Vermont § 3083 - Dissolution

§ 3083. Dissolution

• (a) If the board by resolution approved by two-thirds of all the votes entitled to be
  cast determines that it is in the best interests of the public, the district members,
  and the district that such district be dissolved, and if the district then has no
  outstanding obligations under pledges of communications plant net revenue, long-term
  contracts, or contracts subject to annual appropriation, or will have no such debt
  or obligation upon completion of the plan of dissolution, it shall prepare a plan
  of dissolution and thereafter adopt a resolution directing that the question of such
  dissolution and the plan of dissolution be submitted to the voters of the district
  at a special meeting thereof duly warned for such purpose. If a majority of the voters
  of the district present and voting at such special meeting shall vote to dissolve
  the district and approve the plan of dissolution, the district shall cease to conduct
  its affairs except insofar as may be necessary for the winding up thereof. The board
  shall immediately cause a notice of the proposed dissolution to be mailed to each
  known creditor of the district and to the Secretary of State and shall proceed to
  collect the assets of the district and apply and distribute them in accordance with
  the plan of dissolution. (b) The plan of dissolution shall: (1) identify and value all unencumbered assets; (2) identify and value all encumbered assets; (3) identify all creditors and the nature or amount of all liabilities and obligations; (4) identify all obligations under long-term contracts and contracts subject to annual
  appropriation; (5) specify the means by which assets of the district shall be liquidated and all liabilities
  and obligations paid and discharged, or adequate provision made for the satisfaction
  thereof; (6) specify the means by which any assets remaining after discharge of all liabilities
  shall be liquidated if necessary; and (7) specify that any assets remaining after payment of all liabilities shall be apportioned
  and distributed among the district members according to a formula based upon population. (c) When the plan of dissolution has been implemented, the board shall adopt a resolution
  certifying that fact to the district members whereupon the district shall be terminated,
  and notice thereof shall be delivered to the Secretary of the Senate and the Clerk
  of the House of Representatives in anticipation of confirmation of dissolution by
  the General Assembly. (Added 2015, No. 41, § 20, eff. June 1, 2015.)