Vermont Statutes Title 10 Sec. 280e
Terms Used In Vermont Statutes Title 10 Sec. 280e
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Agency: means the Agency of Transportation. See
- Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
- Board: means the State Infrastructure Bank Board as established under this subchapter. See
- Bond: means a note, bond, debenture, or any other evidence of indebtedness issued by a municipality or by the State of Vermont under subchapter 4 of this chapter to finance a project in whole or in part or to refund indebtedness incurred for that purpose. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
- Loan: means any form of financial assistance subject to repayment which is provided by the Program to a qualified borrower for all or any part of the cost of a qualified project. See
- Program: means the State Infrastructure Bank Program established pursuant to this subchapter. See
- Quorum: The number of legislators that must be present to do business.
- Secretary: means the Secretary of Transportation. 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
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
§ 280e. State Infrastructure Bank Program
(a) There is created a State Infrastructure Bank Program, to be a program to assist the improvement, rehabilitation, expansion, and construction of transportation projects within the State to contribute to the economic welfare of the State by providing jobs and other economic opportunities for the people of the State and enhancing economic development, particularly in downtown areas.
(b)(1) A State infrastructure bank board is established within the Vermont Economic Development Authority to administer the State Infrastructure Bank Program.
(2) The Board shall consist of two legislators and nine other members: the State Treasurer, the Secretary of Transportation or designee, the Secretary of Commerce and Community Development or designee, one member of the Authority, one member from the Agency of Transportation Planning Division, one member who is a member of the board of a regional development corporation approved under 24 Vt. Stat. Ann. chapter 76, one member who is a member of a regional planning commission created under 24 Vt. Stat. Ann. chapter 117, subchapter 3, two members at large, one Representative appointed by the Speaker of the House, and one Senator appointed by the Committee on Committees. Selection of Board members shall be made with consideration toward geographic representation from throughout the State. Board members, other than legislators and State agency officials or designees, shall be appointed by the Governor, with the advice and consent of the Senate, to five-year terms, except that the Governor shall stagger initial appointments so that the terms of no more than two members expire during a calendar year. Legislative members shall be appointed on or before January 15 of the first year of each legislative session. A quorum shall consist of six members. Members disqualified from voting shall be considered present for purposes of determining a quorum. No action of the Board shall be considered valid unless the action is supported by a majority vote of the members present and voting and then only if at least four members vote in favor of the action.
(3) Board members who are not otherwise compensated in the course of their employment shall be compensated and receive reimbursement for necessary expenses in the same manner provided for members of the board of the Economic Development Authority under subsection 213(e) of this title.
(c)(1) The Board shall adopt such rules or guidelines as it deems necessary to carry out the purposes of the program.
(2) A majority vote of Board members present and voting shall be necessary to approve a loan or bond issuance.
(3) The Secretary of Transportation can veto any approval of the Board if he or she presents objections to the Board based upon the lack of compliance with federal law governing this Program.
(4) The Authority shall assign a State Infrastructure Bank Coordinator from the staff of the Authority to manage the Program. The Coordinator shall be responsible for administration of the Program in accordance with the policies and rules of the Board. The Coordinator may have other responsibilities within the Authority that are outside this Program. The Coordinator may examine any records relating to applications and may conduct such program and fiscal audits as the Coordinator deems necessary. (Added 1997, No. 43, § 1; amended 1997, No. 120 (Adj. Sess.), § 1a.)