Feds Award Indiana QZAB Allocation for School Renovation Projects
On Jan. 20, 2011, the Internal Revenue Service released Notice 2011-19, which allocates $8 million to Indiana for the issuance by school corporations of Qualified Zone Academy Bonds (QZABs). In addition, there is still $9 million available from the 2010 Indiana allocation.
The QZAB program allows low-interest bonds to be issued to fund the renovation of certain existing facilities. School corporations should be receiving a memo from the Indiana Department of Education in the next month with more details regarding the application process.
Learn more about QZABs and to see if your renovation project may qualify.
Interest Saving Opportunities
Many school corporations are considering the refunding of existing bonds. If your corporation issued bonds in 2001 or 2002, the outstanding bonds may be ripe for a refunding which could result in lower interest costs to the corporation and taxpayers. You should be hearing from your financial advisor if your bonds could be a target to achieve such savings. Ice Miller looks forward to the opportunity to continue to serve your school corporation as bond counsel on your financial needs.
Congratulations on Historically Low Interest Borrowing
Ice Miller celebrates along with our Indiana school clients, for whom we served as bond counsel, the recent ability to take advantage of no interest, or in some cases, low interest loans for needed projects in 2010. Fifty-one of Ice Miller's school clients participated in the Indiana Bond Bank Qualified School Construction Bond (QSCB) 2009 and 2010 programs, for which the Firm also served as bond counsel; many of our school clients also issued QSCBs, QZABs, Build America Bonds, Clean Renewable Energy Bonds and Recovery Zone Economic Development Bonds resulting in low-cost project financing. In tough economic times, these school corporations enjoyed historically low interest costs, for which schools and taxpayers alike can celebrate. Congratulations!
The Ice Miller School Finance Team is happy to discuss any of these issues with you and answer any questions or concerns you may have. | 
