COMMONWEALTH OF VIRGINIA
DEPARTMENT OF EDUCATION
P.O. BOX 2120
RICHMOND, VIRGINIA 23218-2120
SUPTS. MEMO NO. 133
September 27, 2002
INFORMATIONAL
|
TO: |
Division
Superintendents |
|
FROM: |
Jo Lynne
DeMary Superintendent
of Public Instruction |
|
SUBJECT: |
Tax-exempt Private Activity Bond Allocation for
Public Education Facilities |
The purpose of this memorandum is to provide you
with formal notification of this new bond allocation program as a follow-up to
the e-mail notification that was sent to you last week.
Recent federal legislation known as the Economic
Growth and Tax Relief Reconciliation Act of 2001 provides Virginia with the
capacity to allocate approximately $70 million annually of tax-exempt private
activity bonds that may be used to finance public school facilities. These bonds are available to school
divisions that form partnerships with private, for-profit corporations.
Pursuant to Chapter 899, 2002 Acts of Assembly (the
Appropriation Act), the Secretary of Education is authorized to allocate this
bond capacity to school divisions in Virginia.
The attached memorandum from the Honorable Belle S. Wheelan, Secretary
of Education, announces the application process for making these allocations
for the 2002 calendar year.
If you have any questions regarding this program,
please contact Dan Timberlake, assistant superintendent for finance, or Kent
Dickey, budget director, at (804) 225-2025.