2005 Vermont Code - § 1564. — Equipment replacement fund

§ 1564. Equipment replacement fund

(a) An equipment replacement fund is created for the purpose of providing state assistance for additions to and replacement of obsolete or unsuitable equipment at those technical education programs throughout the state which are approved by the commissioner. Unexpended but encumbered balances remaining in the fund at the end of each fiscal year shall be carried over to succeeding years.

(b) The governor shall at appropriate times request an appropriation to the equipment replacement fund for each fiscal year.

(c) Encumbrances of sums from the fund shall be made by the commissioner under the following conditions:

(1) the encumbrance amount is not more than 75 percent of the cost of replacing or acquiring equipment for technical education;

(2) the replacement or acquisition is consistent with the needs of the grantee's program offering;

(3) the grantee has obtained approval from the state board for a policy permitting the technical facility to be used by adult technical programs and other groups and agencies at a nominal rate not to exceed actual costs, including adequate insurance coverage;

(4) the grantee agrees to refrain from selling or otherwise disposing of the equipment purchased under this section without first offering the equipment for sale to other technical education programs in the state at a price not exceeding the grantee's original cost of acquisition, less original installation and transportation costs; and

(5) the grantee can demonstrate a regular program of preventive maintenance.

(d) Disbursements of encumbered funds shall be authorized by warrant of the commissioner when he or she is satisfied that the requirements of this section are met and that the grantee will pay at least 25 percent of the cost of replacement or acquisition. (Added 1983, No. 247 (Adj. Sess.), § 1; amended 1987, No. 238 (Adj. Sess.), § 11; 1991, No. 204 (Adj. Sess.), § 7.)