|BILL AS INTRODUCED||2007-2008|
Introduced by Committee on Economic Development, Housing and General 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:
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. EFFECTIVE DATE
This act shall take effect on passage.
The Vermont General Assembly
115 State Street