The Vermont Statutes Online
- Subchapter 001: PUBLIC LANDS
§ 2401. Public lands; duties of selectboard
The selectboard shall have the care of lands in the town granted under the authority of the British Government as glebes for the use of the Church of England and now by law granted to such town for the use of schools, and lands granted to the use of the ministry or the social worship of God, and lands granted to the first settled minister, and not appropriated according to law.
§ 2402. Right of possession
The selectboard shall be entitled to the possession of such lands, except when the same have been otherwise disposed of according to law. They may commence, prosecute, or defend, in the name of the town, any action necessary to recover or protect such possession, or recover damages for injuries done to such lands.
§ 2403. Lease
The selectboard may lease such lands as they deem beneficial, reserving rents for the same, which shall be annually paid into the treasury of the town.
§§ 2404, 2405. Repealed. 2011, No. 155 (Adj. Sess.), § 12.
§ 2406. Conveyance of leaseholds; trust funds
(a) Educational, ecclesiastical, or municipal corporations may convey by deed the fee simple in lands the title to or use of which is held by such corporations under State or colonial grant for purposes defined in such grants. Such conveyance may be made to the owner and holder of leasehold rights in such land if such lands are then held under lease, but shall not be made to other than such holders of leasehold interests except subject to such leasehold interest, if any, or simultaneously with the extinguishment thereof.
(b) Such lands may be condemned in accordance with and in the manner provided by law.
(c) The funds received in consideration of such conveyance or awarded such corporations as damages in condemnation proceedings shall be kept intact, in trust, by such corporations as endowment funds, and the income only shall be used for the purposes for which such lands were originally granted.
(d) Such lands as may be sold, conveyed, or condemned as provided in this section shall thereafter be subject to taxation as are other lands.
§ 2407. Repealed. 1985, No. 196 (Adj. Sess.), § 18.
§ 2408. Exceptions
Any land acquired by virtue of the provisions of section 2407 of this title shall be deemed a municipal forest. A town which has such forest on the effective date of section 2407 of this title, or acquires one hereunder, shall be deemed to have complied with the provisions of such section.
- Subchapter 002: PUBLIC FUNDS
§ 2431. Trustees of public funds
Real and personal estate, except U.S. public money, held by a town in trust for any purpose, including cemetery trust funds, unless the person giving the same otherwise directs, shall be under the charge and management of three trustees, elected by the town when the town so votes. At the meeting when such trustees are first elected, they shall be elected for the following terms: one for one year, one for two years, and one for three years. Their successors shall be elected for the term of three years, but a person chosen to fill a vacancy caused by death, resignation, or otherwise shall serve only for the remainder of the unexpired term.
§ 2432. Powers and duties; investments
(a) The trustees shall apply the income of such estate to the purpose for which it is held, and deeds or contracts made by them shall be in the name of the town. They may lease, sell, or convey real estate so held, and invest the funds received therefrom. They may loan money belonging to such estate, at annual or semi-annual interest, and as security for such loans shall take deeds or mortgages of real estate in this State.
(b) The trustees may invest in:
(1) any security, including a revenue obligation, issued, insured, or guaranteed by the United States;
(2) such municipal bonds or other bonds that are rated at the time of the transaction by a nationally recognized statistical rating organization in one of its four highest categories;
(3) repurchase agreements or debt securities of any federally insured financial institution as defined in 8 V.S.A. § 11101(32);
(4) the shares of an investment company, or a unit investment trust, which is registered under the federal Investment Company Act of 1940, as amended, if such mutual investment fund has been in operation for at least ten years and has net assets of at least $500,000,000.00; or
(5) deposits in federally insured financial institutions as defined in 8 V.S.A. § 11101(32).
(c) The trustees shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds shall have been invested, as well as the proceeds of such investments. The trustees are encouraged to invest in financial institutions operating in the State and in investments within the State that will result in reinvestment in Vermont. The provisions of this section as to future investments shall not require the liquidation or disposition of securities legally acquired and held. (Amended 2003, No. 150 (Adj. Sess.), § 8.)
§ 2433. Bonds; actions
The trustees shall give bonds to the satisfaction of the selectboard, conditioned for the faithful performance of their duties. In the name of the town they may prosecute and defend a suit or action for the recovery or protection of the estate entrusted to their care.
§ 2434. Report
The trustees shall report to the annual town meeting the amount of the funds in their hands, the manner and condition of its investment, and the disposal of the income thereof. If any part of such fund is school money, such trustees shall make like report to the State Board of Education.