Vermont § 604 - Dissolution of District

§ 604. Dissolution of District

• (a) Procedure. If the Board of 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 immediately 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, which plan and the implementation thereof shall be subject
  to approval and supervision by the Windsor Superior Court. (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, whereupon this
  agreement and the District created hereby shall be terminated.