Vermont § 13 - Central Garage Fund

§ 13. Central Garage Fund

• (a) There is created the Central Garage Fund, which shall be used to: (1) furnish equipment on a rental basis to the districts and other sections of the Agency
  for construction, maintenance, and operation of highways or other transportation activities;
  and (2) provide a general equipment repair and major overhaul service, inclusive of any assets,
  supplies, labor, or use of contractors necessary to provide that service, as well
  as to furnish necessary supplies for the operation of the equipment. (b) In order to maintain safe and reliable equipment, the Agency shall use Central Garage
  Fund monies to acquire new or replacement equipment. The Agency is authorized to acquire
  replacement pieces for existing equipment or new, additional equipment equivalent
  to equipment already owned. (c)(1) For the purpose specified in subsection (b) of this section, the following amount,
  at a minimum, shall be transferred from the Transportation Fund to the Central Garage
  Fund: (A) the amount transferred for the previous fiscal year increased by the percentage change
  in the Bureau of Labor Statistics Consumer Price Index for All Urban Consumers (CPI-U)
  if the percentage change is positive; or (B) the amount transferred for the previous fiscal year if the percentage change is zero
  or negative. (2) Each fiscal year, the sum of the following shall be appropriated from the Central
  Garage Fund exclusively for the purpose specified in subsection (b) of this section: (A) the amount transferred pursuant to subdivision (1) of this subsection (c); (B) the amount of the equipment depreciation expense from the prior fiscal year; and (C) the amount of the net equipment sales from the prior fiscal year. (3) For purposes of subdivision (1) of this subsection, the percentage change in the CPI-U
  is calculated by determining the increase or decrease, to the nearest one-tenth of
  a percent, in the CPI-U for the month ending on June 30 in the calendar year one year
  prior to the first day of the fiscal year for which the transfer will be made compared
  to the CPI-U for the month ending on June 30 in the calendar year two years prior
  to the first day of the fiscal year for which the transfer will be made. (d) In each fiscal year, net income of the Fund earned during that fiscal year shall be
  retained in the Fund. (e) For the purposes of computing net worth and net income, the fiscal year shall be the
  year ending June 30. (f) As used in this section, “equipment” means registered motor vehicles and necessary
  assets required by the Central Garage in order to fulfill the objectives established
  in subsection (a) of this section. (g) [Repealed.] (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; 2007, No. 75, § 23; 2007, No. 121 (Adj. Sess.), § 14; 2009, No. 123 (Adj. Sess.), § 21; 2017, No. 158 (Adj. Sess.), § 18; 2019, No. 59, § 16; 2023, No. 62, § 12, eff. July 1, 2023; 2023, No. 148 (Adj. Sess.), § 14, eff. July 1, 2024.)