2005 Vermont Code - § 278b. — Job start loan fund

§ 278b. Job start loan fund

(a)(1) A job start revolving loan fund is created as a special fund subject to the provisions of subchapter 5 of chapter 7 of Title 32. The fund shall be administered by the authority for the purposes of the Vermont job start program, in accordance with the provisions of this subchapter.

(2) The job start revolving loan fund shall receive as deposits any state or federal funds appropriated for the program by the general assembly, any repayments of principal and interest of program loans, any private monies related to the administration and operation of the job start program, any grants received for the benefit of the program, any funds arising from loans made to the fund by banks or from other private sources not exceeding $500,000.00 in the aggregate, and any interest earned by deposits. Notwithstanding section 588(4)(A) of Title 32, monies may be disbursed from the fund for program purposes without an annual appropriation.

(b) The liabilities or obligations of the authority with regard to its activities under the job start program shall not extend beyond the funds which are deposited in the job start revolving loan fund, and shall not constitute a debt or pledge of the faith and credit of the state or any subdivision of the state. (Added 1993, No. 89, § 5; amended 1993, No. 221 (Adj. Sess.), § 29a.)