Vermont Statutes Title 24 Sec. 4763a
Terms Used In Vermont Statutes Title 24 Sec. 4763a
- Bond Bank: means the Vermont Municipal Bond Bank established by section 4571 of this title. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Municipal bond: means a bond or note or evidence of debt constituting a general obligation of a municipality. See
- Municipality: means any city, town, village, town school district, incorporated school district, union school district, or other school district, fire district, consolidated sewer district, consolidated water district, solid waste district, or statewide or regional water quality utility or mechanism organized under laws of the State. See
- Secretary: means the Secretary of Natural Resources or his or her authorized representative. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4763a. Loans to municipalities for privately owned potable water supplies
When a household has been involuntarily disconnected from a public water supply system and that disconnection did not occur as a result of nonpayment of fees, a loan may be made to a municipality from the Vermont Drinking Water Revolving Loan Fund, established in section 4753 of this title, for the design, land acquisition if necessary, and construction of a potable water supply, as that term is defined in 10 Vt. Stat. Ann. chapter 64. In such cases, the following conditions shall apply:
(1) Guaranteed repayment of the loan will be based on a municipal bond, but actual repayment may be made with funds from the owner of the potable water supply, as set forth in an agreement between the owner and the municipality.
(2) All conditions and limitations of section 4755 of this title shall apply to loans made under this section.
(3) No loan shall be made to a municipality under this section nor shall any part of any revolving loan made under this section be expended until both of the following take place:
(A) The Secretary certifies to the Bond Bank that the wastewater system and potable water supply permit necessary for the design and construction of the proposed potable water supply to be financed by the loan have been issued to the owner of the supply.
(B) The applicant municipality certifies to the Bond Bank that the owner of the proposed potable water supply has secured all State and federal permits, licenses, and approvals necessary to construct and operate the improvements to be financed by the loan. (Added 2011, No. 104 (Adj. Sess.), § 28f, eff. May 7, 2012; amended 2017, No. 185 (Adj. Sess.), § 8, eff. May 28, 2018.)