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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 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.

Title 32 : Taxation and Finance

Chapter 013 : Debts and Claims

Subchapter 003 : State Bonds

(Cite as: 32 V.S.A. § 962)
  • § 962. Private use compliance, notice, and approval

    Any entity receiving an appropriation financed with proceeds of tax-exempt bonds of the State shall notify and receive approval from the State Treasurer and the Secretary of Administration at least 90 days prior to finalizing an agreement with a nonpublic or for-profit entity to rent, lease, sell, or otherwise dispose of property financed with those proceeds and also shall pay any cost related to compliance with the Internal Revenue Code of 1986, as amended, resulting from disposal of the property. This notification requirement shall not apply if the proceeds were included in the five percent allowance for private use prior to the issuance of bonds, or if the proceeds were provided, or the property was disposed of, as a grant or otherwise with no payment or repayment made or required to be made to the State or to the entity. (Added 2011, No. 104 (Adj. Sess.), § 35, eff. May 7, 2012.)