Vermont § 2796 - Downtown Transportation and Related Capital Improvement Fund [Repealed effective July 1, 2034]

§ 2796. Downtown Transportation and Related Capital Improvement Fund [Repealed effective July 1, 2034]

• (a) There is created a Downtown Transportation and Related Capital Improvement Fund, to
  be also known as the Fund, which shall be a special fund created under 32 V.S.A. chapter 7, subchapter 5, to be administered by the Vermont Downtown Development Board in accordance
  with this chapter to aid municipalities with designated downtown districts in financing
  capital transportation and related improvement projects to support economic development. (b) The Fund shall be comprised of the following: (1) such State or federal funds as may be appropriated by the General Assembly; (2) any gifts, grants, or other contributions to the Fund; (3) proceeds from the issuance of general obligation bonds. (c) Any municipality with a designated downtown development district may apply to the
  Vermont Downtown Development Board for financial assistance from the Fund for capital
  transportation and related improvement projects within or serving the district. The
  Board may award to any municipality grants in amounts not to exceed $250,000.00 annually,
  loans, or loan guarantees for financing capital transportation projects, including
  construction or alteration of roads and highways, parking facilities, and rail or
  bus facilities or equipment, or for the underground relocation of electric utility,
  cable, and telecommunications lines, but shall not include assistance for operating
  costs. Grants awarded by the Board shall not exceed 80 percent of the overall cost
  of the project. The approval of the Board may be conditioned upon the repayment to
  the Fund of some or all of the amount of a loan or other financial benefits and such
  repayment may be from local taxes, fees, or other local revenues sources. The Board
  shall consider geographical distribution in awarding the resources of the Fund. (d) The Fund shall be available to the Department of Housing and Community Development
  for the reasonable and necessary costs of administering the Fund. The amount projected
  to be spent on administration shall be included in the Department’s fiscal year budget
  presentations to the General Assembly. (Added 1997, No. 120 (Adj. Sess.), § 1; amended 2003, No. 66, § 237b; 2005, No. 6, § 64, eff. March 26, 2005; 2015, No. 58, § E.805; repealed by 2023, No. 181 (Adj. Sess.), § 65(a), eff. July 1, 2034.) § 2796. Repealed. 2023, No. 181 (Adj. Sess.), § 65(a), eff. July 1, 2034. (Added 1997, No. 120 (Adj. Sess.), § 1; amended 2003, No. 66, § 237b; 2005, No. 6, § 64, eff. March 26, 2005; 2015, No. 58, § E.805; repealed by 2023, No. 181 (Adj. Sess.), § 65(a), eff. July 1, 2034.)