2005 Vermont Code - § 723. — Transition to unified district administration

§ 723. Transition to unified district administration

Except as may be provided in the approved plan for formation of the unified union district with respect to real property, on the day that its establishment becomes effective, it gains title to the assets and assumes the contractual obligations and other liabilities of the school districts within its borders. All trust funds held or enjoyed by a pre-existing district shall be held and applied as the terms of the trust indicate. If such trust allows, the funds may be applied for the use of the unified union district. Within five days of the day a unified union district becomes effective, the treasurer of each pre-existing school district shall pay by check to the treasurer of the unified union district the full amount of the balance standing in his school account and transfer to him all outstanding notes and contracts in force. Unless otherwise specified, the school account balance shall be applied to the member towns proportional costs for the following year. All other officers of the pre-existing school districts shall transfer to the corresponding officer of the unified union district all instruments and other documents giving evidence of the assets, liabilities and contractual status of the district. (Added 1969, No. 298 (Adj. Sess.), § 51.)