Gov. Peter Shumlin and other Vermont officials outlined a plan to make short- and long-term financing available to towns damaged by Hurricane Irene.
Shumlin, state Treasurer Beth Pearce and officials from the Vermont Municipal Bond Bank and the Vermont Bankers Association announced a four-pronged approach that includes having the state forward $24 million to towns earlier than usual.
The money is not new revenue for municipalities, but an earlier delivery should help towns continue with needed repair work, officials said.
Christopher D’Elia, president of the Vermont Bankers Association, said the state’s private banks have enough capital to help towns stay afloat.
If any of the association’s banks run out of money, they could rely on the Vermont Municipal Bond Bank or a loan pool the banks have organized for additional short-term capital, according to officials.
