Vermont § 10 - Vermont State Treasurer; credit facility for local investments

§ 10. Vermont State Treasurer; credit facility for local investments

• (a) Notwithstanding any provision of 32 V.S.A. § 433(a) to the contrary, the Vermont State Treasurer shall have the authority to establish
  a credit facility of up to 10 percent of the State’s average cash balance on terms
  acceptable to the Treasurer and consistent with prudent investment principles and
  guidelines pursuant to 32 V.S.A. § 433(b)–(c) and the Uniform Prudent Investor Act, 14A V.S.A. chapter 9. (b) The Treasurer may use amounts available under subsection (a) of this section to provide
  financing for infrastructure projects in Vermont mobile home parks and may modify
  the terms of such financing in the Treasurer’s discretion as is necessary to promote
  the availability of mobile home park housing and to protect the interests of the State. (c) Notwithstanding any provision of 32 V.S.A. § 433(a) to the contrary, and in addition to the provisions of subsection (a) on this section,
  the Vermont State Treasurer shall have the authority to establish a credit facility
  of up to two and one-half percent of the State’s average cash balance on terms acceptable
  to the Treasurer and consistent with prudent investment principles and guidelines
  pursuant to 32 V.S.A. § 433(b)–(c) and the Uniform Prudent Investor Act, 14A V.S.A. chapter 9. The Treasurer may
  use amounts available under this subsection only to provide financing for climate
  infrastructure and resilience projects and may modify the terms of such financing
  in the Treasurer’s discretion as is necessary to protect the interest of the State. (d) Annually, on or before November 15, the Treasurer shall submit a report detailing
  the activities, financing, and accounting of any credit facilities created pursuant
  to subsection (c) of this section during the preceding calendar year to the Governor;
  the House Committees on Appropriations, on Commerce and Economic Development, and
  on Ways and Means; and the Senate Committees on Appropriations, on Economic Development,
  Housing and General Affairs, and on Finance. (Added 2015, No. 157 (Adj. Sess.), § F.9; 2019, No. 179 (Adj. Sess.), § 6, eff. Oct. 12, 2020; amended 2023, No. 143 (Adj. Sess.), § 4a, eff. July 1, 2024.)