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.
(Cite as: 16 V.S.A. § 3855)
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§ 3855. Trust funds
(a) All monies received under the authority of this chapter, whether as proceeds from
the sale of bonds or notes or as revenues, shall be deemed to be trust funds to be
held and applied solely as provided in this chapter. Any officer with whom, or any
bank or trust company with which, those monies are deposited shall act as trustee
of them and shall hold and apply them for the purposes hereof, subject to such regulations
as this chapter and the resolution authorizing the bonds or notes of any issue or
the trust indenture securing the bonds may provide.
(b) All monies of the Agency derived from State, local, or federal appropriations or the
sale of bonds or notes, and all monies constituting reserve funds, shall be paid to
the treasurer of the Agency or to the trustee under the trust indenture securing the
bonds or designated in the resolution authorizing the bonds, and all such monies shall
be held, administered, secured, and applied as provided in such resolution or trust
indenture. All deposits of the monies shall, if required by such resolution or trust
indenture, be secured by obligations of the United States of America or of the State
of Vermont of the market value equal at all times to the amount of the deposit, and
all banks and trust companies are authorized to give such security for the deposits.
(c) The Auditor of Accounts of the State of Vermont and his or her legally authorized
representatives may at any time examine the accounts and books of the Agency, including
its receipts, disbursements, contracts, sinking funds, investments, and any other
matters relating to its financial standing. (Added 1966, No 56 (Sp. Sess.), § 6, eff. March 12, 1966; amended 1969, No. 224 (Adj. Sess.), § 4, eff. March 31, 1970.)