The Department of Education has an open application cycle in progress for Qualified Zone Academy Bond (QZAB) allocations. The current amount available is a combination of remaining 2008 and 2009 allocations and newly released 2010 allocations totaling $38,518,000. Applications for the current cycle will be accepted through July 12, 2010, for presentation to the State Board of Education at its August 9, 2010, meeting, according to the Department’s guidelines governing QZABs (section 5.05).
Please find the Department guidelines and QZAB application form attached. More information is available on the following websites: http://www.irs.gov/pub/irs-drop/n-09-30.pdf and http://www2.ed.gov/programs/qualifiedzone/index.html. Just as a reminder, QZABs cannot be used for new construction. Questions may be directed to Cindy Hedrick at (501) 682-4484 or Cindy.Hedrick@arkansas.gov. Your district’s fiscal agent may be able to provide information about the best methods of issuing debt for your projects.