§ 38.
141 words·~1 min read·
/vt/38-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 38. Capital reserve fund
The Board of Supervisors, with the approval of a majority of the voters present and voting at a special District meeting called and warned for the purpose, may establish and provide for a capital reserve fund to pay for public improvements in furtherance of the purpose for which the District was created. Any capital reserve fund shall be kept in a separate account and invested as are other public funds and may be expended for the purposes for which established, or other purpose when authorized by a majority of the voters present and voting at a special District meeting duly called and warned for the purpose.
The cost of payments to any capital reserve fund shall be allocated among the member municipalities as provided in subsection 33(c) of this chapter. (Added 2005, No. M-8, § 2.)