Vermont § 798 - Taking Over of Existing Property—Article VIII A

§ 798. Taking Over of Existing Property—Article VIII A

• . Power to acquire property of member district. The articles of agreement, or an amendment thereof, may provide for the acquisition
  by an interstate district from a member district of all or a part of its existing
  plant and equipment. B. Valuation. The articles of agreement, or the amendment, shall provide for the determination of
  the value of the property to be acquired in one or more of the following ways: a. A valuation set forth in the articles of agreement or the amendment. b. By appraisal, in which case, one appraiser shall be appointed by each commissioner,
  and a third appraiser appointed by the first two appraisers. C. Reimbursement to member district. The articles of agreement shall specify the method by which the member district shall
  be reimbursed by the interstate district for the property taken over, in one or more
  of the following ways: a. By one lump sum, appropriated, allocated, and raised by the interstate district in
  the same manner as an appropriation for operating expenses. b. In installments over a period of not more than twenty years, each of which is appropriated,
  allocated, and raised by the interstate district in the same manner as an appropriation
  for operating expenses. c. By an agreement to assume or reimburse the member district for all principal and interest
  on any outstanding indebtedness originally incurred by the member district to finance
  the acquisition and improvement of the property, each such installment to be appropriated,
  allocated, and raised by the interstate district in the same manner as an appropriation
  for operating expenses. The member district transferring the property shall have the same obligation to pay
  to the interstate district its share of the cost of such acquisition, but may offset
  its right to reimbursement. (Added 1975, No. 130 (Adj. Sess.), § 8.)