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Vermont Statutes Title 16. Education, § 798. Taking Over of Existing Property--Article VIII

Current as of January 01, 2020 | Updated by FindLaw Staff

A. Power to acquire property of member district.  The articles of agreement, or an amendment thereof, may provide for the acquisition by an interstate district from a member district of all or a part of its existing plant and equipment.

B. Valuation.  The articles of agreement, or the amendment, shall provide for the determination of the value of the property to be acquired in one or more of the following ways:

a. A valuation set forth in the articles of agreement or the amendment.

b. By appraisal, in which case, one appraiser shall be appointed by each commissioner, and a third appraiser appointed by the first two appraisers.

C. Reimbursement to member district.  The articles of agreement shall specify the method by which the member district shall be reimbursed by the interstate district for the property taken over, in one or more of the following ways:

a. By one lump sum, appropriated, allocated, and raised by the interstate district in the same manner as an appropriation for operating expenses.

b. In installments over a period of not more than twenty years, each of which is appropriated, allocated, and raised by the interstate district in the same manner as an appropriation for operating expenses.

c. By an agreement to assume or reimburse the member district for all principal and interest on any outstanding indebtedness originally incurred by the member district to finance the acquisition and improvement of the property, each such installment to be appropriated, allocated, and raised by the interstate district in the same manner as an appropriation for operating expenses.

The member district transferring the property shall have the same obligation to pay to the interstate district its share of the cost of such acquisition, but may offset its right to reimbursement.

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Cite this article: FindLaw.com - Vermont Statutes Title 16. Education, § 798. Taking Over of Existing Property--Article VIII - last updated January 01, 2020 | https://codes.findlaw.com/vt/title-16-education/vt-st-tit-16-sect-798/

Read this complete Vermont Statutes Title 16. Education, § 798. Taking Over of Existing Property--Article VIII on Westlaw

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