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BILL AS PASSED BY HOUSE 2007-2008

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H.644

AN ACT RELATING TO DEBT FINANCING FOR THE VERMONT HOUSING FINANCE AGENCY

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

Sec. 1.  10 V.S.A. § 631(a)(1) is amended to read:

(a)(1)  The agency may issue its negotiable notes and bonds in such principal amount as the agency determines to be necessary to provide sufficient funds for achieving any of its corporate purposes, including the payment of interest on notes and bonds of the agency, establishment of reserves to secure the notes and bonds including the reserve funds created under section 632 of this title, and all other expenditures of the agency incident to and necessary or convenient to carry out its corporate purposes and powers.  However, the bonds or notes of the agency outstanding at any one time shall not exceed $900,000,000.00.

Sec. 2.  10 V.S.A. §639(a) is amended to read:

(a)  On or before the last day of January in each year the agency shall submit a report of its activities for the preceding fiscal year to the governor and to the general assembly, specifically the committees in the house and senate with jurisdiction over housing.  Each report shall set forth a complete operating and financial statement covering its operations during the year, including the agency’s present and projected economic health, amount of indebtedness, a statement of the amounts received from funds generated by interest from real estate escrow and trust accounts established pursuant to 26 V.S.A. § 2214(c), a list and description of the programs to which IORTA funds were provided and the amounts distributed to each county.  The agency shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants; the cost shall be considered an expense of the agency and a copy shall be filed with the state treasurer.

Sec. 3.  EFFECTIVE DATE                                  

This act shall take effect on passage.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us