Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by FindLaw Staff
(a) Upon a vote by a two-thirds majority of the Board of Supervisors present and representing a quorum at a regular or special meeting of the Board, or upon a vote by a majority of the legal voters of the District at an annual or special meeting of the District duly warned for such purpose, the Board shall prepare a plan of dissolution for submission to the voters of the District at an annual or special meeting of the District. At such time as the voters of the District shall, by a two-thirds majority of those legal voters voting thereupon, vote to dissolve the District, then the District shall cease to conduct its affairs except insofar as may be necessary to complete the plan of dissolution and to conclude its affairs. The Board of Supervisors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the District and to the Vermont Secretary of State.
(b) The plan of dissolution shall:
(1) Identify and value all assets of the District;
(2) Identify all liabilities of the District, including contractual obligations;
(3) Specify how the assets of the District shall be liquidated and how the liabilities and obligations of the District shall be paid, including the terms and conditions of all assessments to be made against the District's member municipalities;
(4) Specify how any assets of the District remaining after payment of all the financial obligations of the District will be distributed among the member municipalities, which distribution shall be in accordance with the same formula utilized in apportioning the costs of the District among the member municipalities.
(c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the legislative bodies of all the member municipalities, whereupon this agreement and the District shall be terminated.
Cite this article: FindLaw.com - Vermont Statutes Title 24 (Appendix). Municipal Charters, App. c. 411 § 603. Dissolution of District - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-24-app-municipal-charters/vt-st-tit-24-app-c-411-sect-603/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)