Qualified School Construction Bond

Funding Description

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	Request for Application for the QSCB Program  [http://www.cde.ca.gov/fg/fo/r13/qscb09rfa.asp]
Background	Qualified School Construction Bond (QSCB) [http://www.cde.ca.gov/ls/fa/qs/]
Fiscal	Qualified School Construction Bond (QSCB) [http://www.cde.ca.gov/ls/fa/qs/]
Other	Authorization is for calendar year 2009.

Contacts

Program	Shannon Farrell-Hart, 916-323-3923, sfarrell@cde.ca.gov
Fiscal	Shannon Farrell-Hart, 916-323-3923, sfarrell@cde.ca.gov
Division	School Facilities & Transportation Services, 916-322-2470 (phone), 916-327-3954 (fax)