Vermont Statutes Title 29 Sec. 1601
Terms Used In Vermont Statutes Title 29 Sec. 1601
- 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.
- 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
§ 1601. Municipal equipment loan fund
(a) There is hereby created a municipal equipment loan fund for the purpose of providing loans on favorable terms to municipalities for the purchase of construction, fire, emergency, or heavy equipment or vehicles.
(b) The Municipal Equipment Loan Fund shall be administered by the State Treasurer and the State Traffic Committee, pursuant to policies and procedures approved by the Traffic Committee established by 19 V.S.A. § 1(24). The Committee shall establish criteria for distribution of available loan funds among municipalities considering at least financial need, geographic distribution, and ability to repay. The Fund shall be a revolving fund and all principal and interest earned on loans and the Fund balance remaining in the Fund at the end of any fiscal year shall not revert but be carried over in the Fund for use in the succeeding fiscal year. (Added 1985, No. 187 (Adj. Sess.), § 3; amended 1987, No. 89, § 314c; 2019, No. 131 (Adj. Sess.), § 289.)