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Vermont Statutes Title 10. Conservation and Development, § 1106. Unsafe Dam Revolving Loan Fund

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) There is hereby established a special fund to be known as the Vermont Unsafe Dam Revolving Loan Fund that shall be used to provide grants and loans to municipalities, nonprofit entities, and private individuals, pursuant to rules adopted by the Agency of Natural Resources, for the reconstruction, repair, removal, breaching, draining, or other action necessary to reduce the threat of a dam or portion of a dam determined to be unsafe pursuant to section 1095 of this chapter.

(b) The Fund created by this section shall be established and held separate and apart from any other funds or monies of the State and shall be used and administered exclusively for the purposes set forth in this section. The funds shall be invested in the same manner as permitted for investment of funds belonging to the State or held in the Treasury. The Fund shall consist of the following:

(1) Such sums as may be appropriated or transferred thereto from time to time by the General Assembly, the Emergency Board, or the Joint Fiscal Committee during such times as the General Assembly is not in session.

(2) Principal and interest received from the repayment of loans made from the Fund.

(3) Capitalization grants and awards made to the State by the United States of America for the purposes for which the Fund has been established.

(4) Interest earned from the investment of Fund balances.

(5) Private gifts, bequests, and donations made to the State for the purposes for which the Fund has been established.

(6) Other funds from any public or private source intended for use for any of the purposes for which the Fund has been established.

(c) The Secretary may bring an action under this subsection or other available State and federal laws against the owner of the dam to seek reimbursement to the Fund for all loans made from the Fund pursuant to this section.

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Cite this article: FindLaw.com - Vermont Statutes Title 10. Conservation and Development, § 1106. Unsafe Dam Revolving Loan Fund - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-10-conservation-and-development/vt-st-tit-10-sect-1106/

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