Vermont § 253 - Authority projects

§ 253. Authority projects

• (a) The Authority may engage in projects within the State in accordance with the provisions
  of this subchapter. For the purposes of this section and section 254 of this title: (1) The word “municipality” as used in the sections of this subchapter other than this
  section shall mean the “Authority”; (2) The provisions of section 245 of this title shall not apply; and (3) The provisions of this subchapter other than this section and section 254 of this title shall, where appropriate, be deemed to be modified or superseded by the provisions
  of this section and section 254 of this title. (b) For the purposes of engaging in a project, the Authority shall act on behalf of the
  State as its agent and instrumentality for the execution of financing documents, security
  documents, bonds, and other appropriate instruments or for the taking of any action
  with respect to a project financed in whole or in part by the issue of bonds under
  section 254 of this title. (c) Title to or possessory interest in any eligible facility that is financed in whole
  or in part by the issue of bonds pursuant to section 254 of this title may be taken and held in the name of the Authority. In performing its functions under
  this section, the Authority may exercise any and all powers conferred upon municipalities
  by this subchapter, but the Authority shall not execute any financing document, security
  document, or bond with respect to a project until the Authority has made the findings
  required by section 246 of this title. (d) The Authority shall establish guidelines for the type and location of projects that
  shall be considered in evaluating applications for financing under this subchapter.
  These guidelines shall be used to prioritize projects and shall include factors such
  as the number of permanent jobs created or retained; the wage rates of the jobs created;
  the availability and suitability of private market financing; the employment multiplier
  effect; the potential for alleviating unemployment in distressed areas; the potential
  effect on the revitalization of depressed commercial areas; the potential to stimulate
  markets for recycled materials to be used as raw materials; whether the project is
  located in the job development zone as designated under chapter 29, subchapter 2 of
  this title; and a potential for increasing capital investment. In the consideration
  of nonmanufacturing projects, priority shall be given to those projects located within
  areas suffering from the loss of commercial or service enterprises, loss of commercial
  or service sales, buildings with large vacancy rates, or physically deteriorating
  structures. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 17, eff. March 27, 1975; 1975, No. 187 (Adj. Sess.), § 2; 1983, No. 159 (Adj. Sess.), § 2, eff. April 14, 1984; 1985, No. 172 (Adj. Sess.), § 3; 1991, No. 202 (Adj. Sess.), § 10, eff. May 27, 1992; 1993, No. 89, § 3(b), eff. June 15, 1993; 2025, No. 26, § 1, eff. July 1, 2025.)