Vermont Statutes Title 32 Sec. 10302
Terms Used In Vermont Statutes Title 32 Sec. 10302
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
§ 10302. Certified Electronic Health Record Technology Loan Fund
(a) Subject to the requirements set forth in subsection (d) of this section, the Secretary of Administration or designee shall establish a Certified Electronic Health Record Technology Loan Fund (“Loan Fund”) within the Health IT-Fund for the purpose of receiving and disbursing funds from the Office of the National Coordinator of Health Information Technology for the loan program described in subsection (b) of this section.
(b) The Secretary of Administration or designee may apply to the Office of the National Coordinator of Health Information Technology for a grant to establish a loan program for health care providers to:
(1) facilitate the purchase of electronic health record technology;
(2) enhance the utilization of certified electronic health record technology, including costs associated with upgrading health information technology so that it meets criteria necessary to be a certified electronic health record technology;
(3) train personnel in the use of electronic health record technology; or
(4) improve the secure electronic exchange of health information.
(c) In addition to the application required by the National Coordinator, the Secretary or designee shall also submit to the National Coordinator a strategic plan identifying the intended uses of the amounts available in the Loan Fund for a period of one year, including:
(1) a list of the projects to be assisted through the Loan Fund during such year;
(2) a description of the criteria and methods established for the distribution of funds from the Loan Fund during the year;
(3) a description of the financial status of the Loan Fund as of the date of the submission of the plan; and
(4) the short-term and long-term goals of the Loan Fund.
(d) Amounts deposited in the Loan Fund, including loan repayments and interest earned on such amounts, shall be used only as follows:
(1) to award loans that comply with the following:
(A) the interest rate for each loan shall not exceed the market interest rate;
(B) the principal and interest payments on each loan shall commence no later than one year after the date the loan was awarded, and each loan shall be fully amortized no later than 10 years after the date of the loan; and
(C) the Loan Fund shall be credited with all payments of principal and interest on each loan awarded from the Loan Fund;
(2) to guarantee, or purchase insurance for, a local obligation, all of the proceeds of which finance a project eligible for assistance under this subsection, if the guarantee or purchase would improve credit market access or reduce the interest rate applicable to the obligation involved;
(3) as a source of revenue or security for the payment of principal and interest on revenue or general obligation bonds issued by the State if the proceeds of the sale of the bonds will be deposited into the Loan Fund;
(4) to earn interest on the amounts deposited into the Loan Fund; and
(5) to make reimbursements described in subdivision (f)(1) of this section.
(e) The Secretary of Administration or designee may use annually no more than four percent of the grant funds to pay the reasonable costs of administering the loan programs pursuant to this section, including recovery of reasonable costs expended to establish the Loan Fund.
(f)(1) The Loan Fund may accept contributions from private sector entities, except that such entities may not specify the recipient or recipients of any loan issued under this subsection. The Secretary or designee may agree to reimburse a private sector entity for any contribution to the Loan Fund, provided that the amount of the reimbursement may not exceed the principal amount of the contribution made.
(2) The Secretary or designee shall make publicly available the identity of, and amount contributed by, any private sector entity and may issue to the entity letters of commendation or make other awards, provided such awards are of no financial value.
(g) The Secretary of Administration or designee shall agree, as part of the grant application, to make available from the Health IT-Fund established under section 10301 of this title nonfederal cash contributions, including donations from public or private entities, toward the costs of the loan program in an amount equal to at least $1.00 for every $5.00 of federal funds provided under the grant. (Added 2009, No. 61, § 10.)