Vermont § 3823 - The Austine School; financing

§ 3823. The Austine School; financing

• (a) Notwithstanding any provision of law to the contrary, the Vermont Center for the Deaf
  and Hard of Hearing, which owns and operates the Austine School for the Deaf, and
  its successors in interest are authorized to mortgage, pledge as collateral, sell,
  transfer, or otherwise convey any real property associated with the Austine School
  for the Deaf without consent of the General Assembly. (b) All State capital appropriations made to or for the benefit of the Austine School
  for the Deaf prior to or subsequent to June 11, 2003 shall create a first priority
  lien in favor of the State, unless expressly waived by the General Assembly, provided
  that this first priority lien shall be subordinate, in an amount not to exceed $3,000,000.00,
  to the interest of any lender to whom the Vermont Center for the Deaf and Hard of
  Hearing has pledged its real property as collateral pursuant to subsection (a) of
  this section. (c) If the Vermont Center for the Deaf and Hard of Hearing sells any or all of its real
  property, then, subject to the subordination provisions of subsection (b) of this
  section, all State capital appropriations made to or for the benefit of the Austine
  School shall be repaid to the State, without interest, from any remaining proceeds
  of the sale. (Added 1993, No. 233 (Adj. Sess.), § 50, eff. June 21, 1994; amended 2003, No. 63, § 42, eff. June 11, 2003.)