Nebraska Administrative Code
Topic - EDUCATION, DEPARTMENT OF
Title 92 - NEBRASKA DEPARTMENT OF EDUCATION
Chapter 87 - REGULATIONS GOVERNING QUALIFIED ZONE ACADEMY BONDS ALLOCATION
Section 92-87-003 - Procedure and Method of Allocation to Qualified Zone Academies

Universal Citation: 92 NE Admin Rules and Regs ch 87 ยง 003

Current through March 20, 2024

003.01 School Districts or other eligible state or local governments under Title 26, United States Code, Section 1397E, within the jurisdiction of which a Qualified Zone Academy is located, may submit requests to the Department for allocation of any portion of the then existing allocation of limitation amount as allocated to the state of Nebraska. School districts, or other eligible governmental entities must specify which individual school, (or program within such school), it is that is within their jurisdiction that is a Qualified Zone Academy for which the allocation is requested and the amount requested. All such requests must be received by the Department by no later than November 1 of 1998, and by October 1 of each year thereafter. School districts or other eligible entities are limited to one allocation request per calendar year.

003.02 All such requests must be to the Department in writing and must demonstrate compliance with all applicable requirements for such allocation under Title 26, United States Code, Section 1397E in that all requests must:

003.02A : Be for an allocation for the issuance of a Qualified Zone Academy Bond(s) as defined by law and as demonstrated by:
003.02A1 : The requesting school district or other eligible governmental entity written assurance that at least 95 percent of the proceeds of such a bond issuance are to be used for a qualified purpose with respect to the Qualified Zone Academy.

003.02A2 : The bond issuer being a local government within the jurisdiction of which such a Qualified Zone Academy is located. The request for allocation shall state the basis upon which the requesting entity has determined that the particular school or program within the school under its jurisdiction is a Qualified Zone Academy.

003.02A3 : A written assurance that the bond issuer will designate such bond(s) for the purposes of issuance as a Qualified Zone Academy Bond.

003.02A4 : The bond issuer certifying that it has written assurances that the private business contribution requirement will be met with respect to the Qualified Zone Academy.

003.02A5 : The bond issuer certifying that it has the written approval of the Eligible Local Education Agency, (See Appendix A), for such bond issuance.

003.03 If all requirements of Section 003.02 are met, the Department will allocate, by December 31, to the school districts or other eligible governmental entities submitting the requests, as follows:

003.03A The amount of allocation requested; or,

003.03B If the total of all the eligible requests received exceeds the allocation of limitation available then available to Nebraska pursuant to Title 29, United States Code, Section 1397E, then an amount equal to the pro rata share of the available allocation of limitation based upon the amount requested. In no case shall a requesting entity receive an allocation amount which exceeds the amount it requested.

003.04 Pursuant to Title 26, United States Code, Section 1397E(e)(4), the Department shall carry over unallocated limitation amounts from one calendar year to the following calendar year. The total of the previous calendar year unallocated limitation amounts shall be added to the current year limitation amount.

003.05 Issuing school districts and other eligible issuing governmental entities are responsible for compliance with all applicable laws and regulations governing the terms and conditions of such bond issuance(s) upon being allocated any amounts by the Department.

Disclaimer: These regulations may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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