Current as of January 01, 2020 | Updated by FindLaw Staff
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The Board of Supervisors, with the approval of a majority of the voters present and voting at a special District meeting called and warned for the purpose, may establish and provide for a capital reserve fund to pay for public improvements in furtherance of the purpose for which the District was created. Any capital reserve fund shall be kept in a separate account and invested as are other public funds and may be expended for the purposes for which established, or other purpose when authorized by a majority of the voters present and voting at a special District meeting duly called and warned for the purpose. The cost of payments to any capital reserve fund shall be allocated among the member municipalities as provided in subsection 33(c) of this chapter.
Any action or proceeding commenced before this code takes effect, or any right accrued, is not affected by this code, but all procedure taken shall conform to the provisions of this code as far as possible.
Cite this article: FindLaw.com - Vermont Statutes Title 24 (Appendix). Municipal Charters, App. c. 601 § 38. Capital reserve fund - last updated January 01, 2020 | https://codes.findlaw.com/vt/title-24-app-municipal-charters/vt-st-tit-24-app-c-601-sect-38/
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