§1175. Notification of funds received; tax and economic loss

Link to law: http://legislature.vermont.gov/statutes/section/10/045/01175
Published: 2015

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Title

10

:
Conservation and Development






Chapter

045

:
CONNECTICUT RIVER FLOOD CONTROL COMPACT






Subchapter

002
:
PROVISIONS RELATING TO FLOOD CONTROL COMPACT










 

§

1175. Notification of funds received; tax and economic loss

(a) The State

Treasurer shall notify the Commissioner of Finance and Management when he or

she receives funds from either the State of Connecticut or the Commonwealth of

Massachusetts, as provided in the Connecticut River Flood Control Compact,

sections 1151-1160 of this title, in reimbursement for loss of taxes and for

economic losses and damages for any tax year in a town or towns of this State

occasioned by ownership therein by the United States of lands, rights or other

property in a flood control dam and reservoir.

(b) At the same

time the State Treasurer shall transmit to the Secretary of the Agency of

Natural Resources the official notification he or she has received from the

Connecticut River Valley Flood Control Commission setting forth the tax loss or

the economic losses and damages, as determined by the Commission according to

the terms of said compact, or as otherwise determined by the Commission,

together with the part of each such loss the State of Connecticut and the

Commonwealth of Massachusetts are obligated to pay.

(c) Funds

received pursuant to subsection (a) of this section shall be credited to a

special fund, established and managed pursuant to 32 V.S.A. chapter 7, subchapter

5, from which payments shall be made in accordance with section 1176 of this

title. (Amended 1959, No. 108, § 1; 1959, No. 328 (Adj. Sess.), § 8; 1961, No.

100, § 2; 1981, No. 222 (Adj. Sess.), § 5; 1983, No. 195 (Adj. Sess.), § 5;

1987, No. 76, § 18; 2011, No. 162 (Adj. Sess.), § E.709.1.)
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