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Vermont Statutes Title 19. Highways, § 13. Central Garage Fund

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) There is created the Central Garage Fund, which shall be used to:

(1) furnish equipment on a rental basis to the districts and other sections of the Agency for construction, maintenance, and operation of highways or other transportation activities; and

(2) provide a general equipment repair and major overhaul service, inclusive of any assets, supplies, labor, or use of contractors necessary to provide that service, as well as to furnish necessary supplies for the operation of the equipment.

(b) In order to maintain safe and reliable equipment, the Agency shall use Central Garage Fund monies to acquire new or replacement equipment. The Agency is authorized to acquire replacement pieces for existing equipment or new, additional equipment equivalent to equipment already owned.

(c)(1) For the purpose specified in subsection (b) of this section, the following amount shall be transferred from the Transportation Fund to the Central Garage Fund:

(A) in fiscal year 2021, $1,355,358.00; and

(B) in subsequent fiscal years, at a minimum, the amount specified in subdivision (A) of this subdivision (1) as adjusted annually by increasing the previous fiscal year's amount by the percentage increase in the Bureau of Labor Statistics Consumer Price Index for All Urban Consumers (CPI-U) during the two most recently closed State fiscal years.

(2) Each fiscal year, the sum of the following shall be appropriated from the Central Garage Fund exclusively for the purpose specified in subsection (b) of this section:

(A) the amount transferred pursuant to subdivision (1) of this subsection (c);

(B) the amount of the equipment depreciation expense from the prior fiscal year; and

(C) the amount of the net equipment sales from the prior fiscal year.

(d) In each fiscal year, net income of the Fund earned during that fiscal year shall be retained in the Fund.

(e) For the purposes of computing net worth and net income, the fiscal year shall be the year ending June 30.

(f) As used in this section, “equipment” means registered motor vehicles and necessary assets required by the Central Garage in order to fulfill the objectives established in subsection (a) of this section.

(g) Repealed by 2009, Adj. Sess., No. 123, § 21, eff. July 1, 2010.

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Cite this article: FindLaw.com - Vermont Statutes Title 19. Highways, § 13. Central Garage Fund - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-19-highways/vt-st-tit-19-sect-13/

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