Vermont § 3078 - Sinking and reserve funds
Full text of Vermont Vermont Statutes Online § 3078 — Sinking and reserve funds, with citation guidance and answers to common questions.
§ 3078. Sinking and reserve funds
- (a) The board may establish and provide for sinking and reserve funds, however denominated,
for the retirement and security of pledges of communications plant net revenue, or
for long-term contracts. When so established, such funds shall be kept intact and
separate from other monies at the disposal of the district, and shall be accounted
for as a pledged asset for the purpose of retiring or securing such obligations or
contracts. The cost of payments to any sinking or reserve fund shall be included in
the annual budget of the district. (b) The board shall establish and provide for a capital reserve fund to pay for communications
plant improvements, replacement of worn out buildings and equipment, and planned and
unplanned major repairs in furtherance of the purpose for which the district was created.
Any such capital reserve fund shall be kept in a separate account and invested as
are other public funds and shall be expended for such purposes for which established.
The cost of payments to any capital reserve fund shall be included in the annual budget
of the district. (Added 2015, No. 41, § 20, eff. June 1, 2015.)
Frequently Asked Questions About Vermont § 3078
What does Vermont Statutes Online § 3078 cover?
Section 3078 ("Sinking and reserve funds") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 3078?
A common citation format is "Vermont Statutes Online § 3078" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 3078 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.