Current News

Heritage announced today the addition of a 2010 Bombardier Global 5000 to its charter fleet. This ultra long range jet is the 100th Global 5000 produced by Bombardier. After taking delivery at a Bombardier celebration in Montreal yesterday, the aircraft returned to Heritage Aviation’s KBTV headquarters this afternoon. It is now available for worldwide charter.
‘Heritage Aviation is delighted to receive this beautiful new aircraft into our fleet. Its arrival expands our heavy jet offering and places us firmly in the ultra long range, intercontinental charter market. Our ten aircraft, all turbine fleet is more capable now than ever. This is a nice milestone for us,’ said Christopher Hill, Heritage Aviation President.

The Vermont Agency of Transportation has issued a traffic alert to motorists that construction work at the ‘Checkered House Bridge’ on Route 2 over the Winooski River in the Town of Richmond will require temporary road closings, including Interstate 89, for brief periods over the next several weeks beginning Tuesday, April 5.
The blasting is related to preparation for construction of the temporary detour that will be installed so that traffic can be maintained while the bridge is widened. Starting on April 5, two blasts a day ‘ one at 11 a.m. and one at 3 p.m. ‘ are planned every weekday for up to four weeks.
During the blast, no traffic will be allowed into the blast zone. Flaggers will stop traffic from entering the zone. The State Police will manage a rolling roadblock on the highway. It is anticipated that traffic stoppages will last a maximum of 10 minutes during this period.
The following roads will be affected:

FairPoint Communications, Inc (Nasdaq: FRP), a leading provider of communications services, today announced its financial results for the fourth quarter and full year ended December 31, 2010. FairPoint reported a net loss of $281,579 in 2010 on revenues of $1,070,986. The net loss in 2009 was $241,396 on $1,119,090 revenues. The loss per share in both eyars was $3.15. The announcement marks the first earnings release by FairPoint since it emerged from Chapter 11 on January 24, 2011.

Consolidated EBITDAR(1) increases over 22 percent to $84.0 million versus fourth quarter 2009
Operational improvements drive a $12.7 million one-time revenue benefit in the quarter
Loss from Operations for the quarter improves to $18.2 million from $31.2 million a year earlier
High-speed Internet subscribers increase annually for the first time since mid-2009
Company reiterates full year 2011 guidance

by Lisa Ventriss, President, Vermont Business Roundtable In the winter of 2007 the Vermont Business Roundtable, along with the Vermont Superintendents Association, convened a group of business and education leaders around some simple goals: to develop mutual understanding and respect for our respective issues and priorities; to inform each other’s thinking with factual information and industry insight; and, to find common ground that could lay the foundation for policy recommendations. We recruited organizations that could bring balance and non-partisan independence to our discussions, and charged ourselves to provide ‘bold and long-term leadership’ on education reform efforts. Thus was born the Business-Education Alliance.

The Vermont House today passed a $544 million package for transportation spending across the state.
‘We are pleased that the House has supported the Shumlin administration’s strong commitment to transportation investments this year’ noted Brian Searles, Secretary of the Agency of Transportation. ‘Increasing our transportation spending helps create more Vermont jobs and grow Vermont’s economy,’ he said.
The transportation budget is a $137 million increase over pre-stimulus transportation investments and demonstrates Governor Shumlin’s strong support for improving Vermont’s transportation infrastructure. The plan advances state repair of Vermont roads and bridges and expands rail service.

The Board of the Grafton, Vermont-based Windham Foundation announced today the appointment of Robert (Bob) Allen as Interim President, following the retirement of Dr John Bramley. The selection follows a unanimous vote of approval by the full board.
The Windham Foundation is an operating foundation with the primary mission of promoting Vermont’s rural communities, including support for indigenous enterprises including Grafton Village Cheese Company and The Old Tavern at Grafton, an historic inn.

Vermont Business Magazine The House today unanimously approved H593, the consumer protection bill. This legislation addresses automatic contract renewals, retainage for construction materials, credit protection for vulnerable persons and use of credit information for personal insurance. House Speaker Mitzi Johnson supported the legislation, stating that “one important feature of this bill is the provision that ensure that Vermonters who invest in consumer contracts are not subject to automatic renewals unless they explicitly opt in to the provision. This protects Vermonters from companies that automatically renew contracts and charge consumers for services year after year, such as magazine subscriptions, gym memberships, and media streaming services. Sellers will be required to provide a notice of renewal 30-60 days before the auto renewal or termination date.”

The Green Mountain Chapter of International Association of Electrical Inspectors (IAEI) has donated $1,000 in support of the Electrical Apprenticeship program offered through the Technology Extension Division at Vermont Technical College.
The IAEI has been a strong supporter of both the program and college in the past, and annually awards prizes to the top students in the Electrical 1 and Electrical 4 programs.
Historically, the prize for the top student in Electrical 1 has been a full tool kit assembled and donated by Klein Tools. The prize for the top student in the Electrical 4 program is a year’s membership in the IAEI, a certificate for a free 15-hour Code Update course worth more than $100, and a 2011 National Electric Code book.
‘The Green Mountain Chapter of the IAEI is a strong supporter of the Vermont Apprenticeship Program and we’re glad to help in any way we can,’ said Andrew Rea, Chapter President.

Representative Peter Welch took to the House floor Thursday afternoon to fight legislation that threatens rural airports throughout the country, including the Rutland Southern Vermont Regional Airport.
A provision in the Federal Aviation Administration (FAA) Reauthorization and Reform Act of 2011 (H.R. 658) would eliminate the Essential Air Services (EAS) program starting in 2013. The EAS program provides funding for approximately 140 rural communities throughout the country that would otherwise not have scheduled air service. In 2010, service to and from the Rutland Southern Vermont Regional Airport to Boston Logan International Airport received $797,141 under the EAS program.

The Vermont Department of Education released 2011 school accountability determinations as required by the federal No Child Left Behind Act (NCLBA) today.
A school makes Adequate Yearly Progress (AYP) by meeting targets set by the state as required by NCLBA. These targets increase every three years with the goal of 100 percent proficiency by 2014. The 2011 AYP targets reflect the final substantial increase before the goal reaches the expectation of 100% of students proficient.

The Vermont Agency of Agriculture, Food and Markets is now accepting proposals for the 2011 Specialty Crop Block Grant Program. Vermont’s federal allocation for this funding cycle is estimated at $229,000. These grant funds are for the sole purpose of enhancing the competitiveness of Vermont-grown Specialty Crops, and will be distributed to through a competitive review process. The complete RFP and required cover sheet can be found online here: http://www.vermontagriculture.com/buylocal/marketing/specialtycrops.html.

Fitch Ratings downgrades the ratings on the education loan revenue bonds issued by Vermont Student Assistance Corporation (VSAC) issued under the 1995 General Resolution. The rating is removed from Rating Watch Negative and a Stable Outlook is assigned to the bonds. A complete list of the ratings is shown below.
The rating downgrades are based on loss coverage multiples and on the level of credit enhancement that is available to absorb the applicable basis risk factor stress level after accounting for the trust's cost structure and its ability to generate excess spread towards the tail end of the transaction. Credit was given to the increased credit enhancement provided by VSAC's purchase of bonds at a discount since March 2010, as reflected by the trust's 107.03% senior parity ratio. Although senior bond payments are guaranteed by AMBAC Indemnity Corporation (AMBAC), no credit was given to this guarantee, as Fitch has withdrawn the ratings on AMBAC.