Vermont Statutes Title 24 Sec. 2796
Terms Used In Vermont Statutes Title 24 Sec. 2796
- Department: means the Vermont Department of Housing and Community Development. See
- Downtown: means the traditional central business district of a community that has served as the focus of socio-economic interaction in the community, characterized by a cohesive core of commercial and mixed use buildings, some of which may contain mixed use spaces, often interspersed with civic, religious, residential, and industrial buildings and public spaces, typically arranged along a main street and intersecting side streets that are within walking distance for residents who live within and surrounding the core and that are served by public infrastructure such as sidewalks and public transit. See
- 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
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. 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.
- 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
§ 2796. Downtown Transportation and Related Capital Improvement Fund
(a) There is created a Downtown Transportation and Related Capital Improvement Fund, to be also known as the Fund, which shall be a special fund created under 32 Vt. Stat. Ann. chapter 7, subchapter 5, to be administered by the Vermont Downtown Development Board in accordance with this chapter to aid municipalities with designated downtown districts in financing capital transportation and related improvement projects to support economic development.
(b) The Fund shall be comprised of the following:
(1) such State or federal funds as may be appropriated by the General Assembly;
(2) any gifts, grants, or other contributions to the Fund;
(3) proceeds from the issuance of general obligation bonds.
(c) Any municipality with a designated downtown development district may apply to the Vermont Downtown Development Board for financial assistance from the Fund for capital transportation and related improvement projects within or serving the district. The Board may award to any municipality grants in amounts not to exceed $250,000.00 annually, loans, or loan guarantees for financing capital transportation projects, including construction or alteration of roads and highways, parking facilities, and rail or bus facilities or equipment, or for the underground relocation of electric utility, cable, and telecommunications lines, but shall not include assistance for operating costs. Grants awarded by the Board shall not exceed 80 percent of the overall cost of the project. The approval of the Board may be conditioned upon the repayment to the Fund of some or all of the amount of a loan or other financial benefits and such repayment may be from local taxes, fees, or other local revenues sources. The Board shall consider geographical distribution in awarding the resources of the Fund.
(d) The Fund shall be available to the Department of Housing and Community Development for the reasonable and necessary costs of administering the Fund. The amount projected to be spent on administration shall be included in the Department’s fiscal year budget presentations to the General Assembly. (Added 1997, No. 120 (Adj. Sess.), § 1; amended 2003, No. 66, § 237b; 2005, No. 6, § 64, eff. March 26, 2005; 2015, No. 58, § E.805.)