Vermont Statutes
Chapter 13 - Debts and Claims
§ 992. Allocation; authority

§ 992. Allocation; authority
(a) The State of Vermont hereby elects, under Section 146 of the Internal Revenue Code of 1986, as amended, to establish its formula for allocating the State ceiling among the governmental units of a state having authority to issue “private activity bonds” the interest on which is not included in gross income of recipients thereof for federal income tax purposes. The State allocation formula established under this subchapter shall apply to all private activity bonds that all issuing authorities may issue in any calendar year.
(b)(1) One hundred percent of Vermont’s federally allocated State ceiling on the volume of private activity bonds that may be issued in any calendar year is hereby allocated to the State. The Emergency Board established by chapter 3 of this title shall be the duly authorized agency of the State having the power to apportion the State’s private activity bond ceiling to and among the constituted issuing authorities empowered to issue such bonds. The Emergency Board shall exercise this power on or before January 31 in each calendar year by apportioning the ceiling among issuing authorities, reserving such portion as the Board deems appropriate in the form of a contingency allocation to be available to all issuing authorities at the discretion of the Emergency Board, pursuant to policies and guidelines established by the Board.
(2) The Board may delegate the power and authority granted to it under this section to the Governor, subject to the Board’s policies and guidelines, for any assignments or reallocations of any unused portion of the ceiling made after December 20 in any calendar year. All assignments or reallocations of the private activity bond ceiling made pursuant to this section shall be made in writing in accordance with Section 146 of the Internal Revenue Code of 1986. (Added 1985, No. 25, § 1; amended 1987, No. 36, § 2, eff. May 11, 1987; 2017, No. 74, § 135.)

Structure Vermont Statutes

Vermont Statutes

Title 32 - Taxation and Finance

Chapter 13 - Debts and Claims

§ 901. Borrowing money

§ 902. Authorization to borrow money

§ 932. Claims against the State

§ 932a. Administrative reimbursement for property damages

§ 933. Hearing

§ 935. Payment of claims

§ 951. Applicability

§ 951a. Debt service funds

§ 952. Denominations; how issued

§ 953. Sales, record

§ 954. Proceeds

§ 955. Anticipation of proceeds

§ 956. Time available

§ 957. Consolidation

§ 958. Expiration of office

§ 960. Issuance of bonds

§ 961. Refunding bonds

§ 962. Private use compliance, notice, and approval

§ 972. Transportation Infrastructure Bonds

§ 973. Issuance of bonds

§ 974. Security documents

§ 975. Proceeds

§ 975a. Authority of Treasurer

§ 975b. Debt service appropriations

§ 976. Anticipation of proceeds

§ 977. Refunding bonds

§ 978. Pledge

§ 979. Authorities

§ 980. Authority to issue Transportation Infrastructure Bonds

§ 981. Form of bonds or notes

§ 982. Transfer agent

§ 983. Confidential registry

§ 984. Additional powers

§ 985. Application

§ 991. Definitions

§ 992. Allocation; authority

§ 993. Public approval, out-of-state issuers

§ 994. Advisory Committee

§ 995. Agreements for the exemption of interest

§ 996. Delegation authorized

§ 997. State covenant

§ 998. Loans and grants

§ 999. Interest remittance and payments

§ 1000. Affordable amount of general obligation bond authorization

§ 1001. Capital Debt Affordability Advisory Committee

§ 1001a. Reports

§ 1001b. Capital Expenditure Cash Fund