Introduced by Senator Giard of Addison District
Subject: Economic development; home heating fuel suppliers; revolving loan fund
Statement of purpose: This bill would establish a revolving loan fund to provide low interest (or no interest) loans to home heating fuel suppliers to enable them to maintain supplies of heating fuel in the face of escalating oil prices. The amount of $750,000.00 would be appropriated to the fund to be administered by the Vermont Economic Development Authority.
AN ACT RELATING TO A REVOLVING LOAN FUND FOR HOME HEATING FUEL SUPPLIERS
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. Subchapter 9a is added to chapter 12 of Title 10 to read:
Subchapter 9a. Home Heating Fuel Suppliers Loan Program
§ 279d. HOME HEATING FUEL SUPPLIERS LOAN PROGRAM
(a) There is established a home heating fuel suppliers loan program to be administered by the Vermont Economic Development Authority under this subchapter.
(b) The authority shall make loans to home heating fuel suppliers in this state who supply heating fuel to low and middle income residential customers. The terms of the loans shall be determined by the authority to enable a certified fuel supplier to obtain and maintain adequate supplies of home heating fuel for sale at reasonable cost and payment terms to low and middle income residential customers. As determined by the authority, loans may be at a rate of interest less than market rates or without interest.
(c) Certified fuel suppliers shall agree to conduct reasonable efforts in order to assist low and middle income beneficiaries in their service areas, to maintain records of amounts and costs of all fuel deliveries, to send periodic statements to customers receiving assistance informing them of their account’s balance as of the last statement, and to reduce or extend terms of payment of low or middle income customers.
(d) The authority shall establish a fund to be known as the home heating fuel suppliers revolving loan fund. The fund shall be composed of the receipts from any appropriations by the general assembly and any other amounts transferred to the fund by law. Receipts in the fund shall be used for the purposes of this section.
Sec. 2. APPROPRIATION
There is appropriated from the general fund in fiscal year 2006 to the home heating fuel suppliers revolving loan fund the amount of $750,000.00.
Sec. 3. EFFECTIVE DATE
This act shall take effect from passage.
The Vermont General Assembly
115 State Street