Form CVO-101 "Fuel Tax Surety Bond" - Vermont

What Is Form CVO-101?

This is a legal form that was released by the Vermont Department of Motor Vehicles - a government authority operating within Vermont. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on June 1, 2019;
  • The latest edition provided by the Vermont Department of Motor Vehicles;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form CVO-101 by clicking the link below or browse more documents and templates provided by the Vermont Department of Motor Vehicles.

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Download Form CVO-101 "Fuel Tax Surety Bond" - Vermont

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Fuel Tax Surety Bond
120 State Street
DEPARTMENT OF MOTOR VEHICLES
Montpelier, Vermont 05603-0001
Agency of Transportation
802.828.2070
dmv.vermont.gov
888-99-VERMONT
Bond No. ______________________
This agreement is entered into ___________________________________________________, as principal, and
_________________________________________, as Surety.
The principal has applied to the Commissioner of Motor Vehicles of Vermont for a license to engage in business
as a Fuel Distributor, beginning on _____________ 20____. If the Commissioner of Motor Vehicles grants this
application, the Principal agrees to render all reports and pay all taxes, penalties and fines provided in 23 V.S.A.
If the Principal fails to render any report or pay tax, penalty or fines required under 23 V.S.A. Subchapter 1 of
Chapter 28, as amended from time to time, the Principal and Surety jointly and separately bind themselves, their
heirs, executors, administrators and successors to pay to the State of Vermont and/or the Commissioner of Motor
Vehicles of Vermont up to the amount of $________________________________ for each year, or fraction
thereof, that this agreement remains in effect.
All obligations under this agreement shall commence when the agreement is signed by the Principal and Surety
and shall cease at midnight on December 31, 20______, except as to any liability that has accrued to that time.
Dated this ______________________ day of ___________________, 20____ at _____________________,
County of ___________________________ and State of ____________________________________.
Witness
Principal
(Seal)
Dated this ______________________ day of ___________________, 20____ at _____________________,
County of ___________________________ and State of ____________________________________.
Witness
Surety
By: _______________________________
Attorney-In-Fact
(Seal)
CVO-101 06/2019 MTC
Fuel Tax Surety Bond
120 State Street
DEPARTMENT OF MOTOR VEHICLES
Montpelier, Vermont 05603-0001
Agency of Transportation
802.828.2070
dmv.vermont.gov
888-99-VERMONT
Bond No. ______________________
This agreement is entered into ___________________________________________________, as principal, and
_________________________________________, as Surety.
The principal has applied to the Commissioner of Motor Vehicles of Vermont for a license to engage in business
as a Fuel Distributor, beginning on _____________ 20____. If the Commissioner of Motor Vehicles grants this
application, the Principal agrees to render all reports and pay all taxes, penalties and fines provided in 23 V.S.A.
If the Principal fails to render any report or pay tax, penalty or fines required under 23 V.S.A. Subchapter 1 of
Chapter 28, as amended from time to time, the Principal and Surety jointly and separately bind themselves, their
heirs, executors, administrators and successors to pay to the State of Vermont and/or the Commissioner of Motor
Vehicles of Vermont up to the amount of $________________________________ for each year, or fraction
thereof, that this agreement remains in effect.
All obligations under this agreement shall commence when the agreement is signed by the Principal and Surety
and shall cease at midnight on December 31, 20______, except as to any liability that has accrued to that time.
Dated this ______________________ day of ___________________, 20____ at _____________________,
County of ___________________________ and State of ____________________________________.
Witness
Principal
(Seal)
Dated this ______________________ day of ___________________, 20____ at _____________________,
County of ___________________________ and State of ____________________________________.
Witness
Surety
By: _______________________________
Attorney-In-Fact
(Seal)
CVO-101 06/2019 MTC
BOND REQUIREMENTS
Distributors are required to submit a surety bond with their Fuel Tax License Application or
Renewal on an annual basis. The amount of the surety bond will be reviewed annually. The
minimum bond amount required shall be sum of the highest two months’ payment during the
preceding year or $1,000.00, whichever is greater, but in no case shall it exceed $700,000.00.
For new licenses, the bond amount shall be based on an estimate for the tax liability for a two
month period.
The bond amount as established above shall be increased whenever the Commissioner deems
it necessary to protect the revenues of the State. In addition, if payment and reports are delinquent
for more than ten days for more than one reporting period in a calendar, the bond amount shall
be increased to be the sum of the tax liability for the highest four months of the calendar year.
A hearing can be requested with the Commissioner for release of reduction of the bond amount.
The distributor must have complied with all licensing and reporting requirements for at least three
consecutive years. If the Commissioner determines that a release or reduction will not
unreasonably jeopardize State revenues, the request shall be granted. The Commissioner can
reimpose or increases a bond if determined the State revenues will be jeopardized.
If the release or reduction of a bond is granted, the distributor shall submit financial statements
on an annual basis. The distributor shall present a report on financial position to include an income
statement, balance sheet and statement of changes in financial condition. The financial
statements shall be reviewed by a Certified or Registered Public Accountant and will be the result
of a “review of financial statement” as defined by the American Institute of Certified Public
Accountants (AICPA) – a compilation is not acceptable.
Any surety bond on a bond furnished by the distributor shall be discharged from any liability to
the State accruing on the bond after expiration of sixty (60) days from the date the surety shall
have filed with the Commissioner a written request to be released and discharged, but the surety
shall not be released or discharged from liability already accrued or which shall accrue before the
expiration of the sixty (60) day period. The Commissioner, upon receipt of the request, shall
promptly notify by mail the licensee who furnished the bond. Unless the licensee, prior to the
expiration of the sixty (60) day period, files a new bond satisfactorily to the Commissioner, the
Commissioner shall revoke the license.
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