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• <br />0 <br />PUBLIC SCHOOLS OF NORTH CAROLINA <br />STATE BOARD OF EDUCATION Howard N. Lee, Chairman <br />DEPARTMENT OF PUBLIC INSTRUCTION June St. Clair Atkinson, ED.D., State Superintendent <br />WWw. NCPU is LI CSCHOO 1-5.0 RG <br />July 6, 2007 <br />To: Ms. Tammy H. Hotvington, Finance Officer <br />Lee CounrySchools <br />Dr. James T. McCormick, Superintendent <br />Lee County Schools J////,~ <br />From: Philip W. Pricy t.~q <br />Re: 2005 Allocation ofQualifed Zone Academy Bond Authority (QZAB's) <br />The State Board of Education has approved the allocation of Qualified Zone Academy Bond authority as follows: <br />Bragg Street Academy <br />Broadway Elementary School <br />Bullock Elementary School <br />Deep River Elementary School <br />East Lee Middle School <br />Floyd L. Knight 7 Children's Ccnter <br />Greenwood Elementary School <br />J. Glenn Edwards Elementary School <br />J.R. Ingrain Elementary School <br />Lee County High School <br />West Lee Middle School <br />S 10,58) <br />44,119 <br />44,119 <br />44,119 <br />66,373 <br />15,372 <br />474,590 <br />377,381 <br />415,710 <br />63,284 <br />66.373 <br />Total- S 1,623,021 <br />The allocation is from North Carolina's 2006 federal allocation; therefore, bonds representing the full amount of the allocation <br />must be issued no later than December 31, 2008. Ten percent of the bond proceeds must be committed, by contract, with a third <br />party within 6 months afier date of bond issue. Ninety-five percent of the proceeds must be spent within 5 years after date of <br />bond issue. <br />Local officials will be responsible for determining whether the purposes for which QZABs are issued conform to state law <br />regarding indebtedness. Further, local officials will ensure that the expenditure of bond proceeds are consistent with federal and <br />state regulations regarding QZABs and wide State Board of Education QZAB guidelines, which can he found at <br />wwwschoolClearin^_house.oig. Written notification must be provided to School Planning. Division of School Support, within <br />15 days of bond issuance. -Questions may be directed to Daniel Boyette at (919) 807-3556. <br />Best wishes for every success. <br />P WP/pr <br />cc: Dr. Ben Matthews, Director School Support <br />Mr. Steve Taymon, School Planning <br />Mr. Roger Ballard, School Planning <br />Ms. Dianne Kelly, Local Government Commission <br />OFBS-07-1 1 <br />• OFFICE OF FINANCIAL AND 13USLNESS SERVICES <br />Philip W. Pricy.: ISSonnle S'V'ri11e17d6nr I Price-ir dpi.s1v[e.ne.us <br />6326 Mad Service Center. Raleigh. Ncnh Ca1-011RQ 27699-6326 1 (919) 8(17-3690 1 Fos (919) 907-3644 <br />AN EQUAL OPPORIUNIIY!AFVlRNIATIVG ACTIUN IAIPLOYGR <br />049 <br />