[Busmgrs] FW: Applications now available for QSCB abd QZAB Programs

[WILTFONG Michael]

As part of the American Recovery and Reinvestment Act of 2009 (ARRA), Congress made available $112.9 million in borrowing authority to Oregon school districts for calendar year 2009 in the form of tax credit bonds under the new Qualified School Construction Bond (QSCB) program.  A similar amount of borrowing authority is expected to be available for calendar year 2010.  At the same time, Congress also approved an increase in Oregon's allocation under the Qualified Zone Academy Bond (QZAB) program from $4.5 million per year to $16.6 million per year.  Both QSCB and QZAB are tax credit bond programs where school districts can borrow from private investors at a zero interest rate.  In exchange for lending at a zero interest rate, investors receive a federal income tax credit.

The Oregon Department of Education is charged with administering the QSCB and QZAB programs.  Attached you will find the 2009 applications for both programs.  You can also find them on the web at the following link:

http://www.ode.state.or.us/search/page/?=1402

The deadline for filing a 2009 application for the QSCB program is September 15, 2009.  Applications for the QZAB program are taken on an ongoing basis, so there is no deadline.  For both programs, any borrowing authority not allocated to districts in 2009 will be rolled over and available for allocation in 2010.

If you have questions about either program, contact:

Brian Reeder
Oregon Department of Education
255 Capitol Street NE
Salem, OR 97310
(503) 947-5670
brian.reeder at state.or.us<mailto:brian.reeder at state.or.us>






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