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and Wake) were made directly by the U.S. Treasury Department <br />c. It is the responsibility of the State Board of Education to allocate the remaining portion <br />of the QSCB authority to the remaining LEA's. <br />d. An application to designate the funds will be required for QSCB's and is at the end of <br />this package. This application must be postmarked no later than July 31, 2009. <br />6. QSCB's may be issued by local governments, which will then be responsible for repaying the <br />principal amount. Proceeds may be held in an interest-bearing sinking fund account. <br />7. QSCB's must be issued by December 31 2009 and the proceeds spent within 3 years of issue <br />date. <br />8. The U.S. Treasury Department's guidance on the Qualified School Construction Bonds <br />program can be found in its entirety at http://www.irs.gov/pub/irs-drop/n-09-26 pdf. <br />9. Local officials will be responsible for: <br />a. Determining whether the purposes for which QSCB's are issued conform to state law <br />regarding indebtedness; <br />b. Working with financial institution(s) to issue the QSCB's; <br />c. Payment of the principal, upon maturity; <br />d. Reporting requirements (See Appendix "A"); and <br />f. Following all state statutes involving bidding bonds, including but not limited to GS <br />143-134.1 which refers to retainage fees. <br />10. It will be the responsibility of the governmental entity that issues the bonds to certify to <br />prospective purchasers that it has met all requirements under the program. The IRS has <br />indicated that bond holders may rely on these certifications if they are reasonably made. The <br />Department of Public Instruction will not be involved in reviewing or assessing an issuer's <br />eligibility under this program. Potential issuers are strongly encouraged to consult bond counsel <br />before making any certification of eligibility. <br />11. In addition to federal requirements, any bonds issued for these purposes must also meet the <br />requirements of North Carolina law, which, in some cases, might be more restrictive than federal <br />rules. Borrowing under this plan requires the same authorization as any other municipal <br />borrowing, including approval by the LGC. <br />12. Applications will be reviewed by a committee comprised of the Superintendents' Bond <br />Advisory Council (SBAC), the executive director of North Carolina School Boards Association, <br />and the general counsel of the North Carolina Association of County Commissioners, in <br />QSCB Guidelines <br />Page 2 of 3 <br />Attachment number 3 <br />Page 149 of 315 <br />F-7 <br />