Vermont Statutes Title 19 Sec. 10k
Terms Used In Vermont Statutes Title 19 Sec. 10k
- Agency: means the Agency of Transportation. See
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Develop: means the partition or division of any tract of land of any size by a person through sale, lease, transfer, or any other means by which any interest in or to the land or a portion of the land is conveyed to another person that will require the construction of permanent new or enlarged points of access to a State or town highway other than a limited access facility pursuant to subsection 1702a(a) of this title; excluding, however, tracts of land located entirely within a city or incorporated village. See
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. 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
§ 10k. Statement of policy; asset management; sale of State property
(a) The Agency shall develop an asset management plan that is a systematic goal- and performance-driven management and decision-making process of operating, maintaining, and upgrading transportation assets cost-effectively. At a minimum, the asset management system shall:
(1) identify transportation system indicators by which the different components of the transportation system may be evaluated;
(2) list all of the infrastructure assets and their condition, including pavements, structures, and facilities;
(3) include deterioration rates for infrastructure assets; and
(4) determine, long-term, the annual funds necessary to fund infrastructure maintenance at the recommended performance level.
(b) The Agency shall not negotiate nor offer for sale any State property for less than fair market value without the prior approval of the General Assembly, if in session, and, if not in session, the Joint Fiscal Committee. The Agency may sell or lease land to municipalities for less than fair market value when and for so long as the land is to be used by the municipality for transportation purposes. (Added 2001, No. 64, § 24, eff. June 16, 2001; amended 2003, No. 56, § 66, eff. June 4, 2003; 2003, No. 160 (Adj. Sess.), § 32, eff. June 9, 2004; 2021, No. 20, § 80.)