Vermont § 434 - Investment of certain funds

§ 434. Investment of certain funds

• (a)(1) A Trust Investment Account is hereby created to maximize the earnings of individual
  funds by associating them together for common investment. (2) The Trust Investment Account may include: (A) the whole or any part of individual trust funds resulting from court settlements,
  private bequests, grants, or other awards accepted in accordance with section 5 of this title, provided the terms thereof do not require a separate investment; (B) the whole or any part of the funds created by express enactment of the General Assembly
  to finance particular or restricted programs that provide that only investment earnings
  of the fund shall be used for program purposes, including the Vermont Higher Education
  Endowment Trust Fund established pursuant to 16 V.S.A. § 2885; and (C) any other funds that the State Treasurer identifies, in consultation with the Secretary
  of Administration, as appropriate for inclusion in the account. (3) The State Treasurer may invest and reinvest the funds in the account and hold, purchase,
  sell, assign, transfer, and dispose of the investments in accordance with the standard
  of care established by the prudent investor rule under 14A V.S.A. § 902. The Treasurer shall apply the same investment objectives and policies adopted by
  the Vermont State Employees’ Retirement System, where appropriate, to the investment
  of funds in the Trust Investment Account. (4) At reasonable intervals, but at least annually in June of each fiscal year, the Treasurer
  shall credit each individual fund in the Trust Investment Account with a pro rata
  share of the net income of the Account. The value of the individual funds transferred
  to or withdrawn from the Trust Investment Account shall be on the basis of the fair
  market value of the total funds of the Account at the time of the transfer or withdrawal.
  The Treasurer may withdraw monies from the Account as permitted or required by the
  terms of the individual funds or as required by acts of the General Assembly. (5) Annually, the Treasurer shall prepare a report to the House Committee on Ways and
  Means and the Senate Committee on Finance on the financial activity of the Trust Investment
  Account. The provisions of 2 V.S.A. § 20