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Vermont Statutes Title 5. Aeronautics and Surface Transportation Generally, § 3406. Sale or lease of State-owned railroad property for other purposes

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

(a) In connection with State-owned railroad property, the Secretary shall have authority to enter into licenses, leases, easements, and sales of personal property, including tracks, structures, and buildings which are to be removed by the purchaser.

(b) The Secretary shall have authority, with the approval of the Governor, to sell State-owned railroad property subject to the following conditions:

(1) the property is located more than 33 feet from the centerline of main line track (or former main line track), and the Secretary determines that the property no longer is needed for railroad operating purposes or for railbanking under section 3408 of this title; and

(2)(A) if the appraised value of the property is $100,000.00 or above, with the prior approval of the General Assembly of the sale and its terms, or, in the event that the General Assembly is not in session, with the prior approval of the Joint Transportation Oversight Committee; or

(B) if the appraised value of the property is below $100,000.00, without further approval.

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Cite this article: FindLaw.com - Vermont Statutes Title 5. Aeronautics and Surface Transportation Generally, § 3406. Sale or lease of State-owned railroad property for other purposes - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-5-aeronautics-and-surface-transportation-generally/vt-st-tit-5-sect-3406/

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