Report Title:

Qualified Zone Academy Bonds; Authorization

Description:

Allows the DOE to utilize the Working Families Tax Relief Act to allow for the issuance of qualified zone academy bonds (QZAB) to subsidize school repair, renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training.

THE SENATE

S.B. NO.

1248

TWENTY-THIRD LEGISLATURE, 2005

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to education.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The department of education is aware that Congress passed legislation as part of the Working Families Tax Relief Act of 2004 (Public Law 108-311) making funds available for governments to issue Qualified Zone Academy Bonds (QZAB) to subsidize school repair, renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training in those areas designated as empowerment zones or enterprise communities. Schools can also qualify if at least thirty-five per cent of their students are eligible for federal school lunch programs. This is applied on a school-by-school basis. This federal program was created to help educators, employers, and the community work together to ensure that students in economically depressed areas will have the facilities, education, and skills to be prepared to work in today’s competitive global economy.

The purpose of this Act is to give the department of education debt authorization to enable the qualified zones or schools to take advantage of its federal designation to subsidize school renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training.

SECTION 2. The director of finance is authorized to issue bonds or to secure loans in the sum of $          , or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal biennium 2005-2007 to subsidize school renovation and restoration projects, equipment and technology acquisition, curriculum development, and teacher training in qualified zones and schools.

SECTION 3. The appropriation made by this Act shall not lapse at the end of the fiscal year for which the appropriation is made; provided that all moneys from that appropriation that are unencumbered as of June 30, 2008, shall lapse as of that date.

SECTION 4. The sum appropriated shall be expended by the department of education for the purposes of this Act.

SECTION 5. This Act shall take effect on July 1, 2005.

INTRODUCED BY:

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