Vermont Statutes Title 10 Sec. 313
Terms Used In Vermont Statutes Title 10 Sec. 313
- Board: means the Vermont Housing and Conservation Board established by this chapter. See
- Contract: A legal written agreement that becomes binding when signed.
- Fund: means the Vermont Housing and Conservation Trust Fund established by this chapter. 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
§ 313. Expenditure of bond proceeds
Any proceeds of State bonds issued in support of activities under this chapter shall be used exclusively for the funding of long-term, tangible capital investments and those capital expenses allowed under federal laws governing the use of State bond proceeds as determined with the guidance of the State of Vermont’s bond counsel. No bond proceeds shall be used to fund the operational expenses of the Board. For purposes of this section, “operational expenses” shall include costs related to persons directly employed or under contract to provide administrative, clerical, financial, lobbying, policy analysis, or research services. (Added 1991, No. 256 (Adj. Sess.), § 21a, eff. June 9, 1992.)