4756 of this title;
(2) to guarantee or insure, directly or indirectly, the payment of notes or bonds issued or to be issued by a municipality for the purpose of financing the construction of any capital improvement or management program described in section 4754 of this title and certified under section 4756;
(3) to guarantee or insure, directly or indirectly, funds established by municipalities for the purpose of financing construction of any capital improvement described in section 4754 of this title;
(4) to invest available fund balances, and to credit the net interest income thereon to the particular fund providing investment funds; and
(5) to pay the costs of the bond bank, VEDA and the agency associated with the administration of each fund; provided, however, that no more than four percent of the aggregate of the highest fund balances in any fiscal year shall be used for such purposes, and that a separate account be established outside the drinking water state revolving fund for such purposes. As used in this subsection, costs shall include fiscal, clerical, administrative and issuance expenditures directly attributable and allocated to the maintenance implementation and administration of the loan funds created under this chapter. (Added 1987, No. 75, § 1; amended 1997, No. 62, § 71, eff. June 26, 1997.)
