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Senate committee briefed on state property sales: capital bill, fair market value and proceeds rules
Summary
State buildings staff told the Senate committee how surplus state property is handled: sales generally appear in the capital bill, must be at fair market value, and proceeds are returned to capital funds rather than operating budgets.
The Vermont Senate Committee on Institutions was briefed May 13 on how the state disposes of surplus real property, when the capital bill is used to authorize transfers and sales, and how proceeds are handled.
A Department of Buildings and General Services presenter said the state typically brings proposals to sell property through the capital bill so that members of the appropriations and institutions committees can review the recommendation and any conditions attached…
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