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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. The program services those in identified Empowerment Zones, Enterprise Communities, or with a 35 percent or more student population receiving free or reduced lunches.

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. Furthermore, the LEA must have an agreement with a business or industry partner that has agreed to provide at least 10 percent toward the cost of the program.
Other
Eligibility
Considerations
All Qualified Zone Academy Bond applications will be reviewed and apporved in date order of receipt. In the event the 2008-09 state allocations are oversubscribed a waiting list will be established.
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 1397E of the Internal Revenue Code
Source / Type Federal / Grant
State Fiscal Year 2009-10
SACS Resource/
Revenue Codes
9010 / 8979
Total Available $199,639,000
Recipient
Amount
$5,000,000/academy $30,000,000/district
Match
Requirement
Yes
Allocation Formula Unavailable

Important Dates

Date
Application
Available
June 1, 2009
Due Date Unavailable
Expected
Notification Date
Unavailable

Additional Information

Application http://www.cde.ca.gov/fg/fo/r13/qzabapp08rfa.asp
Background http://www.cde.ca.gov/ls/fa/qz/
Fiscal http://www.cde.ca.gov/ls/fa/qz/
Other Authorization is for calendar years 2008 and 2009. The funding amount for 2008 is $44,364,000 and for 2009 $155,275,000. There is approximately $15,000,000 authorization remaining from 2007.

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: June 1, 2009

California Department of Education
1430 N Street
Sacramento, CA 95814

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