California Department of Education
1430 N Street
Sacramento, CA 95814
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.
| 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 |
| 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 |
| Date Application Available |
June 1, 2009 |
|---|---|
| Due Date | Unavailable |
| Expected Notification Date |
Unavailable |
| 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. |
| 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