Vermont § 280g - State Infrastructure Bank Program; duties; powers

§ 280g. State Infrastructure Bank Program; duties; powers

• (a) The Board, in addition to any other powers and duties conferred or imposed on it by
  this chapter or any other law, shall have the following powers and duties: (1) to apply for, receive, administer, and comply with the conditions and requirements
  respecting any grant, gift, or appropriation of property, services, or monies; (2) to make loans to or enter into leases with qualified borrowers to finance the costs
  of qualified projects, to acquire, hold, and sell borrower obligations evidencing
  the loans at such prices and in such manner as the Board shall deem advisable, and
  to pledge borrower obligations to secure bonds issued pursuant to this subchapter; (3) to enter into guarantees secured solely by, or purchase insurance or other credit
  enhancement through, amounts on deposit in the Program; (4) to enter into contracts, arrangements, and agreements to provide any other form of
  financial assistance through amounts on deposit in the Program that the Board may
  consider appropriate; (5) to enter into contracts, arrangements, and agreements with other persons and execute
  and deliver all trust agreements, loan agreements, and other instruments necessary
  or convenient to the exercise of the powers granted in this subchapter; (6) to enter into an agreement, contract, or other arrangement directly or indirectly
  with the Agency or Authority or with a private enterprise in furtherance of and in
  accordance with the provisions of ISTEA or the NHS Act, as applicable; (7) to obtain insurance necessary or convenient to the exercise of the power granted in
  this subchapter; (8) to engage accounting, management, legal, financial, consulting, and other professional
  services necessary to the conduct of the Program; (9) to distribute the benefits conferred by this subchapter throughout the State. (10) [Repealed.] (b) In its administration of the Program as provided in this subchapter, the Program shall
  comply with applicable federal requirements under ISTEA and the NHS Act and other
  applicable federal programs. The Program shall not be authorized or empowered to be
  or to constitute a bank, trust company, or licensed lender under the jurisdiction
  or under the control of the Department of Financial Regulation or the Comptroller
  of the Currency or the Treasury Department of the United States, or to be or constitute
  a bank, banker, or dealer in securities within the meaning of, or subject to the provisions
  of, any securities, securities exchange, or securities dealers’ law of the United
  States or Vermont. (c) The Agency shall provide technical assistance to either the Board, Program, or the
  Vermont Economic Development Authority to ensure compliance pursuant to subsection
  (b) of this section. (d) [Repealed.] (Added 1997, No. 43, § 1; amended 1997, No. 144 (Adj. Sess.), § 20; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2011, No. 153 (Adj. Sess.), § 28.)