§ 10.

354 words·~2 min read·/vt/title-10/chapter-1/10

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§ 10. Vermont State Treasurer; credit facility for local investments

(a)Notwithstanding any provision of 32 V.S.A. § 433(a) to the contrary, the Vermont State Treasurer shall have the authority to establish a credit facility of up to 10 percent of the State’s average cash balance on terms acceptable to the Treasurer and consistent with prudent investment principles and guidelines pursuant to 32 V.S.A. § 433(b)–(c) and the Uniform Prudent Investor Act, 14A V.S.A. chapter 9.

(b)The Treasurer may use amounts available under subsection

(a)of this section to provide financing for infrastructure projects in Vermont mobile home parks and may modify the terms of such financing in the Treasurer’s discretion as is necessary to promote the availability of mobile home park housing and to protect the interests of the State.

(c)Notwithstanding any provision of 32 V.S.A. § 433(a) to the contrary, and in addition to the provisions of subsection

(a)on this section, the Vermont State Treasurer shall have the authority to establish a credit facility of up to two and one-half percent of the State’s average cash balance on terms acceptable to the Treasurer and consistent with prudent investment principles and guidelines pursuant to 32 V.S.A. § 433(b)–(c) and the Uniform Prudent Investor Act, 14A V.S.A. chapter 9. The Treasurer may use amounts available under this subsection only to provide financing for climate infrastructure and resilience projects and may modify the terms of such financing in the Treasurer’s discretion as is necessary to protect the interest of the State.

(d)Annually, on or before November 15, the Treasurer shall submit a report detailing the activities, financing, and accounting of any credit facilities created pursuant to subsection

(c)of this section during the preceding calendar year to the Governor; the House Committees on Appropriations, on Commerce and Economic Development, and on Ways and Means; and the Senate Committees on Appropriations, on Economic Development, Housing and General Affairs, and on Finance. (Added 2015, No. 157 (Adj. Sess.), § F.9; 2019, No. 179 (Adj. Sess.), § 6, eff. Oct. 12, 2020; amended 2023, No. 143 (Adj. Sess.), § 4a, eff. July 1, 2024.)