Vermont § 24 - Executive Order No. 20-24 (No. 10-99) [Vermont National Guard Trust Fund]

§ 24. Executive Order No. 20-24 (No. 10-99) [Vermont National Guard Trust Fund]

• WHEREAS, upon deactivation of the members of the Vermont Army National Guard after
  World War I, the company funds of various units comprising the First Infantry Regiment,
  Vermont National Guard, were turned over to the federal government, more specifically
  the War Department (the forerunner of the Department of Defense); WHEREAS, in 1927, the War Department returned the company funds to the Adjutant General
  for the Vermont Army National Guard, Brigadier General Herbert T. Johnson, to benefit
  the present and future elements of any reconstituted and/or reactivated regiment; WHEREAS, in 1927, the Honorable John E. Weeks, Governor of the State of Vermont, by
  special order 54, dated 21 June 1927, created a special committee to review the receipt
  of these funds and to make recommendations; WHEREAS, on 30 June 1927, upon the recommendation of the special committee, the Governor
  established the 172d Infantry Memorial Trust Fund; WHEREAS, the 172d Infantry constituted the reorganized units of Vermont National Guard
  units that served in World War I; WHEREAS, on 1 July 1960, the fund was redesignated by Executive Order (no number)
  of the Honorable Robert T. Stafford, Governor of the State of Vermont, as the “Vermont
  Army National Guard Memorial Trust Fund;” WHEREAS, as of this date, the “Vermont Army National Guard Trust Fund” is still a
  functional fund but with the changes in the force structure over the last 40 years,
  there is a need to revise the fund. NOW THEREFORE, BE IT RESOLVED, that I, Howard Dean, by virtue of the power vested
  in me as Governor, do hereby reconstitute the “Vermont Army National Guard Memorial
  Trust Fund” as the “Vermont National Guard Trust Fund” (hereinafter referred to as
  the “Trust”) and establish a Trust Fund Board with the duties and responsibilities
  as follows: 1. The Trust will be for the benefit of all members of the Vermont National Guard. 2. The Trust Fund Board will be chaired by the Adjutant General for the State of Vermont,
  and be comprised of the Deputy Adjutant General for the State of Vermont, the Vermont
  Army National Guard Assistant Adjutant General, and the Air National Guard Assistant
  Adjutant General. A majority of the sitting members shall constitute a quorum and
  action taken by the board under the provisions of this Executive Order may be authorized
  by a majority of members present and voting at any regular or special meeting. The
  members of the board will not receive any remuneration for their participation on
  the board except for the reimbursement of reasonable business expenses and/or operational
  costs. 3. The Trust Fund shall be administered by the board and effectuate the policies and
  purposes of this Executive Order. Deposits to the currently existing monies shall
  be made to the fund from moneys appropriated thereto by the general assembly from
  time to time and from any other source, private or public, as approved by the board.
  Unexpended balances and any earnings shall not revert to the general fund but shall
  remain in the fund for use in accord with the purposes of this Executive Order. 4. The original purpose of the Fund was to benefit the members of the Vermont National
  Guard in time of federal activation during an emergency and, in keeping with that
  purpose, the fund will continue to be used for members of the Vermont National Guard
  in times of federal activation during emergencies, war, rebellion, humanitarian effort,
  operations other that war and in times of state active duty. The board will establish
  rules and regulations governing the expenditure of funds under these conditions. 5. In further keeping with the original intent of the fund, the Board may disburse part
  of fund as a discretionary fund to be used for the purpose of the betterment of the
  members of the Vermont National Guard. But under no circumstance will this allocation
  and disbursement reduce the total fund to an amount lower than $30,000, an amount
  to be used for the purposes stated in paragraph 4 above. 6. The Fund, principle and interest, will be invested and reinvested in commercially
  reasonable investment vehicles as approved by the Board. 7. If the Board deems necessary, the Board may contract with and/or hire investment consultants,
  brokers, counselors, or the like and the cost therefore, will be borne by the fund. This Executive Order shall take effect upon signing. Dated October 8, 1999.