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6 <br />9/17/2009 <br />Beginning <br />10/10/2009 <br />Prior to Bidding <br />'ASAP <br />'ASAP <br />10 days before <br />public hearing <br />'ASAP <br />` ASAP <br />ASAP <br />November 4, 2009 <br />' November 16, 2009 <br />Dec. 1, 2009 <br />Before bond issuance <br />15 days before bond <br />issuance <br />12/31/2009 (or before) <br />Quarterly Reports <br />6 months after bond <br />Issuance <br />3 years after bond <br />Issuance <br />2009 Qualified School Construction Bonds (QSCB) Time Line <br />Final Allocations notification sent out to all Local Education Agencies (LEAs) from <br />Department of Public Instruction (DPI) <br />LEAs enter reporting data thru www.FederaiReporting.gov (on-line web portal collecting <br />Recovery Act recipient reports) (see 'Quarterly Reports' below) <br />DPI (School Planning) plan review <br />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 />Local Government Commission (LGC) required Board of County Commissioners resolution <br />for 'Installment Purchase Contract" Application <br />LGC required Notice of Public Hearing <br />LGC required Public Hearing and Findings Resolution <br />LGC required Architects/Engineers Cost Estimate (or bids) if renovation, or repair project or <br />an addition <br />LGC required bids if new school <br />Receipt by LGC of completed application for 'Installment Purchase Contract' as required by <br />G.S. 160 A-20. Application should include results of public hearing, adopted findings <br />resolution, and estimates or bids as appropriate. <br />Deadline for submission of FY2009 audited financial statements to the LGC for December <br />financing applicants. <br />LGC meets to approve financing requests <br />Completed QSCB application submitted to School Planning, Division of School Support, DPI <br />(missing signatures, etc. included) <br />Written notification to School Planning, Division of School Support, DPI that bonds are to be <br />issued <br />Issue 2009 bonds (Allocation for Bonds not issued by this date will revert to the state of NC <br />to be reallocated in 2010) <br />Quarterly reports by the LEA due 10 days after the end of each calendar year quarter (after <br />October 10, 2009) <br />10% of bond proceeds to be committed by contract to third party <br />All bond proceeds must be spent <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 />