                                 CODE OF VIRGINIA

ALLOCATION OF STATE CEILING FOR 2008 AND BEYOND (§ 15.2-5002)

This section shall apply to all private activity bonds issued by issuing
authorities during 2008 and in years subsequent to 2008. The state ceiling for
these calendar years shall be allocated as follows:

1. &#8220;Housing.&#8221; For calendar years 2008 and beyond, an amount equal to
57 percent of the Virginia state ceiling on private activity bonds shall be set
aside for single family and multifamily housing bonds. The housing portion of
the state ceiling shall be divided between local housing authorities and the
Virginia Housing Development Authority. The bond authority allocated to these
issuers shall be distributed as follows:
			Local Housing Authorities
			14%
			Virginia Housing Development Authority
			43%
			Total Housing Allocation
			57%

2. &#8220;Industrial Development.&#8221; For calendar years 2008 and beyond, an
amount equal to 25 percent of the Virginia state ceiling on private activity
bonds shall be set aside for the issuance of industrial development bonds for
manufacturing and exempt facilities; provided, however, that in the event that
on July 1, 2008, the amount of private activity bonds allocated since January 1,
2008, for manufacturing and exempt facilities pursuant to the guidelines
established under &#xA7; 15.2-5003 shall have exceeded such 25 percent amount,
the amount set aside for the Virginia Housing Development Authority under this
section for calendar year 2008 shall be reduced by the amount of such excess,
but in no event shall the amount of private activity bonds so allocated exceed
41 percent of the Virginia state ceiling on private activity bonds for calendar
year 2008.

3. &#8220;State allocation.&#8221; For calendar years 2008 and beyond, an amount
equal to eighteen percent of the Virginia state ceiling on private activity
bonds shall be set aside for state issuing authorities for allocations to
housing and to exempt projects and manufacturing facilities of state and
regional interests as determined by the Governor.

HISTORY: 1987, c. 306, § 15.1-1399.14; 1990, c. 299; 1995, cc. 359, 384; 1997,
c. 587; 1998, cc. 39, 784; 2008, c. 445.