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Vermont Statutes Annotated — Title 32 (Taxation and Finance)

32 V.S.A. § 434

Investment of certain funds

Official textlegislature.vermont.gov

# (a)

# (1)

A Trust Investment Account is hereby created to maximize the earnings of individual funds by associating them together for common investment.

# (2)

The Trust Investment Account may include:

(A) the whole or any part of individual trust funds resulting from court settlements, private bequests, grants, or other awards accepted in accordance with section 5 of this title, provided the terms thereof do not require a separate investment;

(B) the whole or any part of the funds created by express enactment of the General Assembly to finance particular or restricted programs that provide that only investment earnings of the fund shall be used for program purposes, including the Vermont Higher Education Endowment Trust Fund established pursuant to 16 V.S.A. § 2885; and

(C) any other funds that the State Treasurer identifies, in consultation with the Secretary of Administration, as appropriate for inclusion in the account.

# (3)

The State Treasurer may invest and reinvest the funds in the account and hold, purchase, sell, assign, transfer, and dispose of the investments in accordance with the standard of care established by the prudent investor rule under 14A V.S.A. § 902. The Treasurer shall apply the same investment objectives and policies adopted by the Vermont State Employees’ Retirement System, where appropriate, to the investment of funds in the Trust Investment Account.

# (4)

At reasonable intervals, but at least annually in June of each fiscal year, the Treasurer shall credit each individual fund in the Trust Investment Account with a pro rata share of the net income of the Account. The value of the individual funds transferred to or withdrawn from the Trust Investment Account shall be on the basis of the fair market value of the total funds of the Account at the time of the transfer or withdrawal.
The Treasurer may withdraw monies from the Account as permitted or required by the terms of the individual funds or as required by acts of the General Assembly.

# (5)

Annually, the Treasurer shall prepare a report to the House Committee on Ways and Means and the Senate Committee on Finance on the financial activity of the Trust Investment Account. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the required report to be made under this subdivision.

# (b)

The State Treasurer may invest and reinvest the monies deposited into the Tobacco Litigation Settlement Fund established by section 435a of this title and may hold, purchase, sell, assign, transfer, and dispose of the investments in accordance with the standard of care established by the prudent investor rule under 14A V.S.A. § 902. (

Last amended: Added 1999, No. 66 (Adj. Sess.), § 60, eff. Feb. 8, 2000; amended 2003, No. 122 (Adj. Sess.), § 294e; 2011, No. 139 (Adj. Sess.), § 32, eff. May 14, 2012; 2015, No. 131 (Adj. Sess.), § 7; 2021, No. 105 (Adj. Sess.), § 447, eff. July 1, 2022.)

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In this chapter (40 sections)
  1. 7-401 · Accounts
  2. 7-402 · Receipts
  3. 7-403 · Repealed. 1959, No. 328 (Adj. Sess.), § 35(g)
  4. 7-404 · Returned payments; penalty
  5. 7-431 · Depositories of State funds
  6. 7-432 · Management of invested State money
  7. 7-433 · Investments of State money
  8. 7-434 · Investment of certain funds
  9. 7-435 · General Fund
  10. 7-435a · Tobacco Litigation Settlement Fund
  11. 7-436 · Interfund borrowing
  12. 7-461 · Disbursements on Commissioner’s warrants
  13. 7-462 · Appropriation required
  14. 7-463 · Itemized bills with vouchers required
  15. 7-464 · Itemized statements and receipts required
  16. 7-465 · Only lawful claims allowed; warrants
  17. 7-466 · Requisitions
  18. 7-467 · Accounts with Superior Court clerks
  19. 7-468 · Repealed. 1959, No. 328 (Adj. Sess.), § 35(h)
  20. 7-469 · Requisition for court expenses
  21. 7-470 · Repealed. 2005, No. 93 (Adj. Sess.), § 85, eff. March 3, 2006
  22. 7-471 · Repealed. 1959, No. 328 (Adj. Sess.), § 35(h)
  23. 7-472 · 7-472
  24. 7-474 · Repealed. 1991, No. 257 (Adj. Sess.), § 9
  25. 7-475 · Disasters on State properties
  26. 7-476 · Rebate of income earned from investment or reinvestment of bond…
  27. 7-501 · Repealed. 1997, No. 147 (Adj. Sess.), § 261b
  28. 7-502 · Monies to be paid over without deduction
  29. 7-503 · Payment of monies into Treasury
  30. 7-504 · Fines paid to Superior Court clerk
  31. 7-505 · Repealed. 2009, No. 33, § 83(m)(3)
  32. 7-506 · Failure of Superior Court clerk to pay over
  33. 7-507 · Repealed. 2003, No. 122 (Adj. Sess.), § 294a
  34. 7-508 · Receipts given by State officers
  35. 7-509 · Overpayment; refund
  36. 7-509a · Judiciary overpayment; refund
  37. 7-510 · Appropriation; federal funds; Public Service Department receipts
  38. 7-511 · Excess receipts
  39. 7-521 · 7-521
  40. 7-526 · 7-526
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