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BILL AS INTRODUCED 2007-2008

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S.355

Introduced by   Committee on Economic Development, Housing and General Affairs

Date:

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:

(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.  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