§ 280n. Program Fund; accounts

(a) A State Infrastructure Bank Program Fund is created as a special fund subject to the provisions of 32 V.S.A. chapter 7, subchapter 5. The Fund shall be administered by the Authority for the purposes of the Program, in accordance with the provisions of this subchapter.

(b) The State Infrastructure Bank Program Fund shall receive funds from the following sources:

(1) any amounts required under section 350 of the NHS Act or any other federal law or program to be deposited in the highway account and such funds shall not be commingled with any other amounts on deposit in the Program;

(2) any amounts required under section 350 of the NHS Act or any other federal law or program to be deposited in the transit account and such funds shall not be commingled with any other amounts on deposit in the Program;

(3) any other State or federal funds appropriated for the Program by the General Assembly, any repayments of principal and interest of Program loans, any private monies related to the administration and operation of the Program;

(4) any grants received for the benefit of the Program.

(c) Notwithstanding 32 V.S.A. § 588(4)(A), monies may be disbursed from the Fund for Program purposes without an annual appropriation.

(d) The liabilities or obligations of the Authority with regard to its activities under the Program shall not extend beyond the funds that are deposited in the State Infrastructure Bank Program Fund, and shall not constitute a debt or pledge of the faith and credit of the State or any subdivision of the State.

(e) Any monies held in the Program shall be used solely as provided in this subchapter, subject to the applicable federal requirements.

(f) Expenditures from the Program shall be made for the following purposes:

(1) for the payment of the principal, including sinking fund payments of and premium, if any, and interest on bonds of the Authority in connection with the Program, as described in section 280o of this title, issued for the purpose of financing or refinancing any cost of a qualified project;

(2) for providing financial assistance to qualified borrowers to finance qualified projects;

(3) for the maintenance of, or provision for, any reserves, additional security, insurance, or other form of credit enhancement required or provided for in any trust agreement entered into pursuant to section 280q of this title to secure such bonds; and

(4) administration costs of the Program or for any of the foregoing. (Added 1997, No. 43, § 1.)