Vermont Statutes Title 10 Sec. 280v
Terms Used In Vermont Statutes Title 10 Sec. 280v
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bonds: means bonds, notes, or other evidence of indebtedness. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Program: means the State Infrastructure Bank Program established pursuant to this subchapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 280v. Termination of the Program; remaining assets and liabilities
The Program shall continue until terminated by law; provided, however, that no such law shall take effect so long as there shall be outstanding bonds secured by the fund unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the Program, assets that remain after provision for the payment or satisfaction of all bonds issued pursuant to this subchapter shall vest in the State, in the Transportation Fund and General Fund in equal proportion to the percentages of funds initially invested in the bank. For the purpose of this section only, federal transportation funds invested in the bank shall be considered State transportation funds. (Added 1997, No. 43, § 1.)