Eleven school districts submitted Federal Qualified School Construction Bond (QSCB) applications to the Department during the current application cycle requesting bonding authority. The Department has completed its review of the applications and verified that the school units and their proposed projects meet the criteria of using bond proceeds for construction, rehabilitation or repair of a public school facility or for acquisition of land on which such a facility is to be constructed.
QSCBs are bonds issued by state or local governments that the Federal government subsidizes by providing tax credits to bondholders or direct payment interest subsidies to issuers. The School Facilities Team coordinates the Federal QSCB program. Maine has a 2010 QSCB balance of $9,114,156 available for allocation to school units.