Vermont H 398: An act relating to the Child and Parent Representation Working Group

Bill Text

No. 26 Page 1 of 33
2025

VT LEG #383909 v.1
No. 26. An act relating to the Vermont Economic Development Authority.
(H.398)
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 10 V.S.A. chapter 12 is amended to read:
CHAPTER 12. VERMONT ECONOMIC DEVELOPMENT AUTHORITY
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§ 212. DEFINITIONS
As used in this chapter:
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(6) “Eligible facility” or “eligible project” means any industrial,
commercial, or agricultural enterprise or endeavor approved by the Authority
that meets the criteria established in the Vermont Sustainable Jobs Strategy
adopted by the Governor under section 280b of this title used in a trade or
business whether or not such business is operated for profit, including land and
rights in land, air, or water; buildings; structures; machinery; and equipment of
such eligible facilities or eligible projects, except that an eligible facility or
project shall not include the portion of an enterprise or endeavor relating to the
sale of goods at retail where such goods are manufactured primarily out of
State, and except further that an eligible facility or project shall not include the
portion of an enterprise or endeavor relating to housing unless otherwise
authorized in this chapter. Such enterprises or endeavors may include:
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No. 26 Page 2 of 33
2025

VT LEG #383909 v.1
(T) Any capital improvement; purchase of receivables, property,
assets, commodities, bonds, or other revenue streams or related assets; working
capital program or liability; or other insurance program.
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(9) “Insurance contract” means a contract insuring mortgage payments
under subchapter 2 of this chapter. [Repealed.]
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(11) “Maturity date,” as used in subchapter 2 of this chapter, means the
date upon which the note or other evidence of indebtedness secured by a
mortgage would be extinguished if paid in accordance with the mortgage
payments. [Repealed.]
(12) “Mortgage,” as used in subchapter 2 of this chapter, means a first
mortgage upon an eligible facility given by a mortgagor, as herein defined, to
secure the repayment of amounts borrowed to pay costs of a project.
[Repealed.]
(13) “Mortgage payments,” as used in subchapter 2 of this chapter,
means the periodic payments called for by a mortgage that shall cover lease
land rentals, if any, mortgage insurance premiums, interest, installments of
principal, taxes and assessments, hazard insurance payments, and any other
payments called for in the mortgage. [Repealed.]

No. 26 Page 3 of 33
2025

VT LEG #383909 v.1
(14) “Mortgagee,” as used in subchapter 2 of this chapter, means the
original lender under a mortgage and its successors and assigns, if approved by
the Authority. [Repealed.]
(15) “Mortgagor,” as used in subchapter 2 of this chapter, means the
original borrower under a mortgage or a security agreement and its successors
and assigns, if approved by the Authority. [Repealed.]
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§ 213. AUTHORITY; ORGANIZATION
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(c) The Authority shall elect a chair from among its appointed members,
and a vice chair and treasurer other officers from among its members and shall
employ a manager who shall hold office at the Authority’s pleasure and who,
unless he or she the individual is a member of the classified service under 3
V.S.A. chapter 13, shall receive such compensation as may be fixed by the
Authority with the approval of the Governor. A quorum shall consist of eight
members. Members disqualified from voting under section 214 of this title
shall be considered present for purposes of determining a quorum. No action
of the Authority shall be considered valid unless the action is supported by a
majority vote of the members present and voting and then only if at least five
members vote in favor of the action.
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VT LEG #383909 v.1
(i) The Authority shall study and report back to the Legislature no later
than January 15, 1989 on the feasibility of hiring full-time counsel in lieu of
retaining outside counsel. [Repealed.]
§ 214. MEMBERS; DISQUALIFICATION
A member of the Authority may not participate in any decision:
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(2) Upon any insurance contract under subchapter 2 of this chapter or
loan under subchapter 5 of this chapter, if the member is a member, director,
trustee, employee, or officer of; or has any interest direct or indirect in; or
owns any stock, bonds, or other liabilities issued by or authorized by the
prospective mortgagor, mortgagee, or tenant;
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§ 215. MANAGER; DUTIES
The manager shall be the chief administrative officer of the Authority and
shall direct and supervise the administrative affairs and technical activities of
the Authority in accordance with any rules, regulations, and policies, and
procedures set forth by the Authority. In addition to any other duties, the
manager shall:
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(4) work closely with the Agency of Commerce and Community
Development and provide assistance to the various divisions of that Agency
when requested to facilitate the planning and financing of projects