Today, the Illinois State Board of Education approved allocation guidelines and an application process for Qualified School Construction Bonds. Pursuant to such guidelines and process, ISBE expects to allocate $495,602,000 in volume limitation for QSCBs to school districts.
QSCBs are taxable bonds that may be issued by state or local governments (such as school districts) to finance the construction, rehabilitation, or repair of a public school facility. Up to two percent of the proceeds of the QSCBs can generally be used to pay costs of issuance of the bonds. Issuers may also finance the acquisition of land if the public school facility to be constructed with the QSCBs will be located on such land. Issuers may also finance the acquisition of equipment and furniture if it is to be used in the portion of the public school facility that is being constructed, rehabilitated or repaired with proceeds of the QSCBs.
