Vermont § 280u - Guarantees; other credit enhancement

§ 280u. Guarantees; other credit enhancement

• (a) The Board may provide guarantees secured solely by, or purchase of insurance or other
  enhancements through, amounts on deposit in the program, to qualified borrowers in
  accordance with the provisions of this section. (b) All of the assets and obligations directly covered by guarantees or other forms of
  credit enhancement shall be assets or obligations of governmental units or private
  entities that are, without guarantee or enhancement, listed by a nationally recognized
  statistical rating organization at a rating not below the third highest rating of
  such organization. (c) The assets and obligations that may be directly covered by guarantees issued by the
  Board are: (1) bonds, debentures, notes, evidence of debt, loans, and interest therein, of qualified
  borrowers, the proceeds of which are to be used for a qualified project; and (2) leases of personal, real, or mixed property to be used for a qualified project. (d) The Program may charge and collect premiums or other fees for the guarantees or other
  credit enhancement provided pursuant to this subchapter, including fees for services
  performed in connection with the approval and processing of the guarantees or the
  credit enhancement provided pursuant to this subchapter. (Added 1997, No. 43, § 1.)