Vermont § 35 - Community disaster loans Whenever, at the request of the Governor, the President has declared a “major disaster” to exist in this State, the Governor is authorized:

§ 35. Community disaster loans Whenever, at the request of the Governor, the President has declared a “major disaster” to exist in this State, the Governor is authorized:

• (1) upon the Governor’s determination that a local government of the State will suffer
  a substantial loss of tax and other revenues from a major disaster and has demonstrated
  a need for financial assistance to perform its governmental functions, to apply to
  the federal government, on behalf of the local government, for a loan and to receive
  and disburse the proceeds of any approved loan to any applicant local government; (2) to determine the amount needed by any applicant local government to restore or resume
  its governmental functions and to certify the same to the federal government; provided,
  however, that no application amount shall exceed 25 percent of the annual operating
  budget of the applicant for the fiscal year in which the major disaster occurs; and (3) to recommend to the federal government, based upon the Governor’s review, the cancellation
  of all or any part of repayment when, in the first three full fiscal year period following
  the major disaster, the revenues of the local government are insufficient to meet
  its operating expenses, including additional disaster-related expenses of a municipal
  operation character. (Added 1975, No. 97, § 2, eff