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Vermont Statutes Title 24. Municipal and County Government, § 3679. Finances--Sewer rates; application of revenue

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

(a) The board of sewer commissioners of a consolidated sewer district shall establish rates for the sewer service and all individuals, firms, and corporations whether private, public, or municipal shall pay to the treasurer of the district the rates established by the board. The manner of establishment of the rates shall be in accord with section 3615 of this title. The rates shall be so established as to provide revenue for the following purposes:

(1) to pay current expenses for operating and maintaining the sewer system;

(2) to provide for the payment of interest on the indebtedness created by the district;

(3) to provide each year a sum equal to not less than two percent nor more than five percent of the entire indebtedness created or assumed by the district to pay for the cost of the sewer system and improvements thereto, which sum shall be used to pay indebtedness maturing in that year or turned into a sinking fund and there kept to provide for the extinguishment of indebtedness of the district;

(4) if any surplus remains at the end of the year, it may be turned into the sinking fund or used to pay the cost of improvements to the sewer system.

(b) The money set aside for the sinking fund and any increment thereon shall be devoted to the retirement of obligations of the district or invested in such securities as savings banks or fiduciaries or trustees are now or hereafter allowed to hold. The balance of revenue, if any, required to meet expenses shall be apportioned among and collected from member towns as herein provided.

(c) When a rate established under this section for the management of stormwater is applied to property owned, controlled, or managed by the Agency of Transportation, the rate shall not exceed the highest rate category applicable to other properties in the municipality, and the Agency of Transportation shall receive a 35 percent credit on the rate. The Agency of Transportation shall receive no other credit on the rate from the consolidated sewer district.

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Cite this article: FindLaw.com - Vermont Statutes Title 24. Municipal and County Government, § 3679. Finances--Sewer rates; application of revenue - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-24-municipal-and-county-government/vt-st-tit-24-sect-3679/

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