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Qualified Zone Academy Bond

Qualified Zone Academy Bond (QZAB) offers local educational agencies (LEAs) the ability to sell tax-exempt bonds and use the revenue, essentially a loan, to form academy partnerships with for-profit business partners. The program serves all students by incorporating job-related relevance--in the form of technology, training, equipment, materials, etc.--into the classroom.

Eligibility

Eligible
Applicants
Local educational agencies
Required
Eligibility
Criteria
To be eligible to apply for the QZAB program, LEAs must be in a designated Empowerment Zone, Enterprise Community, or have at least 35 percent of its student population receiving free or reduced lunches. The LEA must also have an agreement with a business or industry partner that has agreed to provide at least 10 percent toward the cost of the program. Note: A third round of applications is now being accepted with an open due date. For more information, please refer to the Request for Application web site.
Other
Eligibility
Considerations
Not applicable
Eligible
Grade Level(s)
K, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12
Eligible
Age Level(s)
Not applicable

Funding

Legal
Authority
Section 107 of H.R. 6111, Section 1397E of the Internal Revenue Code
Source / Type Federal / Grant
State Fiscal Year 2007-08
SACS Resource/
Revenue Codes
9010 / 8979
Total Available $65,863,108
Recipient
Amount
$2,500,000 per academy
Match
Requirement
Yes
Allocation Formula Unavailable

Important Dates

Date
Application
Available
August 20, 2008
Due Date Unavailable
Expected
Notification Date
Unavailable

Additional Information

Application http://www.cde.ca.gov/fg/fo/r13/qzabapp06rfa.asp
Background http://www.cde.ca.gov/ls/fa/qz/
Fiscal http://www.cde.ca.gov/ls/fa/qz/qzab0607results.asp
Other Authorization is for calendar years 2006 and 2007. The funding amount for 2006 is $48,404,000 and for 2007 is $48,404,000. On September 1, 2007 successful applicants from the first round were notified of their award. Second round applicants were notified on April 2, 2008 of their award. There is additional authorization remaining in the amount of $65,863,108.

Contacts

Program Shannon Farrell-Hart
Phone : 916-323-3923
E-mail : sfarrell@cde.ca.gov
Fiscal Shannon Farrell-Hart
Phone : 916-323-3923
E-mail : sfarrell@cde.ca.gov
Division School Facilities & Transportation Services
Phone : 916-322-2470
Fax : 916-327-3954

Last Modified: September 2, 2008

California Department of Education
1430 N Street
Sacramento, CA 95814

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