Bonding authority for school rehabilitation, construction available
South Dakota public school districts can apply now for two types of bond authorizations. The bonds help schools raise funds for a variety of construction and rehabilitation projects.
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 about $4.6 million available for those purposes. Schools may apply for bond authorization in the amount of $250,000 to $500,000. The initial deadline to apply is Aug. 11, 2010.
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. QSCBs are financial tools available under the American Recovery and Reinvestment Act. They were available last year for the first time. The state has up to $11.5 million available for QSCBs. Schools must apply for a minimum amount of $250,000 in bonding authority. The deadline to apply is Aug. 11, 2010. The bonds must be issued by Dec. 31, 2010.
Information, including eligibility requirements, and applications are available on the Department of Education’s ARRA website at www.doe.sd.gov/stimulus. Look for "School Modernization."