Vermont Statutes Title 24 Sec. 4768
Terms Used In Vermont Statutes Title 24 Sec. 4768
- 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
§ 4768. Repayment of advances
Advances under this subchapter shall be repaid when construction of the facilities or any portion thereof is undertaken. Where a construction grant or loan is authorized by the Department for the project, the amount of the outstanding advances shall be retained from the initial payments of the grant or loan funds. In other instances, if repayment is not made within 60 days upon demand by the Department, the sum shall bear interest at the rate of 12 percent per annum from the date payment is demanded by the Department to the date of payment by the municipality. The Department may approve proportional repayment when construction is initiated on a small portion of the planned project. (Added 2015, No. 103 (Adj. Sess.), § 37, eff. May 12, 2016.)