Vermont § 8009 Reserve requirements

Vermont Statutes

§ 8009 — Reserve requirements

Vermont·Title 8 Title 8: Banking and Insurance·Ch. 151 Chapter 151: Continuing Care Retirement Communities

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.)

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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.)

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