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.

 

JLD/kcd

 

Attachment

 

/administrators/superintendents_memos/2002/inf133a.pdf