Vt. Stat. Ann. tit. 8, § 8009
Reserve requirements
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
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.
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.
Added 1987, No. 247 (Adj. Sess.), § 1.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.