32 V.S.A. § 994 — Recommendation regarding private bond volume cap

The Treasurer shall, in coordination with the Secretary of Administration, the Secretary
of Commerce and Community Development, and any bond issuing authority of the State
or instrumentality of the State that is eligible to issue private activity bonds:
(1) annually survey the expected need for private activity bond allocations and provide
recommendations to the Emergency Board prior to its meetings;
(2) maintain guidelines for allocation of private activity bonding capacity designed to
maximize the availability of tax-exempt financing among various sectors of the Vermont
economy with a focus on economic development, housing, education, redevelopment, public
works, energy, waste management, waste and recycling collection, transportation, and
other activities that benefit the citizens of Vermont which guidelines should support
efforts and entities that increase the number of good-paying jobs in the State, promote
economic development, support affordable housing, and affordable access to postsecondary
education and training, and encourage the use of Vermont’s human and natural resources
in endeavors that maximize Vermont’s comparative economic advantages, and be flexible
enough to include new and innovative uses of private activity bonds, consistent with
federal regulations and the Internal Revenue Code;
(3) on or before December 1 of each year, shall make recommendations to the Emergency
Board on the allocation, including any amounts reserved for contingency allocations,
of the State’s private activity bond ceiling for the following calendar year to and
among the constituted issuing authorities empowered to issue such bonds; and
(4) as required, or at the request of the Governor or the Emergency Board, make recommendations
to the Governor or Emergency Board concerning assignments or reallocation of any unused
portion of the ceiling subsequent to an allocation by the Emergency Board in a given
year. (