Vermont § 10302 - Certified Electronic Health Record Technology Loan Fund

§ 10302. Certified Electronic Health Record Technology Loan Fund

• (a) Subject to the requirements set forth in subsection (d) of this section, the Secretary
  of Administration or designee shall establish a Certified Electronic Health Record
  Technology Loan Fund (“Loan Fund”) within the Health IT-Fund for the purpose of receiving
  and disbursing funds from the Office of the National Coordinator of Health Information
  Technology for the loan program described in subsection (b) of this section. (b) The Secretary of Administration or designee may apply to the Office of the National
  Coordinator of Health Information Technology for a grant to establish a loan program
  for health care providers to: (1) facilitate the purchase of electronic health record technology; (2) enhance the utilization of certified electronic health record technology, including
  costs associated with upgrading health information technology so that it meets criteria
  necessary to be a certified electronic health record technology; (3) train personnel in the use of electronic health record technology; or (4) improve the secure electronic exchange of health information. (c) In addition to the application required by the National Coordinator, the Secretary
  or designee shall also submit to the National Coordinator a strategic plan identifying
  the intended uses of the amounts available in the Loan Fund for a period of one year,
  including: (1) a list of the projects to be assisted through the Loan Fund during such year; (2) a description of the criteria and methods established for the distribution of funds
  from the Loan Fund during the year; (3) a description of the financial status of the Loan Fund as of the date of the submission
  of the plan; and (4) the short-term and long-term goals of the Loan Fund. (d) Amounts deposited in the Loan Fund, including loan repayments and interest earned
  on such amounts, shall be used only as follows: (1) to award loans that comply with the following: (A) the interest rate for each loan shall not exceed the market interest rate; (B) the principal and interest payments on each loan shall commence no later than one
  year after the date the loan was awarded, and each loan shall be fully amortized no
  later than 10 years after the date of the loan; and (C) the Loan Fund shall be credited with all payments of principal and interest on each
  loan awarded from the Loan Fund; (2) to guarantee, or purchase insurance for, a local obligation, all of the proceeds of
  which finance a project eligible for assistance under this subsection, if the guarantee
  or purchase would improve credit market access or reduce the interest rate applicable
  to the obligation involved; (3) as a source of revenue or security for the payment of principal and interest on revenue
  or general obligation bonds issued by the State if the proceeds of the sale of the
  bonds will be deposited into the Loan Fund; (4) to earn interest on the amounts deposited into the Loan Fund; and (5) to make reimbursements described in subdivision (f)(1) of this section. (e) The Secretary of Administration or designee may use annually no more than four percent
  of the grant funds to pay the reasonable costs of administering the loan programs
  pursuant to this section, including recovery of reasonable costs expended to establish
  the Loan Fund. (f)(1) The Loan Fund may accept contributions from private sector entities, except that such
  entities may not specify the recipient or recipients of any loan issued under this
  subsection. The Secretary or designee may agree to reimburse a private sector entity
  for any contribution to the Loan Fund, provided that the amount of the reimbursement
  may not exceed the principal amount of the contribution made. (2) The Secretary or designee shall make publicly available the identity of, and amount
  contributed by, any private sector entity and may issue to the entity letters of commendation
  or make other awards, provided such awards are of no financial value. (g) The Secretary of Administration or designee shall agree, as part of the grant application,
  to make available from the Health IT-Fund established under section 10301 of this title nonfederal cash contributions, including donations from public or private entities,
  toward the costs of the loan program in an amount equal to at least $1.00 for every
  $5.00 of federal funds provided under the grant. (Added 2009, No. 61, § 10.)