Vermont Statutes Title 24 Sec. 5109
Terms Used In Vermont Statutes Title 24 Sec. 5109
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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 selectmen in the case of a town, the council or mayor and board of aldermen in the case of a city, and the trustees in the case of an incorporated village. See
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
§ 5109. Termination of membership
(a) A member municipality may withdraw from membership in the authority, if notification of withdrawal is given more than one year after the member municipality joined such authority. The withdrawal shall take effect at the end of the first full fiscal year following a notification of withdrawal. The notification shall be in the form of a resolution duly adopted by the legislative body of the withdrawing member and delivered to the board of commissioners at a regular meeting.
(b) Notwithstanding subsection (a) of this section, upon giving notice as required by subsection (a), a member municipality may withdraw from the authority after the authority has voted to bond itself in accordance with the provisions of chapter 53 of this title, but shall continue to be liable for its share of all existing indebtedness incurred under chapter 53 of this title at the time notice of its withdrawal is given. (Added 1975, No. 153 (Adj. Sess.), § 1, eff. March 10, 1976.)