|BILL AS INTRODUCED||2007-2008|
Introduced by Committee on General, Housing and Military Affairs
Subject: Housing; Vermont housing finance agency; bonds and notes
Statement of purpose: This bill proposes to remove the limit on debt financing for the Vermont housing finance agency.
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:
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.
The Vermont General Assembly
115 State Street