What are Qualified School Construction Bonds (QSCBs)?
The Qualified School Construction Bonds program is a Federal program created by the American Recovery and Reinvestment Act of 2009 to lower the financing cost of school districts to construct and renovate school facilities and to purchase land. The district applied for and received an award to participate in this program. The district hopes to issue $6,490,000 of the $39,200,000 as a QSCB. This is the maximum amount for the district under the rules and was the amount of the allocation from this program to the district. The potential interest cost savings to the district is over $4,000,000 and the deadline to utilize the district’s award is February 2011. If voters approve the bonds in November, the district plans to take advantage of this program. If the bonds are not approved, the district’s allocation will go back to the program for other applicants.
