Vermont § 59 - Dissolution of District

§ 59. Dissolution of District

• (a) Procedure. If the Board of Supervisors receives a dissolution petition from no less than five
  percent of voters in each member municipality in which votes are verified by the town
  clerk in each municipality, or if the Board by Supervisors, 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 member municipalities, and the District that the District
  be dissolved, and if the District then has no outstanding debt or obligations under
  long-term contracts, 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 of the District duly
  warned for such purpose. If two-thirds of the voters of the District present and
  voting at such special meeting of the District duly warned for such purpose 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 of Supervisors shall cause a notice of the proposed dissolution
  to be mailed to each known creditor of the District and to the Vermont 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) Plan of dissolution. The plan of dissolution shall: (1) identify and value all unencumbered assets of the District; (2) identify and value all encumbered assets of the District; (3) identify all creditors of the District and the nature or amount of all liabilities
  and obligations of the District; (4) identify all obligations under long-term contracts; (5) specify the means by which assets of the District shall be liquidated and all liabilities
  and obligations of the District shall be paid and discharged, or adequate provision
  shall be made for the satisfaction thereof; (6) specify the amount of monies due from each member municipality, if necessary, to extinguish
  the liabilities of the District; (7) specify the nature and amount of any liabilities or obligations to be assumed and
  paid by the member municipalities; (8) specify the means by which any assets remaining after discharge of all liabilities
  shall be liquidated, if necessary; (9) specify that any assets remaining after payment of all liabilities shall be apportioned
  and distributed among the member municipalities according to the same basic formula
  used in apportioning the annual assessments of the District. (c) Termination. When the plan of dissolution has been implemented, the Board of Supervisors shall
  adopt a resolution certifying that fact to the member municipalities. Then, this chapter
  and the District created hereby shall be terminated. (Amended 2011, No. M-17 (Adj. Sess.), § 2, eff. July 12, 2012.)