§ 70.

214 words·~1 min read·/vt/70-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 70. Investment of Town funds

(a)The Town may invest money that has been raised in a current year for the payment of that current year’s operating expenses in the following identified instruments and in no other instruments whatsoever:

(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 Selectboard;

(3)such municipal bonds or other bonds that are lawful investments for a bank, savings institution, or trust company in Vermont; and

(4)deposits in Vermont chartered banks, national banks, credit unions, and trust companies that are:

(A)located in Vermont;

(B)regulated by the State of Vermont, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Office of the Comptroller of the Currency; and

(C)that are fully insured by the Federal Deposit Insurance Corporation or a similar federal insurer.

(b)The Selectboard shall have full power to direct the Town Treasurer to hold, purchase, sell, assign, transfer, and otherwise dispose of any securities and investments and the proceeds of such investments in which any Town funds have been invested. (Added 2023, No. M-14, § 2, eff. July 1, 2023.)