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Qualified School Construction Bond

NOTE: The application due date for this program has passed.

Qualified School Construction Bonds (QSCB) offers local educational agencies (LEAs) the ability to sell tax-exempt bonds and use the revenue, essentially a loan, for construction of public school facilities, rehabilitation or repair of school facilities, acquisition of land on which public school facilities will be constructed with proceeds of issuance, or to purchase equipment related to the project(s) constructed or rehabilitated with the proceeds of issuance.

Eligibility

Eligible
Applicants
Local educational agencies
Required
Eligibility
Criteria
All LEAs except the eleven direct authorized districts will be eligible for the first authorization cycle. Charter schools will apply for allocations through the California State Treasurer, California School Finance Authority. If there is authorization remaining, a second authorization cycle will be considered after October 1, 2009.The second round authorization cycle will also be open to the eleven direct authorized districts and first round authoirzation awardees up to the $25,000,000 cap.
Other
Eligibility
Considerations
If the program is oversubscribed, a lottery will be conducted by the CDE on August 28, 2009. If the program is not oversubscribed, applications will be reviewed and authorized in date and time order. Date order will be established by the postmark and/or date stamp when hand delivered to the CDE.
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 1521 of the Internal Revenue Code
Source / Type Federal / Grant
State Fiscal Year 2009-10
SACS Resource/
Revenue Codes
0000 / 0000
Total Available $773,525,000
Recipient
Amount
Maximum $25,000,000 per LEA
Match
Requirement
No
Allocation Formula $773,525,000 total allocation to the State. $73,525,000 will be allocated to California State Treasurer, California School Finance Authority to assist charter schools in obtaining Qualified School Construction Bond issuance. The remaining $700,000,000 allocation will be for LEAs not including charter schools.

Important Dates

Date
Application
Available
July 3, 2009
Due Date August 25, 2009
Expected
Notification Date
August 28, 2009

Additional Information

Application http://www.cde.ca.gov/fg/fo/r13/qscb09rfa.asp
Background http://www.cde.ca.gov/ls/fa/qs/
Fiscal http://www.cde.ca.gov/ls/fa/qs/
Other Authorization is for calendar year 2009.

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: July 8, 2009

California Department of Education
1430 N Street
Sacramento, CA 95814

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