A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The Department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The Department shall approve any withdrawal or borrowing from these funds and shall monitor repayment.
Vt. Stat. Ann. tit. 8, § 8009
Reserve requirements
Added 1987, No. 247 (Adj
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.