2013 Vermont Statutes
Title 32 Taxation and Finance
Chapter 13 DEBTS AND CLAIMS
§ 962 Private use compliance, notice, and approval
962. Private use compliance, notice, and approval
Any entity receiving an appropriation financed with proceeds of tax-exempt bonds of the State shall notify and receive approval from the State Treasurer and the Secretary of Administration at least 90 days prior to finalizing an agreement with a nonpublic or for-profit entity to rent, lease, sell, or otherwise dispose of property financed with those proceeds and also shall pay any cost related to compliance with the Internal Revenue Code of 1986, as amended, resulting from disposal of the property. This notification requirement shall not apply if the proceeds were included in the five percent allowance for private use prior to the issuance of bonds, or if the proceeds were provided, or the property was disposed of, as a grant or otherwise with no payment or repayment made or required to be made to the State or to the entity. (Added 2011, No. 104 (Adj. Sess.), 35, eff. May 7, 2012.)
Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
