32 V.S.A. § 962 — Private use compliance, notice, and approval

Any entity receiving an appropriation financed with proceeds of tax-exempt bonds of
the State shall notify and receive approval from the State Treasurer and the Secretary
of Administration at least 90 days prior to finalizing an agreement with a nonpublic
or for-profit entity to rent, lease, sell, or otherwise dispose of property financed
with those proceeds and also shall pay any cost related to compliance with the Internal
Revenue Code of 1986, as amended, resulting from disposal of the property. This notification
requirement shall not apply if the proceeds were included in the five percent allowance
for private use prior to the issuance of bonds, or if the proceeds were provided,
or the property was disposed of, as a grant or otherwise with no payment or repayment
made or required to be made to the State or to the entity. (