Law lets Vt. towns delay education payments

MONTPELIER, Vt. (AP) – Vermont Gov. Peter Shumlin has signed legislation allowing Vermont towns left cash-strapped by Tropical Storm Irene recovery to delay payments into the state education fund.

The new law comes after the fact. State Treasurer Beth Pearce allowed 11 towns to delay a total of $7.1 million in payments due Dec. 1 until the end of this month. She says she did so on a promise from Shumlin and legislative leaders that the bill would pass.

Towns hit hard by Irene faced steep bills in the fall for road repairs and other expenses, and some faced cash-flow problems as a result.

Towns were allowed to defer payments to the education fund up to their Irene-related costs.

But they must pay up by Feb. 28 or interest will accrue from Dec. 1.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)
   

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s