Vermont Statutes Title 10 Sec. 698
Terms Used In Vermont Statutes Title 10 Sec. 698
- Agency: means the Vermont Agency of Commerce and Community Development. See
- Amortization: Paying off a loan by regular installments.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Municipality: means a town or city. See
§ 698. Infrastructure improvement program
(a) A municipality that is within a designated job development zone shall be eligible to receive a payment each year from the Agency of Commerce and Community Development to reimburse annual interest costs on indebtedness for economic development related infrastructure projects approved after July 1, 1986. Annual reimbursement payments shall be limited to $1,000,000 of indebtedness in a designated job development zone. The Agency shall require the municipality to submit an amortization schedule and proof of payment of its annual interest payment on bonds. The Agency shall not reimburse a municipality for infrastructure projects unless requests for payment are received within three months after the end of the fiscal year.
(b) Economic development related infrastructure projects shall include water supply, pollution abatement, and highway facilities and such other municipal facilities as may be established by rule under section 695 of this chapter. (Added 1985, No. 172 (Adj. Sess.), § 1; amended 1995, No. 190 (Adj. Sess.), § 1(a).)