Vermont § 5709 - Dissolution

§ 5709. Dissolution

• (a) If the board by resolution approved by a two-thirds’ vote 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 district assets or 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 of them. 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
  of them; (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 2017, No. 69, § B.1, eff. June 28, 2017.)