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It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1. 10 V.S.A. 278(c) and (e) are amended to read:

(c)(1) The *[job start]* Job Start board shall adopt such rules as it deems necessary to carry out the purposes of the program. Such rules shall establish eligibility criteria based on an applicant's income, shall set interest rates for loans, and shall require that a loan may not be made in an amount in excess of *[$15,000.00]* $20,000.00 to any applicant.


(2) A majority vote of board members present and voting shall be necessary to approve a loan.

(3)]*(2) The authority shall assign a *[job start]* Job Start coordinator from the staff of the authority to manage the program. The *[job start]* Job Start coordinator shall be responsible for administration of the program in accordance with the policies and rules of the *[job start]* Job Start board. The *[job start]* Job Start coordinator may examine any records relating to *[job start]* Job Start loans, and may conduct such program and fiscal audits as the coordinator deems necessary.

(e) Notwithstanding the foregoing, the Job Start board may delegate to the Job Start coordinator, subject to the approval of the manager of the Vermont economic development authority, the authority to review, approve and make loans, and to disburse funds on such loans, subject to the approval of the manager, up to such limits as the Job Start board may by policy prescribe, provided, however, that no loan of greater than *[$15,000.00]* $20,000.00 may be so approved. *[No funds may be disbursed for any loan approved under this provision until three working days after the members of the Job Start board are notified by facsimile or overnight delivery, mailed or sent on the day of approval, of the intention to approve such loan. If any member objects within that three-day period, the approval will be held for reconsideration by the members of the Job Start board at its next duly scheduled meeting.


Sec. 2. 10 V.S.A. 278a is amended to read:


The secretary of commerce and community development shall provide grants to each community action agency for the provision of technical assistance and application assistance for the *[job start]* Job Start participants in each region of the state. In the event that a community action agency is unable, as determined by the secretary, or unwilling to perform the required services, the secretary may provide grants to another qualified regional entity. Each community action agency or other qualified regional entity *[shall]* may appoint local loan *[review]* advisory boards *[to review loan applications]* *[with applicants and make recommendations to the job start board]*.

Approved: June 1, 2001