                                 CODE OF VIRGINIA

DEFINITIONS (§ 15.2-5000)

As used in this chapter:
		&#8220;Exempt project&#8221; for the purposes of the industrial development
portion of the state ceiling means the following facilities:

1. Sewage, solid waste and qualified hazardous waste disposal facilities; and
facilities for the local furnishing of electric energy or gas;

2. Certain facilities for the furnishing of water (including irrigation
systems);

3. Mass commuting facilities;

4. Local district heating and cooling facilities.
			&#8220;Industrial development bond&#8221; means those obligations issued by
the Commonwealth and its issuing authorities which constitute manufacturing and
exempt facility private activity bonds and the private use portion of
governmental projects over the fifteen million-dollar threshold amount.
			&#8220;Issuing authority&#8221; means any political subdivision, governmental
unit, authority, or other entity of the Commonwealth which is empowered to issue
private activity bonds.
			&#8220;Local housing authority&#8221; means any issuer of multifamily housing
bonds or single family housing bonds, created and existing under the laws of the
Commonwealth, excluding the Virginia Housing Development Authority.
			&#8220;Manufacturing facility&#8221; means (i) any facility which is used in
the manufacturing or production of tangible personal property, including the
processing resulting in a change of condition of such property, (ii) any
facility which is used in the creation or production of intangible property as
described in &#xA7; 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, as
amended, to be any patent, copyright, formula, process, design, pattern,
knowhow, format, or other similar item, or (iii) any facility which is
functionally related and subordinate to a manufacturing facility if such
facility is located on the same site as the manufacturing facility. This
definition is for bonding purposes under this chapter only and shall not apply
to local taxation under Title 58.1.
			&#8220;Multifamily housing bond&#8221; means any obligation which constitutes
an exempt facility bond under federal law for the financing of a qualified
residential rental project within the meaning of &#xA7; 142 of the Internal
Revenue Code of 1986, as amended.
			&#8220;Private activity bond&#8221; means a part or all of any bond (or other
instrument) required to obtain an allocation from the state&#8217;s volume cap
pursuant to &#xA7; 146 of the Internal Revenue Code of 1986, as amended, in
order to be tax exempt, including but not limited to the following:

1. Exempt project bonds,

2. Manufacturing facility bonds,

3. Industrial development bonds,

4. Multifamily housing bonds,

5. Single family housing bonds,

6. Any other bond eligible for a tax exemption as a private activity bond
pursuant to &#xA7; 141 of the Internal Revenue Code of 1986, as amended.
			&#8220;Single family housing bonds&#8221; means any obligation described as a
qualified mortgage bond under &#xA7; 143 of the Internal Revenue Code of 1986,
as amended.
			&#8220;State ceiling&#8221; means the maximum amount of private activity
bonds that the Commonwealth of Virginia may issue in a calendar year as limited
by federal law under the Internal Revenue Code of 1986, as amended.

HISTORY: 1987, c. 306, § 15.1-1399.10; 1990, c. 299; 1997, c. 587; 2008, c.
445; 2010, cc. 122, 360.