Qualified School Construction Bonds
ARRA and HIRE Provisions
- Can be issued as tax credit bonds or direct pay subsidy taxable bonds
- Under direct pay option, subsidy is equal to 100% of the interest rate on the bonds or the tax credit rate, whichever is less.
- Maturity and tax credit rates set daily by Treasury (see www.treasurydirect.gov)
- 100% allocated to states with 40% directly suballocated to the 100 largest local education agencies
- Unused local allocation can be returned to State and reallocated
- Davis-Bacon wage rates apply
- All proceeds and interest earnings thereon must be spent within three years of issuance
Qualified Issuers
- State and local governments
- Certain “on-behalf-of” issuers
Qualified Purposes
- Land acquisition for new schools
- Construction of schools
- Repair and rehabilitation of schools
- Equipment to be used in facility being constructed, repaired or rehabilitated
Georgia 2009 Allocation: $201,062,000
Georgia 2010 Allocation: $234,431,000
Direct Local Allocations by Treasury for 2009 and 2010
|
|
2009 |
2010 |
|
Atlanta City School District |
$37,934,000 |
$34,526,000 |
|
Clayton Co. School District |
13,793,000 |
15,166,000 |
|
Cobb Co. School District |
12,732,000 |
0 |
|
DeKalb Co. School District |
27,832,000 |
29,940,000 |
|
Fulton Co. School District |
17,720,000 |
17,917,000 |
|
Gwinnett Co. School District |
18,985,000 |
19,640,000 |
|
Richmond Co. Schl District |
16,163,000 |
15,979,000 |
|
|
$145,159,000 |
$133,168,000 |
Contacts
DOE: Lynn Jackson, lyjackso@doe.k12.ga.us
GSFIC: Susan Ridley, susan.ridley@gsfic.ga.gov
QSCB Allocation and Issuance Status
March 2011