Vermont Statutes Title 24 Sec. 1901
Terms Used In Vermont Statutes Title 24 Sec. 1901
- Financing: means debt incurred, including principal, interest, and any fees or charges directly related to that debt, or other instruments or borrowing used by a municipality to pay for improvements in a tax increment financing district, only if authorized by the legal voters of the municipality in accordance with section 1894 of this subchapter. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Legislative body: means the mayor and alderboard, the city council, the selectboard, and the president and trustees of an incorporated village, as appropriate. See
- Municipality: means a city, town, or incorporated village. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Original taxable value: means the total valuation as determined in accordance with 32 Vt. See
- Related costs: means expenses incurred and paid by the municipality, exclusive of the actual cost of constructing and financing improvements, that are directly related to the creation and implementation of the tax increment financing district, including reimbursement of sums previously advanced by the municipality for those purposes. See
§ 1901. Information reporting
Every municipality with an active tax increment financing district shall:
(1) Develop a system, segregated for the tax increment financing district, to identify, collect, and maintain all data and information necessary to fulfill the reporting requirements of this section, including performance measures.
(2) Throughout the year, as required by events:
(A) provide notification to the Vermont Economic Progress Council and the Department of Taxes regarding any tax increment financing debt obligations, public votes, or votes by the municipal legislative body immediately following such obligation or vote on a form prescribed by the Council, including copies of public notices, agendas, minutes, vote tally, and a copy of the information provided to the public in accordance with subsection 1894(i) of this subchapter;
(B) submit any proposed substantial changes to be made to the approved tax increment district plan and approved financing plan to the Council for review, only after receiving approval for the substantial change through a vote of the municipal legislative body.
(3) Annually:
(A) Ensure that the tax increment financing district account required by section 1896 of this subchapter is subject to the annual audit prescribed in sections 1681 and 1690 of this title. Procedures must include verification of the original taxable value and annual and total municipal and education tax increments generated, expenditures for debt and related costs, and current balance.
(B) On or before February 15 of each year, on a form prescribed by the Council, submit an annual report to the Vermont Economic Progress Council and the Department of Taxes, including the information required by subdivision (2) of this section if not already submitted during the year, all information required by subdivision (A) of this subdivision (3), and the information required by 32 V.S.A. § 5404a(i), including performance measures and any other information required by the Council or the Department of Taxes. (Added 2007, No. 190 (Adj. Sess.), § 62, eff. June 6, 2008; amended 2013, No. 80, § 10; 2013, No. 174 (Adj. Sess.), § 12, eff. June 4, 2014; 2015, No. 11, § 27; 2015, No. 57, § 62, eff. June 11, 2015.)