The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
002
:
EXPLORATION, FORMATION, AND ORGANIZATION
(Cite as: 16 V.S.A. § 718)
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§ 718. Transfer of real property to town in which it is located
If the original voter-approved articles of agreement require sale of real property
to the town in which the property is located and the sale is scheduled to occur after
the operational date, or if after the operational date and after completing any statutory
and contractual prerequisites the union school district offers to sell any of its
real property to the town in which the property is located, then the town may assume
title to the real property for a price that is less than the fair market value only
as follows:
(1) The conveyance to the town shall be made subject to all encumbrances of record, the
assumption or payment of all outstanding bonds and notes, and the repayment of any
school construction aid or grants that may be required by law if any such obligation
was incurred before the operational date.
(2) The conveyance to the town shall be conditioned upon the town owning and using the
real property for community and public purposes for a minimum of five years.
(3) If the town sells the real property prior to five years of ownership, then the town
shall compensate the union school district for all capital improvements and renovations
initiated after the operational date and prior to the sale to the town. (Added 2021, No. 176 (Adj. Sess.), § 3, eff. June 7, 2022.)