WHEREAS, the State of Vermont is obligated to provide a certain program of dental care benefits to its eligible employees, and

WHEREAS, the State has contracted with a licensed insurance company to provide these dental benefits beginning July 6, 1980, and

WHEREAS, the State wishes to achieve economic benefits for itself by choosing a minimum premium type funding, and

WHEREAS, such minimum premium insured plan requires certain special banking arrangements,

NOW, THEREFORE, I, Richard A. Snelling, by virtue of the authority vested in me as Governor, do hereby order and direct that:

1. A special fund entitled "State of Vermont Employee Dental Assistance Plan" be established and a depository designated by the State Treasurer; and

2. The portion of the total plan cost designated by the insurance company be deposited to this special fund at the required intervals as necessary reserves for claims; and

3. A separate account be established by the Treasurer in a bank designated by the insurance company to facilitate the operation of the claim payment system established by the insurer.

FURTHER, BE IT ORDERED:

That the operations of these Special Fund accounts be subject to the same legal compliance responsibilities and accountabilities as other state accounts under the direction of the State Treasurer, and

That appropriate and timely reports of account activity, including deposits, earnings and withdrawals, be made by the Commissioner of Finance and the State Treasurer to the Secretary of Administration who shall have overall responsibility for the operation of the dental assistance plan and this Special Fund.

Dated May 7, 1980.