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BOOK 21 PAGE Jil; <br />Aye: Brown, Kelly, Lemmond, Paschal, Reives, and Shook <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />The Board considered Qualified Zone Academy Bond Applications <br />(QZAB) for the Lee County Schools. Interim County Manager Lisa Minter stated <br />the Lee County Schools had approved fourteen (14) applications for Qualified <br />Zone Academy Bond (QZAB) funding for the following school repairs: <br />1. Bragg Street Academy - $10,580.65 <br />2. J. Glenn Edwards Elementary School - $10,580.65 <br />3. Floyd L. Knight/The Children's Center - $15,371.83 <br />4. Deep River Elementary School- $44,118.91 <br />5. Bullock Elementary School - $44,118.91 <br />6. Lee County High School - $63,283.63 <br />7. Broadway Elementary School - $44,118.91 <br />8. J. R. Ingram Elementary School - $48,910.09 <br />9. West Lee Middle School - $66,372.53 <br />10. East Lee Middle School - $66,372.53 <br />11. Greenwood Elementary School - $5,789.52 <br />12. J. R. Ingram Elementary School - $ 366,800.00 <br />13. J. Glenn Edwards Elementary School - $366,800.00 <br />14. Greenwood Elementary School - $468,800.00 <br />Ms. Minter stated the QZAB program is a federally funded program that allows <br />school systems to request financial assistance through government resources. <br />This interest free loan requires the partnership of public schools with private <br />business. The commitment that is mandated by state guidelines must show that <br />at least 10 percent of the total loan must come from private business, which in <br />Lee County's case is the Boys' and Girls' Club of Lee County. Ms. Minter further <br />stated the bond may only be used to rehabilitate or repair the public school <br />facility in which a qualified zone academy is located, which may include wiring <br />and other infrastructure improvements related to providing technology. There is <br />also a provision to provide equipment related to the rehabilitation or repair, but <br />not personal computers or similar technology equipment. It was further stated <br />that the Lee County Schools is seeking to secure the maximum bond funding of <br />$2 million to replace the roofs at three (3) elementary schools (J. R. Ingram, <br />Greenwood, and J. Glenn Edwards). Remaining funds will be used to replace <br />some of the electronic switches that control computer access at various school <br />sites. Lee County Schools could receive an allocation between $500,000 and <br />$2,000,000. If Lee County Schools receives bond funding, Lee County will be <br />the party responsible for the debt issuance which is done by the County. The <br />County would accept bids from banks to establish a sinking fund that earns <br />interest over the 14-16 years before the bonds become due, meaning that <br />ultimately the County ends up paying back less than the principal amount <br />6 <br />