Code of Vermont Rules
Agency 11 - AGENCY OF COMMERCE AND COMMUNITY DEVELOPMENT
Sub-Agency 030 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter 001 - ADMINISTRATIVE RULES JOB DEVELOPMENT ZONE PROGRAM
11 030 001 - ADMINISTRATIVE RULES JOB DEVELOPMENT ZONE PROGRAM

Universal Citation: VT Code of Rules 11 030 001

11 030 001. ADMINISTRATIVE RULES JOB DEVELOPMENT ZONE PROGRAM
Section 1. Purpose, Authority, Definitions.
A. PURPOSE

The purpose of these rules is to clarify the administrative procedures for a municipality to apply for and obtain interest reimbursement on bonded debt for economic development related infrastructure projects under the Job Development Zone Program.


B. AUTHORITY

The authority to adopt these rules is granted in sub section 695 of 10 V.S.A. Chapter 29.


C. DEFINITIONS

"Economic development related" means associated with the process of positively influencing the creation of wealth through the mobilization of resources to generate marketable goods and services.

"Highway facility" is the roadway adequate to provide safe passage to existing and proposed traffic according to relevant highway standards.

"Municipal facility" means any land and/or premises purchased by a municipality for lease or resale, in whole or in part, with or without further improvement, to a commercial or industrial entity for commercial or industrial uses.

"Pollution abatement facility" means a municipal sewage treatment plant, pumping stations, interceptor and outfall sewers, and attendant facilities as prescribed by the Vermont Department of Environmental Conservation to abate existing or prevent future pollution of the waters of the state.

"Water supply facility" means the municipal water source, water treatment plant, structures, pipe lines, storage facilities, pumps and attendant facilities necessary to develop a source of water, and to treat and convey it in proper quantity and quality for public use.


Section 2. Determination of Eligibility.

The job zone municipality shall contact and review the proposed project with the staff of the Agency of Development and Community Affairs. Upon recommendation by the Agency, the municipality and the job zone board shall submit a letter to the Secretary of the Agency requesting a determination of eligibility. The request shall contain the following information:

a. Description of the proposed project.

b. Estimated costs of the project which may reference engineering studies.

c. Proposed bond rate and term.

d. Rationale for the project or a portion of the project being "economic development related".

The Secretary will review the above information and whatever other material is applicable and make a final determination. This determination will be communicated to the municipality in writing within 15 days of receipt of all information requested.


Section 3. Reimbursement Procedure.

The State will reimburse job development zone municipalities each year for interest payments made on bonded indebtedness for eligible projects. The bonded debt eligible shall be limited to one million dollars for each zone.

Between July 1 and September 30 each year, the Municipality shall bill the state for interest payments made during the prior State fiscal year. This statement shall include:

a. the amount of the bond

b. the date of the approval vote

c. a complete schedule of payments for the life of the bond, and

d. proof of payments made.

In order to qualify for reimbursement the project bond vote must be approved by the voters after July 1, 1986 and prior to December 31, 1992.



Statutory Authority

STATUTORY AUTHORITY:


10 V.S.A. ยง 695

History

EFFECTIVE DATE:


May 31, 1992 Secretary of State Rule Log #91-019

AMENDED:


July 2009 [Renumbered from 11 030 001]; November 2018 Corrected number from 11 020 009 to 11 030 001

Disclaimer: These regulations may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.