|Qualified School Construction Bonds
||Local Government Bond
If you suspect the abuse or fraud of any tax dollars, including federal stimulus funds, you can contact the Auditor of State at 866-FRAUD OH or by filing a report. You may also file a report with the Ohio Inspector General by clicking here, or with the Office of Inspector General, Washington D.C., by clicking here. In addition, for fraud related specifically to federal stimulus funds, a complaint can be filed with the federal Recovery Board by clicking here.
Description of Fund
The Qualified School Construction Bond (QSCB program) allows school districts to borrow funds interest free for renovation, repair, construction or land acquisition. The funds may not be used for maintenance costs, athletic facilities, vehicles or buildings not used for the education of children (e.g., central office, bus terminals.).
Who is eligible?
Traditional public school districts and joint vocational districts. The bonds must be issued by a local government; as such, community schools and independent STEM schools are not eligible to apply for this bonding authority. However, if a local government is willing and has the authority; it may issue bonds on behalf of a community school or independent STEM school.
School districts interested in participation should submit a completed application for bond issuance allocation to Michelle Mulroy, Ohio School Facilities Commission, 10 W. Broad St., Suite 1400, Columbus, OH 43215. School districts are encouraged to submit their applications after the particulars of the project have been determined, financial partners have been identified, and a plan has been developed for the financing. Upon approval of a QSCB allocation, the district will have 120 days to complete the sale of the bonds. Applications can be found by clicking on the following link and then selecting QSCB Application to the right of the page under the heading – QSCB Resources.
Guidance and Uses of Funds
All available proceeds of QSCBs are to be spent on construction, rehabilitation, or repair of a public school facility or for the acquisition of land on which such a facility is to be constructed with part of the proceeds of such issue, eligible expenditures include, among other things, expenditures for costs of acquisition of equipment to be used in such portion or portions of the public school facility that is being constructed, rehabilitated, or repaired with the proceeds of QSCBs.
Allocations / Awards
- Once determined, a list of awardees will be posted here.
Issuers of QSCBs must submit information reporting returns to the IRS similar to those required to be submitted for tax-exempt State or local governmental bonds. These information reporting returns are required to be submitted at the same time and in the same manner as those under for tax-exempt State or local governmental bonds and on such forms as shall be prescribed by the IRS.
Frequently Asked Questions (FAQ)
For more specific stimulus funding inquiries, please contact us at email@example.com.