Vermont § 7503 - Fiscal agent
Full text of Vermont Vermont Statutes Online § 7503 — Fiscal agent, with citation guidance and answers to common questions.
§ 7503. Fiscal agent
- (a) A fiscal agent shall be selected to receive and distribute funds under this chapter. (b) The fiscal agent shall be selected by the Commissioner of Public Service after competitive
bidding. No telecommunications service provider shall be eligible to be the fiscal
agent. The duties of the fiscal agent shall be determined by a contract with a term
not greater than three years. (c) In order to finance grants and other expenditures that have been approved by the Commissioner
of Public Service, the fiscal agent may borrow money from time to time in anticipation
of receipts during the current fiscal year. No such note shall have a term of repayment
in excess of one year, but the fiscal agent may pledge its receipts in the current
and future years to secure repayment. Financial obligations of the fiscal agent are
not guaranteed by the State of Vermont. (d) The fiscal agent shall be audited annually by a certified public accountant in a manner
determined by and under the direction of the Commissioner of Public Service. (e) The financial accounts of the fiscal agent shall be available at reasonable times
to any telecommunications service provider in this State. The Commissioner of Public
Service may investigate the accounts and practices of the fiscal agent and may enter
orders concerning the same. (f) The fiscal agent acts as a fiduciary and holds funds in trust for the ratepayers until
the funds have been disbursed as provided pursuant to section 7511 of this chapter. (Added 1993, No. 197 (Adj. Sess.), § 5; amended 2005, No. 171 (Adj. Sess.), § 1; 2013, No. 191 (Adj. Sess.), § 33; 2015, No. 41, § 7.)
Frequently Asked Questions About Vermont § 7503
What does Vermont Statutes Online § 7503 cover?
Section 7503 ("Fiscal agent") 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 § 7503?
A common citation format is "Vermont Statutes Online § 7503" (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 § 7503 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.