32 V.S.A. § 3709 PILOT Special Fund
3709. PILOT Special Fund
(a) There is hereby established a PILOT Special Fund consisting of local option tax revenues paid to the State Treasurer pursuant to 24 V.S.A. § 138. This Fund shall be managed by the Commissioner of Taxes pursuant to chapter 7, subchapter 5 of this title. Notwithstanding subdivision 588(3) of this title, all interest earned on the Fund shall be retained in the Fund for use in meeting future obligations. The Fund shall be exclusively for payments required under subchapters 4 and 4C of this chapter, for any additional State payments in lieu of taxes for correctional facilities, and as provided in subsection (c) of this section. The Commissioner of Finance and Management may draw warrants for disbursements from this Fund in anticipation of receipts.
(b) If the PILOT Special Fund is insufficient to pay the full amount of all payments in lieu of taxes under subchapter 4 of this chapter, then, after application of the cap in subsection 3703(c) of this title, payments determined under section 3703 of this subchapter shall be reduced proportionately.
(c) If the local option tax cash receipts deposited in the PILOT Special Fund, pursuant to 24 V.S.A. § 138, in any State fiscal year exceed the sum of all cash disbursements made under subchapters 4 and 4C of this chapter; payments in lieu of taxes for correctional facilities; and grand list and appraisal assistance during that same fiscal year, then an amount of PILOT Special Funds equal to three-fourths of the surplus annual operating cash receipts shall be transferred by the Commissioner of Finance and Management to the Local Option Municipal Transportation Special Fund, established pursuant to 19 V.S.A. § 306b, as part of the annual fiscal year close out process.
Added 2005, No. 215 (Adj. Sess.), § 287; amended 2007, No. 192 (Adj. Sess.), § 6.011.1, eff. June 7, 2008; 2025, No. 27, § E.142.1, eff. July 1, 2025; 2025, No. 144 (Adj. Sess.), § F.915, eff. June 16, 2026.