N.J. Admin. Code § 6A:25-1.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 6A:25-1.1 - Purpose and applicability of rules

(a) This chapter implements the Federal Qualified Zone Academy Bond (QZAB) Program in this State. Under 26 U.S.C. § 54E, bond cap is allocated to the Department of Education, for bonds issued by the State, to be used by public schools, including charter schools, with needy populations (qualified academy zones) for Federally qualified purposes such as to rehabilitate and repair schools providing the schools develop in cooperation with business an educational plan to expand learning opportunities. Bondholders receive a tax credit as an incentive for holding bonds and the issuer is responsible only for paying the principal of the QZAB bonds. Since the initial phase of the QZAB Program, QZABs financed the costs of school facilities projects approved pursuant to the Educational Facilities Construction and Financing Act (EFCFA), P.L. 2000, c. 72, and charter school capital projects.

(b) This chapter applies to all district boards of education and charter schools in the State, as well as to the bondholders and private entities that participate in the State QZAB Program.

Adopted by 47 N.J.R. 715(a), effective 4/6/2015.