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Bond Bank proposes interfund loans and revenue-bond option to stretch infrastructure funding
Summary
Vermont Bond Bank Director Michael Gahn told the House General & Housing Committee that language is needed in S.127 to let the Vermont Sustainable Infrastructure Fund make interfund loans into the bond bank's pooled lending program so the state fund can leverage bonded debt. Gahn also proposed allowing municipalities to issue special-assessment
Michael Gahn, executive director of the Vermont Bond Bank, told the House General & Housing Committee on April 16, 2025, that S.127 should allow flexibility in the community-ranking index used to prioritize applications and should explicitly permit interfund loans so the Vermont Sustainable Infrastructure Fund can be combined with bond-bank financing to lower borrowing costs for municipalities.
Gahn said his primary technical request concerned the committees use of a community-ranking index in S.127, which several committee members have questioned. "I think something that's produced and is transparent from a state agency is a good idea," he told members, recommending the bill include authority to use a successor index or an alternative methodology if the original index becomes outdated.
Gahn described a…
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