Part III. — Internal Revenue Bulletin 2002-32

Qualified Public Educational Facility Bonds—2002 Calendar Year Resident Population Estimates

Notice 2002–56

This notice informs states and other issuers of qualified exempt facility bonds described in § 142(a)(13) of the Internal Revenue Code (“Qualified Public Educational Facility Bonds”) of the proper population figures to be used for calculating the 2002 calendar year limitation under § 142(k)(5) on the annual aggregate face amount of tax-exempt bonds described in § 142(a)(13).

Section 142(k)(5) provides that an issue shall not be treated as an issue described in § 142(a)(13) if the aggregate face amount of bonds issued by the state pursuant thereto (when added to the aggregate face amount of bonds previously so issued during the calendar year)

exceeds an amount equal to the greater of (i) $10 multiplied by the state population, or (ii) $5,000,000.

There is no definition of “state population” under § 142(k)(5). However, the volume limitation under § 142(k)(5) is analogous to the volume cap under § 146. Section 146(j) provides generally that, for purposes of § 146, determinations of population for any calendar year are made on the basis of the most recent census estimate of the resident population of a state (or issuing authority) released by the Bureau of the Census before the beginning of such calendar year. The same population figures are to be used for purposes of § 142(k)(5). The 2002 calendar year population figures to be used for purposes of § 146 were published in Notice 2002–13, 2002–8 I.R.B. 547 (February 25, 2002). In future years, the population figures for purposes of § 142(k)(5) and § 146 will be published in the same notice.

Resident Population Figures

The proper population figures for calculating the volume limitation under § 142(k)(5) for the 2002 calendar year are the estimates of the resident population of the 50 states and the District of Columbia, released by the Bureau of the Census on December 28, 2001, in Press Release CB01–203. The proper population figures for calculating the volume limitation under § 142(k)(5) for the 2002 calendar year for Puerto Rico are the estimates of the resident population for July 1, 2001, released by the Bureau of the Census on December 31, 2001, in Press Release CB01–205. The proper population figures for calculating the volume limitation under § 142(k)(5) for the 2002 calendar year for the insular areas (American Samoa, Guam, Northern Mariana Islands, and U.S. Virgin Islands) are the figures released by the Bureau of the Census on July 3, 2001, in press release CB01– CN.1. For convenience, these estimates are reprinted below.

Alabama............................................................................................................................................................................. 4,464,356 Alaska ................................................................................................................................................................................ 634,892 American Samoa................................................................................................................................................................ 57,291 Arizona............................................................................................................................................................................... 5,307,331 Arkansas............................................................................................................................................................................. 2,692,090

California ...........................................................................................................................................................................34,501,130 Colorado............................................................................................................................................................................. 4,417,714 Connecticut ........................................................................................................................................................................ 3,425,074

Delaware ............................................................................................................................................................................ 796,165 District of Columbia.......................................................................................................................................................... 571,822

Florida................................................................................................................................................................................16,396,515

Georgia............................................................................................................................................................................... 8,383,915 Guam.................................................................................................................................................................................. 154,805

Hawaii................................................................................................................................................................................ 1,224,398

Idaho .................................................................................................................................................................................. 1,321,006 Illinois ................................................................................................................................................................................12,482,301 Indiana................................................................................................................................................................................ 6,114,745 Iowa.................................................................................................................................................................................... 2,923,179

Kansas ............................................................................................................................................................................... 2,694,641 Kentucky ........................................................................................................................................................................... 4,065,556

August 12, 2002 319 2002–32 I.R.B.

Resident Population Figures

Louisiana............................................................................................................................................................................ 4,465,430

Maine ................................................................................................................................................................................. 1,286,670 Maryland............................................................................................................................................................................ 5,375,156 Massachusetts .................................................................................................................................................................... 6,379,304 Michigan ............................................................................................................................................................................ 9,990,817 Minnesota........................................................................................................................................................................... 4,972,294 Mississippi ......................................................................................................................................................................... 2,858,029 Missouri ............................................................................................................................................................................. 5,629,707 Montana ............................................................................................................................................................................. 904,433

Nebraska ............................................................................................................................................................................ 1,713,235 Nevada ............................................................................................................................................................................... 2,106,074 New Hampshire ................................................................................................................................................................ 1,259,181 New Jersey......................................................................................................................................................................... 8,484,431 New Mexico ...................................................................................................................................................................... 1,829,146 New York ..........................................................................................................................................................................19,011,378 North Carolina .................................................................................................................................................................. 8,186,268 North Dakota .................................................................................................................................................................... 634,448 Northern Mariana Islands ................................................................................................................................................ 69,221

Ohio....................................................................................................................................................................................11,373,541 Oklahoma........................................................................................................................................................................... 3,460,097 Oregon................................................................................................................................................................................ 3,472,867

Pennsylvania ......................................................................................................................................................................12,287,150 Puerto Rico ........................................................................................................................................................................ 3,839,810

Rhode Island ..................................................................................................................................................................... 1,058,920

South Carolina .................................................................................................................................................................. 4,063,011 South Dakota .................................................................................................................................................................... 756,600

Tennessee .......................................................................................................................................................................... 5,740,021 Texas ..................................................................................................................................................................................21,325,018

U.S. Virgin Islands ........................................................................................................................................................... 108,612 Utah.................................................................................................................................................................................... 2,269,789

Vermont.............................................................................................................................................................................. 613,090 Virginia .............................................................................................................................................................................. 7,187,734

Washington ........................................................................................................................................................................ 5,987,973 West Virginia ..................................................................................................................................................................... 1,801,916 Wisconsin........................................................................................................................................................................... 5,401,906 Wyoming............................................................................................................................................................................ 494,423

The principal authors of this notice are Michael P. Brewer and Timothy L. Jones of the Office of Assistant Chief Counsel (Tax Exempt and Governmental Entities). For further information regarding this notice, contact Mr. Brewer at (202) 622–3980 (not a toll-free call).

2002–32 I.R.B. 320 August 12, 2002