Terms Used In Vermont Statutes > Title 10 > Chapter 29 - Community Development

• Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

• Afternoon: means the period of a day between noon and midnight;

• Agency: means the Vermont Agency of Commerce and Community Development. See
• Agency: means the Vermont Agency of Commerce and Community Development. See
• Amortization: Paying off a loan by regular installments.
• Area unemployment rate: means the average monthly unemployment rate over the most recent two-year period for which data is available, of the labor market area of which a municipality is a part, as reported by the Vermont Department of Labor. See
• Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

• Board: means the Vermont Community Development Board. See
• Chief executive officer: means the mayor of a city; or if no mayor, the president of the board of aldermen, the chair of the city council, the chair of the board of selectboard, the president of the board of trustees, or chair of the prudential committee. See
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Covered wild animal: means an animal that is a big game animal, game quadruped, game bird, fur-bearing animal, or crow. See
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Draft: means a draft as defined in § 3—104 or an item, other than an instrument, that is an order;

• Drawee: means a person ordered in a draft to make payment;

• Employment loss: means the absolute decline in the annual average number of insured private sector employees in the municipality during the most recent 12-month period for which data is reported by the Vermont Department of Labor compared to the same 12-month period five years earlier. See
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• 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.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Grantee: means a municipality that receives a grant under the provisions of this subchapter. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legislative body: means the aldermen of a town, the board of aldermen, or the council of a city, or the board of trustees or prudential committee of an incorporated village. See
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: means a town or city. See
• Municipality: means a town or city. See
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Per capita income: means the total adjusted gross incomes of residents of a municipality divided by total exemptions claimed by residents of that municipality, as reported to the Vermont Department of Taxes in the most recent year for which data is available. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Population: means the most recent population of a municipality as determined by the Vermont Department of Health. See
• processed: means the act of slaughtering or butchering a covered wild animal for its edible meat or usable parts. See
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Secretary: means the Secretary of the Agency. See
• Secretary: means the Secretary of the Agency. See
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Unfit for consumption or use: means a part of the covered wild animal or the covered wild animal itself is decayed, rotting, diseased, or infected. See
• Village: shall mean an incorporated village. See