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: 24 App. V.S.A. ch. 901, § 50)
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§ 50. Dissolution of the Authority
(a)(1) Upon the affirmative vote of directors representing at least two-thirds of all votes
entitled to be cast on behalf of all members and comprising at least two-thirds of
the directors present, the Board may prepare a plan of dissolution for submission
to the voters of the Authority at a special meeting of the Authority duly warned for
such purposes.
(2) If the voters of the Authority present and voting at such special meeting of the Authority
vote to dissolve the Authority, the Authority shall cease to conduct its affairs except
insofar as may be necessary to complete the plan of dissolution and conclude its affairs.
(3) The Board of Directors shall cause a notice of the plan of dissolution to be mailed
to each known creditor of the Authority and to the Secretary of State.
(b) The plan of dissolution shall, at a minimum:
(1) identify and value all assets of the Authority;
(2) identify all liabilities of the Authority, including contract obligation;
(3) determine how the assets of the Authority shall be liquidated and how the liabilities
and obligations of the Authority shall be paid, to include assessments against municipalities
of the Authority; and
(4) specify that any assets remaining after payment of all liabilities shall be apportioned
and distributed among the municipalities according to the same basic formula used
in apportioning the costs of the Authority to the municipalities.
(c) When the plan of dissolution has been fully implemented, the Board shall certify that
fact to the members whereupon this chapter and the Authority shall be terminated. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)