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2008 / 2009 Qualified Zone Academy Bonds (QZAB) Time Line <br />ASAP after 10/26/2009 Final Allocations notification sent out to all Local Education Agencies (LEAS) from <br />Department of Public Instruction (DPI) <br />Beginning 10/10/2009 LEAs enter reporting data thru www.FederalReporting goy (on-line web portal collecting <br />Recovery Act recipient reports) (see 'Quarterly Reports" below) <br />Prior to Bidding. DPI (School Planning) plan review <br />ASAP Search for lending institution to buy bonds (TO DATE THERE HAS BEEN VERY LIMITED <br />INTEREST BY FINANCIAL INSTITUTIONS IN THE PURCHASE OF TAX CREDIT BONDS) <br />ASAP Local Government Commission (LGC) required Board of County Commissioners resolution <br />for "Installment Purchase Contract" Application <br />` 10 days before public LGC required Notice of Public Hearing <br />hearing <br />ASAP LGC required Public Hearing and Findings Resolution <br />ASAP LGC required Architects/Engineers Cost Estimate (or bids) if renovation or repair project <br />' "Minimum 28 days Receipt by LGC of completed application for "Installment Purchase Contract" as required by <br />prior to LGC regular G.S. 160 A-20. Application should include results of public hearing, adopted findings <br />meeting resolution, and estimates or bids as appropriate. <br />' Next regular LGC LGC meets to approve financing requests <br />meeting after <br />application submittat <br />Before bond issuance Completed QZAB application submitted to School Planning, Division of School Support, DPI <br />(missing signatures, etc. included) <br />15 days before bond Written notification to School Planning, Division of School Support, DPI that bonds are to be <br />issuance issued <br />2 years after Federal Issue 2008 bonds by December 31, 2010. Issue 2009 bonds by December 31, 2011 <br />allocation to NC (Allocation for Bonds not issued by this date will be forfeited.) <br />Quarterly Reports Quarterly reports by the LEA due 10 days after the end of each calendar year quarter (after <br />October 1D, 2009) <br />6 months after bond 10% of bond proceeds to be committed by contract to third party <br />Issuance <br />3 years after bond All bond proceeds must be spent <br />Issuance <br />Maturity Date set by US LEA to pay back principal (required annual sinking fund payments into invested escrow <br />Treasury account) <br />' Call LGC to discuss further details. The above steps are based on privately placed installment purchase financing <br />contracts. Publicly sold financings require additional time. <br />