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SUMMARY OF THE 2006 ACTS AND RESOLVES

ACT NO. 137

(H.774)

Vermont economic development authority

This act contains four sections of amendments to the statutes governing the Vermont Economic Development Authority (VEDA). The first section exempts approved agricultural loans up to $50,000.00 from the rule requiring no funds for a loan to be disbursed until three days after the VEDA board has been notified. E-mail is added to the list of notification possibilities. The second section amends the industrial direct mortgage loan program limits. The overall loan caps remain the same but the caps on the amount of the loan secured by land and buildings or machinery and equipment have been removed. The third section replaces the $500,000.00 limit on loan principal balance in the agricultural credit program with a limit equal to the amount allowed to be guaranteed by the Farm Service Agency. The fourth section amends two of the four elements of the definition of a farmer for VEDA so that income from the farm operation does not have to be the majority of the farmer's income but "is or is expected to become a significant source of the farmer's income" and does not have to be the farmer's primary occupation but "an occupation the farmer is actively engaged in either on a seasonal or

year-round basis."

Effective Date: July 1, 2006



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us