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<DIV><FONT face="Arial, sans-serif">As part of the American Recovery and
Reinvestment Act of 2009 (ARRA), Congress made available $112.9 million in
borrowing authority to Oregon school districts for calendar year 2009 in the
form of tax credit bonds under the new Qualified School Construction Bond (QSCB)
program. A similar amount of borrowing authority is expected to be
available for calendar year 2010. At the same time, Congress also approved
an increase in Oregon’s allocation under the Qualified Zone Academy Bond (QZAB)
program from $4.5 million per year to $16.6 million per year. Both QSCB
and QZAB are tax credit bond programs where school districts can borrow from
private investors at a zero interest rate. In exchange for lending at a
zero interest rate, investors receive a federal income tax credit. </FONT></DIV>
<DIV><FONT face="Arial, sans-serif"></FONT> </DIV>
<DIV><FONT face="Arial, sans-serif">The Oregon Department of Education is
charged with administering the QSCB and QZAB programs. Attached you will
find the 2009 applications for both programs. You can also find them on
the web at the following link:</FONT></DIV>
<DIV><FONT face="Arial, sans-serif"></FONT> </DIV>
<DIV><FONT face="Arial, sans-serif"><A
href="http://www.ode.state.or.us/search/page/?=1402"><FONT
color=#0000ff><U>http://www.ode.state.or.us/search/page/?=1402</U></FONT></A></FONT></DIV>
<DIV><FONT face="Arial, sans-serif"></FONT> </DIV>
<DIV><FONT face="Arial, sans-serif">The deadline for filing a 2009 application
for the QSCB program is September 15, 2009. Applications for the QZAB
program are taken on an ongoing basis, so there is no deadline. For both
programs, any borrowing authority not allocated to districts in 2009 will be
rolled over and available for allocation in 2010.</FONT></DIV>
<DIV><FONT face="Arial, sans-serif"></FONT> </DIV>
<DIV><FONT face="Arial, sans-serif">If you have questions about either program,
contact:</FONT></DIV>
<DIV><FONT face="Arial, sans-serif"></FONT> </DIV>
<DIV><FONT face="Arial, sans-serif">Brian Reeder</FONT></DIV>
<DIV><FONT face="Arial, sans-serif">Oregon Department of Education</FONT></DIV>
<DIV><FONT face="Arial, sans-serif">255 Capitol Street NE</FONT></DIV>
<DIV><FONT face="Arial, sans-serif">Salem, OR 97310</FONT></DIV>
<DIV><FONT face="Arial, sans-serif">(503) 947-5670</FONT></DIV>
<DIV><FONT face="Arial, sans-serif"><A
href="mailto:brian.reeder@state.or.us"><FONT
color=#0000ff><U>brian.reeder@state.or.us</U></FONT></A></FONT></DIV>
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