§ 127-1309. Investments
(a) With respect to money raised in a current year for that current year's operating expenses, the Town may only invest such funds in instruments in which the principal is not at risk.
(b) For all other monies, investments of Town funds shall be made in:
(1) obligations of the United States, its agencies, and instrumentalities, and any repurchase agreements whose underlying collateral consists of such obligations;
(2) certificates of deposit and other evidences of deposit at banks, savings institutions, and trust companies approved by the Treasurer;
(3) such municipal bonds or other bonds as are a lawful investment for a bank, savings institution, and trust companies in this State;
(4) shares of an investment company, or an investment trust, which is negotiated under the Federal Investment Company Act of 1940, as amended, if such mutual investment fund has been in operation for at least 10 years and has net assets of at least $10,000,000; or may deposit the same in banks, trust companies, or national banks in this State; and
(5) such investment instruments as may be offered by insurance companies which are licensed by the State of Vermont.
(c) The selectmen shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds shall have been invested, as well as the proceeds of such investments.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.