Legislation allows North Carolilna schools to apply for interest-free construction bonds

June 23, 2009
Governor signs bill authorizing use of federal stimulus programs

From The Hendersonville Times-News: North Carolina Gov. Beverly Perdue has signed a bill allowing school districts to apply for interest-free bonds, backed by federal stimulus money, for renovation and construction projects. Districts can now apply for Qualified School Construction Bonds and Qualified Zone Academy Bonds. For QZAB bonds, school systems must have 35 percent of their students receiving free or reduced-price lunch. The money can be used only for repairs and renovation, and requires school districts to partner with businesses that will match 10 percent of the bond’s face-value through cash or in-kind contributions. There are fewer requirements for QSCBs.

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