92 Neb. Admin. Code, ch. 87, § 001

Current through September 17, 2024

Section 92-87-001 - General Information

001.01 Purpose of this Chapter

Section 226 of the Taxpayer Relief Act of 1997, (Title 26, United States Code, Section 1397E, See Appendix A), provides that state or local governments within the jurisdiction of which is located a "qualified zone academy," as defined in that Act, may issue "qualified zone academy bonds", to "eligible taxpayers" for "qualified purposes" as those terms are defined in that Act.

The Act further provides that the Secretary of Treasury, each calendar year, shall allocate among the states on the basis of their respective populations of individuals below the poverty line, an amount which such states' qualified zone academies may issue in qualified zone academy bonds, and that this limitation amount allocated to each state shall be allocated by the State education agency to qualified zone academies within such states. This chapter provides the allocation procedure of the Nebraska Department of Education to eligible qualified zone academies.

001.02 Statutory Authority

Title 26, United States Code, Section 1397E(e), See Appendix A, provides:

Limitation on amount of bonds designated - -

(1) National Limitation - - There is a national zone academy bond limitation for each calendar year. Such limitation is $400,000,000 for 1998 and 1999, and, except as provided in Title 26, United States Code, Section 1397E(e)(4), zero (0) thereafter.

(2) Allocation of Limitation - - The national zone academy bond limitation for a calendar year shall be allocated by the Secretary among the states on the basis of their respective populations of individuals below the poverty line (as defined by the Office of Management and Budget). The limitation amount allocated to a state under the preceding sentence shall be allocated by the State education agency to qualified zone academies within such state.

(3) Designation Subject to Limitation Amount - - The maximum aggregate face amount of bonds issued during any calendar year which may be designated under Title 26, United States Code, Section 1397E(d)(1) with respect to any qualified zone academy shall not exceed the limitation amount allocated to such academy under Title 26, United States Code, Section 1397E(e)(2) for each calendar year.

Section 79-319 of the Nebraska Revised Statutes provides in part:

"The State Board of Education has the authority to...(5) receive and distribute according to law any money, commodities, goods, or services made available to the board from the state or federal government or from any other source and distribute money in accordance with any grant received, including the distribution of money from grants by the federal government to schools, preschools, day care centers, day care homes, nonprofit agencies, and political subdivisions of the state or institutions of learning not owned or exclusively controlled by the state or a political subdivision thereof, so long as no public funds of the state, any political subdivision thereof, or any public corporation are added to such grants."

92 Neb. Admin. Code, ch. 87, § 001