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

§ 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.)