Vermont Statutes
Chapter 10 - Conservation and Development
App 10-20 (No. 14-96) [Designation of Vermont Housing and Conservation Board as the “State Trust Fund”]

Executive Order No. 10-20 (No. 14-96) [Designation of Vermont Housing and Conservation Board as the “State Trust Fund”]
WHEREAS, the General Assembly created the Vermont Housing and Conservation Board to conserve and protect Vermont’s agricultural land and to date the Board has assisted in the protection of 53,500 acres of agricultural land through the purchase of development rights; and
WHEREAS, the Farms for the Future Act, passed by the United States Congress in 1990, established the Agricultural Resource Conservation Demonstration Program (the “Program”) by which the State of Vermont is eligible for federal assistance for up to five years to acquire interests in land to protect and preserve important farmland for future agricultural use; and
WHEREAS, under the Program, the Secretary of the U.S. Department of Agriculture (the “Secretary”), acting through the Farmers Home Administration, will guarantee ten year loans from lending institutions, pay all interest on such loans for the first five years and pay the difference between the charged interest rate and the limited resource rate, not less than 3 percent for the second five years; and
WHEREAS, by participating in the Program, the State of Vermont will increase its ability to acquire interests in land to protect and preserve important farmland and create a self-sustaining fund administered by the Vermont Housing and Conservation Board which will reduce the risk of losing important farmland; and
WHEREAS, in order to qualify for federal assistance this year, the State must (i) demonstrate that State/private assistance is available for acquiring interests in land to protect and preserve important farmlands for future agricultural use; (ii) designate a State trust fund; and (iii) negotiate and sign an Agreement with the Secretary; and
WHEREAS, implementation of the federal Program will require a concerted and coordinated effort by State and local governments, private nonprofit corporations, lending institutions and the Secretary;
NOW THEREFORE, BE IT RESOLVED THAT I, Howard Dean, M.D., Governor of the State of Vermont, by the power vested in me by 3 V.S.A. Chapter 41, do hereby designate the Vermont Housing and Conservation Board (the “Board”) as the “State trust fund” for purposes of the Agricultural Resource Conservation Demonstration Program, passed by the United States Congress in 1990 (the “Program”).
1. The Board is authorized to negotiate and sign an Agreement with the Secretary of the U.S. Department of Agriculture (the “Secretary”), so that the State of Vermont will receive federal assistance under the Program which will be used exclusively to implement and effectuate the policies and purposes of the Vermont Housing and Conservation Trust Fund Act, Title 10, Chapter 15 (1987, No. 88, § 1, eff. June 11, 1987) to facilitate the acquisition of interests in land to protect and preserve important farmlands for future agricultural use in the State of Vermont;
2. The Board shall advise the Secretary of the amount of State/private assistance Vermont will make available for acquiring interests in land to protect and preserve important farmlands for future agricultural use and provide the Secretary with necessary verification;
3. Once the Secretary notifies the State of Vermont that it is eligible to receive federal assistance under the Program, the Board is authorized to borrow funds from a lending institution, provided that the loan is guaranteed by the Secretary and that the loan proceeds are used exclusively to implement and effectuate the policies and purposes of the Vermont Housing and Conservation Trust Fund Act;
4. During Vermont’s participation in the Program, the Board shall work with the General Assembly, the State Treasurer, municipalities, foundations, nonprofit corporations, businesses and private parties to set the amount of assistance the State of Vermont will make available in State/private assistance for acquiring interests in land to protect and preserve important farmlands for future agricultural use so that the State of Vermont will continue to be eligible for federal assistance under the Program;
5. As part of its annual report to the Governor and the General Assembly, the Board shall include a full financial report of funds received under the Program and a list and a description of activities supported with such funds.
This Executive Order shall take effect upon signing and shall supersede Executive Order #98-90 adopted December 20, 1990.
Dated September 10, 1996.

Structure Vermont Statutes