2006 Adoption Note.

1988 Greensboro and Stannard voted yes on the following articles.

1. The School Districts of the Town of Greensboro and the Town of Stannard are necessary for the establishment of the proposed Union Elementary School District.

2. There are no additional school districts the Committee considers advisable to be included in the proposed Union Elementary School District.

3. The Union Elementary School District shall be established for a class grade level from kindergarten through 6.

4. No new schools are to be constructed.

5.A. Current contracts for transportation shall be completed by the member districts. On the completion of these contracts the Union Elementary School District may provide transportation.

6. The Union Elementary School District shall assume all the rights and liabilities of the Greensboro Town School District relating to the Greensboro School Building except bonded indebtedness.

7. The Greensboro Town School District shall convey the present elementary school, its contents and grounds to the Union Elementary School District. Interest in those premises shall be transferred by deed creating a fee interest which is subject to condition upon the first to occur of the dissolution of the Union Elementary School District or the failure of the Union Elementary School District to make payments required under paragraph 5. At that time the Greensboro Town School district shall have a right to enter and reclaim the premises, without instituting any action in the nature of foreclosure or otherwise. In the event that the Union Elementary School District is dissolved, the Greensboro Town School district shall pay to the town of Stannard an amount equal to its contributions to the Union Elementary School District for capital payments, under interest shall be included in the payment.

8. Capital and operating expenses of the Union School District, including payments under paragraph 9, shall be allocated between the member districts on a per pupil basis, using the enrollment of legal pupils who are residents of the member districts as of October 15 of the preceding year. Such capital and operating expenses shall be separately stated in each annual assessment. "Enrollment", for purposes of this agreement, means legal pupils attending grades Kindergarten through 6 at public expense. Only the Union Elementary School Board may waive assessments an students attending schools outside the Union.

9. In order to pay existing debt obligations, the Union Elementary School District shall make capital payments to the Greensboro Town School District on or before November 1 of each year from 1488 through 2004 in an amount equal to the obligation of the Greensboro Town School District due to its bondholders on the Following December 1 under its 1986 series B bonds issued through the Vermont Municipal Bank. The Greensboro Elementary School District shall retain its obligations under those bonds.

10. If the Union Elementary School District should sell or otherwise dispose of the present elementary school, the proceeds shall be divided between the Greensboro Town School District and the Stannard Town School District, after first paying to the Greensboro Town School District an amount equal to any remaining principal on its 1986 series B bonds issued by the Vermont Municipal Bond Bank. The amount distributed to Greensboro shall be in proportion to its original contribution plus capital payments made to the Union District under this agreement. "Original contribution" for the purposes of this agreement means the sum of $422,254.23.

The amount distributed to Stannard shall be in proportion to its capital payments made to the Union District under this agreement. Upon that sale or disposition, the reversionary interest of the Greensboro Town School District in the property shall be extinguished.

11. The Union Elementary School District Board representation shall be proportional to the population according to the most recent census. Annually, one member shall be elected Chairman by the Board and shall be a non-voting member except when necessary to break a tie. The representation shall be subject to reapportionment following each decennial census.

12. The terms of office of the Union Elementary School District Board members shall be as follows:

The Town of Stannard shall have two Directors who will serve three year terms upon the establishment of the following schedule. The Town of Greensboro shall have six Directors who will serve three year terms upon the establishment of the following schedule.

13. The Union Elementary School District proposal shall be submitted to the voters of the Town of Stannard and the Town of Greensboro an February 25, 1988.

14. The Union Elementary School District shall be named by the Union Board following suggestions from students after approval of the Union Elementary School District.