Bonds for school rehabilitation, construction available
South Dakota public school districts can now apply for two types of bond authorizations available under the American Recovery and Reinvestment Act. These bonds help schools to raise funds for a variety of construction and rehabilitation projects. South Dakota has a total of approximately $35 million available for these purposes.
Qualified Zone Academy Bonds, or QZABs, may be used for rehabilitating public school facilities and providing equipment, instructional materials and professional development for teachers at qualified schools. The state has $4.96 million available for this purpose. Schools may apply for bond authorization in the amount of $250,000 to $500,000. Initial deadline to apply is June 5, 2009.
Qualified School Construction Bonds, or QSCBs, may be used for new construction or rehabilitation of public school facilities and to purchase land for school construction. The state has $29.78 million available for this purpose. Schools must apply for a minimum amount of $250,000 in bonding authority. Deadline to apply is May 22, 2009.
Information, including eligibility requirements, and applications are available on the Department of Education’s ARRA Web site at www.doe.sd.gov/stimulus.