§ 1601. Municipal Equipment and Vehicle Loan Fund (a) There is hereby created the Municipal Equipment and Vehicle Loan Fund for the purpose of providing loans on favorable terms to municipalities for the purchase of motorized highway building and maintenance equipment, heavy equipment, and authorized emergency vehicles as set forth in 23 V.S.A. § 4. (b) The Municipal Equipment and Vehicle Loan Fund shall be administered by a committee composed of the State Treasurer and the State Traffic Committee established by 19 V.S.A. § 1(24), pursuant to policies and procedures approved by this Committee with administrative support from the Office of the State Treasurer. The Committee shall establish criteria for distribution of available loan funds among municipalities considering at least financial need, equitable geographic distribution, and ability to repay. The Fund shall be a revolving fund and all principal and interest earned on loans and the fund balance remaining in the Fund at the end of any fiscal year shall be available for use in the succeeding fiscal year. The Committee shall meet upon request of the State Treasurer to consider applications.
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