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
001
:
GENERAL PROVISIONS
(Cite as: 30 V.S.A. § 7503)
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§ 7503. Fiscal agent
(a) A fiscal agent shall be selected to receive and distribute funds under this chapter.
(b) The fiscal agent shall be selected by the Commissioner of Public Service after competitive
bidding. No telecommunications service provider shall be eligible to be the fiscal
agent. The duties of the fiscal agent shall be determined by a contract with a term
not greater than three years.
(c) In order to finance grants and other expenditures that have been approved by the Commissioner
of Public Service, the fiscal agent may borrow money from time to time in anticipation
of receipts during the current fiscal year. No such note shall have a term of repayment
in excess of one year, but the fiscal agent may pledge its receipts in the current
and future years to secure repayment. Financial obligations of the fiscal agent are
not guaranteed by the State of Vermont.
(d) The fiscal agent shall be audited annually by a certified public accountant in a manner
determined by and under the direction of the Commissioner of Public Service.
(e) The financial accounts of the fiscal agent shall be available at reasonable times
to any telecommunications service provider in this State. The Commissioner of Public
Service may investigate the accounts and practices of the fiscal agent and may enter
orders concerning the same.
(f) The fiscal agent acts as a fiduciary and holds funds in trust for the ratepayers until
the funds have been disbursed as provided pursuant to section 7511 of this chapter. (Added 1993, No. 197 (Adj. Sess.), § 5; amended 2005, No. 171 (Adj. Sess.), § 1; 2013, No. 191 (Adj. Sess.), § 33; 2015, No. 41, § 7.)