                                 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.