§ 1309.
233 words·~1 min read·
/vt/1309-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1309. Investments
(a)With respect to money raised in a current year for that current year’s operating expenses, the Town may only invest such funds in instruments in which the principal is not at risk.
(b)For all other monies, investments of Town funds shall be made in:
(1)obligations of the United States, its agencies, and instrumentalities, and any repurchase agreements whose underlying collateral consists of such obligations;
(2)certificates of deposit and other evidences of deposit at banks, savings institutions, and trust companies approved by the Treasurer;
(3)such municipal bonds or other bonds as are a lawful investment for a bank, savings institution, and trust companies in this State;
(4)shares of an investment company, or an investment trust, which is negotiated under the Federal Investment Company Act of 1940, as amended, if such mutual investment fund has been in operation for at least 10 years and has net assets of at least $10,000,000; or may deposit the same in banks, trust companies, or national banks in this State; and
(5)such investment instruments as may be offered by insurance companies that are licensed by the State of Vermont.
(c)The Selectboard shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds shall have been invested, as well as the proceeds of such investments.