2002 Session

Budget Amendments - HB30 (Conference Report)

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SB 681 Private Activity Bonds (language only)

Item 136 #3c

Item 136 #3c

Education: Elementary and Secondary
Education, Secretary of

Page 91, after line 8, insert:
"D.  The Secretary of Education is hereby authorized to make allocations of the portion of the tax-exempt private activity bond limitation amount to be allocated annually to the Commonwealth of Virginia pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001 (P.L. 107-16)(Section 142(k)(5) of the Internal Revenue Code of 1986, as amended) for the development of education facilities using public-private partnerships, and to provide for carryovers of any unused limitation amount.  In making such allocations, the Secretary is directed to give priority to public-private partnership proposals that will serve as demonstration projects concerning the leveraging of private sector contributions and resources, the achievement of economies or efficiencies associated with private sector innovation, and other benefits that are or may be derived from public-private partnerships in contrast to more traditional approaches to public school construction and renovation.  The Secretary is directed to report annually not later than August 31 (commencing August 31, 2002) to the Chairmen of the Senate Finance and House Appropriations Committees regarding any guidelines implemented and any allocations made pursuant to this paragraph."

(This amendment allows the Secretary of Education to authorize the use of a new allocation of the Commonwealth's portion of tax-exempt private activity bond authority which has been made available under federal law. This allocation is available only for educational facilities and will not affect the allocation otherwise available to the Commonwealth and localities.)