§ 280v.
125 words·~1 min read·
/vt/title-10/chapter-12/280vA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 280v. Termination of the Program; remaining assets and liabilities
The Program shall continue until terminated by law; provided, however, that no such law shall take effect so long as there shall be outstanding bonds secured by the fund unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the Program, assets that remain after provision for the payment or satisfaction of all bonds issued pursuant to this subchapter shall vest in the State, in the Transportation Fund and General Fund in equal proportion to the percentages of funds initially invested in the bank.
For the purpose of this section only, federal transportation funds invested in the bank shall be considered State transportation funds. (Added 1997, No. 43, § 1.)