Vermont § 1601 - Municipal Equipment and Vehicle Loan Fund

§ 1601. Municipal Equipment and Vehicle Loan Fund

• (a) There is hereby created the Municipal Equipment and Vehicle Loan Fund for the purpose
  of providing loans on favorable terms to municipalities for the purchase of motorized
  highway building and maintenance equipment, heavy equipment, and authorized emergency
  vehicles as set forth in 23 V.S.A. § 4. (b) The Municipal Equipment and Vehicle Loan Fund shall be administered by a committee
  composed of the State Treasurer and the State Traffic Committee established by 19 V.S.A. § 1(24), pursuant to policies and procedures approved by this Committee with administrative
  support from the Office of the State Treasurer. The Committee shall establish criteria
  for distribution of available loan funds among municipalities considering at least
  financial need, equitable geographic distribution, and ability to repay. The Fund
  shall be a revolving fund and all principal and interest earned on loans and the fund
  balance remaining in the Fund at the end of any fiscal year shall be available for
  use in the succeeding fiscal year. The Committee shall meet upon request of the State
  Treasurer to consider applications. (Added 1985, No. 187 (Adj. Sess.), § 3; amended 1987, No. 89, § 314c; 2019, No. 131 (Adj. Sess.), § 289; 2025, No. 27, § E.131.1, eff. July 1, 2025.)