Department of the Treasury -- Virginia Public School Authority

Virginia Public School Authority

The Virginia Public School Authority operates several financing programs for public primary and secondary education. The goals of the VPSA's financing programs are to: provide market access to those communities which do not have ready access; provide low cost financing; and maintain the high credit quality to ensure that the lowest possible interest rates are obtained.

VPSA Programs and Business Activities

Pooled Bond Program - Tax Exempt Financing
Literary Fund Interest Rate Subsidy Program
Qualified School Construction Bond Program (QSCBs)
Stand Alone Bond Program
School Educational Technology Notes

Literary Fund Interest Rate Subsidy Program
Currently, this program is suspended.

Periodically, the Department of Education (DOE) and the Authority are directed to provide a program for funding school construction and renovation projects using interest rate subsidies from the Literary Fund. This program is normally conducted concurrently with the Fall pooled bond issue of the Authority. The program funds Literary Fund loan projects on DOE's first priority waiting list by subsidizing the Local Issuers' debt service cost from the Literary fund. In this way, localities would be paying no more than if they had received a direct Literary Fund loan. The interest rates on Literary Fund loans are based on the composition index, and can be as low as two percent.

Stand Alone Bond Program

Special Obligation School Financing Bonds have a "stand alone" security structure. Each series is secured separately and solely by the general obligation school bonds of the individual county or city requesting the financing.

School Educational Technology Notes

The Authority issues its School Educational Technology Notes to be used primarily to make grants to establish a computer-based instructional and testing system for the Standards of Learning (SOL) and to develop the capability for high speed Internet connectivity at high schools followed by middle schools followed by elementary schools. The notes are limited obligations of the Authority payable solely from appropriations by the General Assembly from the Literary Fund and backed by a sum sufficient appropriation from the General Fund of the Commonwealth.

Bond Policies

Statutory Requirements for Board Membership:

§ 22.1-164 et. seq. of the Code of Virginia establishes the membership of the Virginia Public School Authority (VPSA). The State Treasurer, the State Comptroller, the Superintendent of Public Instruction or his designee, and five additional members appointed by the Governor constitute the VPSA Board. The gubernatorial appointees serve at the pleasure of the Governor for six-year terms (except appointments to fill vacancies are for the unexpired terms). The Governor appoints the Chair of the VPSA.

Board

Gubernatorial Appointees

Brenda L. Skidmore (Chairman)
Term effective: July 1, 2010 Term expiration: June 30, 2016
Woodrow Mullins, Jr	Ben Loyola
Term effective: July 1, 2006 Term expiration: June 30, 2012	Term effective: July 1, 2010 Term expiration: June 30, 2016
James M. Holland, CPA	Kanchana K. Thamodaran
Term effective: July 1, 2008 Term expiration: June 30, 2014	Term effective: July 1, 2008 Term expiration: June 30, 2014

Ex-Officio

Manju Ganeriwala (Secretary/Treasurer)	David A. Von Moll
State Treasurer Appointment effective: January 1, 2009 Serves at the Pleasure of the Governor	State Comptroller Appointment effective: January 14, 2006 Serves at the Pleasure of the Governor
Dr. Patricia I. Wright
Superintendent of Public Instruction Appointment effective: October 1, 2008 Serves at the pleasure of the Governor

Legal Counsel

Donald R. Ferguson
Sr. Assistant Attorney General Office of the Attorney General 900 East Main Street Richmond, VA 23219 (800) 786-7240 dferguson@oag.state.va.us

Staff Contacts

Vacant	Evelyn R. Whitley
Public Finance Manager Department of the Treasury P.O. Box 1879 Richmond, VA 23218-1879 (804) 225-4928	Director of Debt Management Department of the Treasury P.O. Box 1879 Richmond, VA 23218-1879 (804) 225-4930
Melissa W. Palmer
Senior Public Finance Analyst (804) 225-4926

The information contained in the bond and investor relations area of this website should not be considered an offer to sell securities or a solicitation to buy securities.

The web pages contain information relating to bond financing programs of the Commonwealth. The purpose of this section is to provide general information about the Commonwealth, its debt management, and its borrowing programs. The information is provided for quick reference only and is not a summary or a compilation of information for any particular bond issue. It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure within the meaning of applicable securities law with respect to any of the matters or programs addressed. Investment decisions should be made only after full review of the official statement and other relevant matters in connection with a particular bond issue.

The Department of Treasury is not responsible for the content of links to other Commonwealth Websites nor the Municipal Securities Rulemaking Board (MSRB) nor Electronic Municipal Market Access (EMMA)