Iowa Qualified Zone Academy Bonds Program
Current Status of Program
The
Federal Taxpayer Relief Act of 1997 created the Qualified Zone Academy Bonds
Program to provide low or no interest financing for renovating school buildings
and purchasing equipment. Iowa has been
allocated the following amounts in QZAB authority:
1998
-$2,874,000 1999
-$2,848,000 2000
-$2,790,000 2001
-$2,492,000 2002 -$2,465,000
2003
-$2,429,000 2004 -$2,922,000.
OZABS
are financial instruments that provide low or no interest bonds, which are
subsidized by the federal government, in the form of tax credits to the
bondholder.
A
school must cooperate with a business partner and must be located in an
empowerment zone, enterprise community or have an reasonable expectation that
at least 35 percent of their students attending the school are eligible for
free or reduced priced lunches under the National School Lunch Act, in order to
qualify for this program. No new construction is allowed.
Allocations
are made up to a maximum of $1,000,000. Districts receiving allocations to date are:
|
District Name |
Size |
Original Authorization |
Current Status
|
Building |
|
Allamakee CSD |
S |
$
809,666.00 |
$
1,000,000.00 |
East Elementary |
|
Burlington CSD |
L |
$
668,000.00 |
$
668,000.00 |
Grimes Elementary |
|
Cedar Rapids CSD |
L |
$
1,000,000.00 |
$
1,000,000.00 |
Roosevelt Middle School |
|
Clinton CSD |
M |
$
1,000,000.00 |
$
1,000,000.00 |
Jefferson Elementary Sch |
|
Columbus CSD |
S |
$
650,000.00 |
$
1,000,000.00 |
Columbus High School |
|
Des Moines ICSD |
L |
$
821,670.00 |
$
1,000,000.00 |
Mann/Watrous |
|
Dubuque CSD |
M |
$
631,337.00 |
$
809,667.00 |
Prescott Elementary School |
|
Harlan CSD |
M |
$
1,000,000.00 |
$
1,000,000.00 |
West Ridge Elementary |
|
Mason City CSD |
M |
$
202,333.00 |
$
1,000,000.00 |
Roosevelt Elem School |
|
Missouri Valley CSD |
S |
$1,000,000.00 |
$
1,000,000.00 |
High School |
|
Perry CSD |
M |
$
1,000,000.00 |
$
300,000.00 |
Perry Middle School/High Sch re-awarded unused funds |
|
Postville CSD |
S |
$
1,000,000.00 |
$
1,000,000.00 |
Cora B Darling Elem/Middle Sch |
|
Shenandoah CSD |
S |
$
1,000,000.00 |
$
1,000,000.00 |
Shenandoah High School |
|
Sidney CSD |
S |
$
700,000.00 |
$
700,000.00 |
Sidney Elementary |
|
Sioux City CSD |
L |
$
1,000,000.00 |
$
1,000,000.00 |
West Middle School |
|
Valley CSD |
S |
$
1,000,000.00 |
$
1,000,000.00 |
Valley High School |
|
Van Buren CSD |
S |
$
500,000.00 |
$
500,000.00 |
Van Buren K-12/Elem |
|
Washington CSD |
M |
$
1,000,000.00 |
$
1,000,000.00 |
Washington High School |
|
West Harrison CSD |
S |
$
200,000.00 |
$
200,000.00 |
K-12 Building |
|
Woodbine CSD |
S |
$
1,000,000.00 |
$
1,000,000.00 |
High School and Elementary School |
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorization to date |
|
|
$17,177,667.00 |
|