2023 Vermont Statutes
Title 32 - Taxation and Finance
Chapter 13 - Debts and Claims
§ 994. Recommendation regarding private bond volume cap
§ 994. Recommendation regarding private bond volume cap
The Treasurer shall, in coordination with the Secretary of Administration, the Secretary of Commerce and Community Development, and any bond issuing authority of the State or instrumentality of the State that is eligible to issue private activity bonds:
(1) annually survey the expected need for private activity bond allocations and provide recommendations to the Emergency Board prior to its meetings;
(2) maintain guidelines for allocation of private activity bonding capacity designed to maximize the availability of tax-exempt financing among various sectors of the Vermont economy with a focus on economic development, housing, education, redevelopment, public works, energy, waste management, waste and recycling collection, transportation, and other activities that benefit the citizens of Vermont which guidelines should support efforts and entities that increase the number of good-paying jobs in the State, promote economic development, support affordable housing, and affordable access to postsecondary education and training, and encourage the use of Vermont’s human and natural resources in endeavors that maximize Vermont’s comparative economic advantages, and be flexible enough to include new and innovative uses of private activity bonds, consistent with federal regulations and the Internal Revenue Code;
(3) on or before December 1 of each year, shall make recommendations to the Emergency Board on the allocation, including any amounts reserved for contingency allocations, of the State’s private activity bond ceiling for the following calendar year to and among the constituted issuing authorities empowered to issue such bonds; and
(4) as required, or at the request of the Governor or the Emergency Board, make recommendations to the Governor or Emergency Board concerning assignments or reallocation of any unused portion of the ceiling subsequent to an allocation by the Emergency Board in a given year. (Added 2011, No. 110 (Adj. Sess.), § 1, eff. May 8, 2012; amended 2013, No. 1, § 98; 2021, No. 105 (Adj. Sess.), § 475, eff. July 1, 2022; 2023, No. 53, § 139, eff. June 8, 2023.)
