Funding (a) The State Treasurer, in consultation with the Secretary of Administration, shall negotiate an agreement with the Authority incorporating the provisions of this section and consistent with the requirements of this subchapter. (b) State appropriations to the Authority are based on the Authority’s contributions to loan loss reserves for the Program in accordance with generally accepted accounting principles. Any difference between the actual loan losses incurred by the Authority in a fiscal year shall be adjusted in the following year’s appropriation. (1) This is a revolving loan program.(2) The accumulated total of the appropriation shall not exceed $8,500,000.00 over the life of the Program. (3) The Authority shall absorb its historical loan loss reserve rate before any State funds are expended. (4) Additionally, the Authority shall absorb up to $3,000,000.00 in Program losses shared with the State on a pro rata basis. (Added 2019, No. 79, § 15, eff. June 20, 2019; amended 2021, No. 71, § 10, eff. June 8, 2021.)
Vermont Legal Code