2005 Vermont Code - § 13. — Central garage fund

§ 13. Central garage fund

(a) There is created a central garage fund which shall be used:

(1) to furnish equipment on a rental basis to the districts and other sections of the agency for use in construction, maintenance and operation of highways or other transportation activities; and

(2) to provide a general equipment repair and major overhaul service as well as furnish necessary supplies for the operation of the equipment.

(b) To maintain a safe, reliable equipment fleet, new or replacement highway maintenance equipment shall be acquired, using central garage funds. The agency is authorized to acquire replacement pieces for existing highway equipment, or new, additional equipment equivalent to equipment already owned; however, the agency shall not increase the total number of permanently assigned or authorized motorized or self-propelled vehicles without legislative approval.

(c) There shall be established and maintained within the central garage fund, a separate transportation equipment replacement account for the purposes stated in subsection (b) of this section. In fiscal year 2006, $1,400,000.00 and in fiscal year 2007 and thereafter, an amount equal to two-thirds of one percent of the prior year transportation fund appropriation, but not less than $1,400,000.00, shall be transferred prior to August 1 from the transportation fund to the central garage fund and allocated to the transportation equipment replacement account, and beginning in fiscal year 2001, and thereafter, an amount not less than the sum of equipment depreciation expense and net equipment sales from the prior fiscal year, shall be allocated prior to August 1 from within the central garage fund to the transportation equipment replacement account. All expenditures from this account shall be appropriated by the general assembly and used exclusively for the purchase of equipment as authorized in subsection (b) of this section.

(d) In each fiscal year, net income of the fund earned during that fiscal year shall be retained in the fund.

(e) The fiscal year of the central garage for computing net worth and net income shall be the year ending June 30.

(f) Annually the auditor of accounts shall conduct an examination of the central garage revolving fund and report his or her findings in accordance with 32 V.S.A. § 163(5).

(g) [Repealed.]

(h) For purposes of this section, "equipment" means registered motor vehicles and highway maintenance equipment assigned to the central garage.

(i) Each year at the September meeting of the joint transportation oversight committee called pursuant to 19 V.S.A. § 12b(d), the agency shall present to the joint transportation oversight committee a report detailing:

(1) activity within the central garage fund during the prior fiscal year;

(2) the calculation of equipment rental rates approved by the agency to be charged by the central garage; and

(3) the condition of the vehicle fleet, including plans for upgrading the fleet to optimal condition. (Added 1985, No. 269 (Adj. Sess.), § 1; amended 1995, No. 60, § 21, eff. April 25, 1995; 1999, No. 18, § 5, eff. May 13, 1999; 1999, No. 156 (Adj. Sess.), § 36, eff. May 29, 2000; 2003, No. 160 (Adj. Sess.), § 50, eff. June 9, 2004; 2005, No. 80, §§ 40, 46.)