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2010 Qualified School Construction Bond Overview


Introduction

Qualified School Construction Bonds (QSCB) are authorized by the federal government through the American Recovery and Reinvestment Act (ARRA) of 2009. The bonds provide federal tax credits for bondholders in lieu of interest in order to significantly reduce an issuer's cost of borrowing. The ARRA provides for an allocation to each state, along with separate allocations for large school districts. Guidance provided by the Internal Revenue Service through Notice 2010-17 External link opens in new window or tab. indicates that the allocation for California is $720,058,000 in calendar year 2010. Additional allocations totaling $546,568,000 in calendar year 2010 were made directly to California's twelve largest urban districts, which may choose to re-allocate any unused balance to the State of California.

The State Superintendent Jack O'Connell and State Treasurer Bill Lockyer co-sponsored Assembly Bill (AB) 2560 (Chapter 266, Statutes of 2010) External link opens in new window or tab. to provide the California Department of Education (CDE) and the California School Finance Authority (CSFA) the authority to assign and distribute the state's 2010 federal QSCB tax credit bond volume cap to or for the benefit of school districts, county offices of education, and charter schools.

2010 Allocation
California Department of Education Program
Minimum - Maximum
Applications
Application Criteria
Application Certifications
Unused Authorization
Oversubscription
Final Reporting
Questions:   Shannon Farrell-Hart | sfarrell@cde.ca.gov | 916-323-3923
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