Qualified School Construction Bond Program
WHEREAS, pursuant to the Section 54F of the Internal Revenue Code, added by Section 1521(a) of Title 1 of Division B of the American Recovery and Reinvestment Act of 2009 (Pub.L. No. 115,123 Stat. 115), which set forth the program provisions for Qualified School Construction Bonds;
WHEREAS, through the Qualified School Construction Bond (QSCB) Program each state is allocated an amount of qualified school construction bonds through the United States Department of the Treasury;
WHEREAS, the State of Louisiana received its allocation in qualified school construction bonds and anticipates additional allocations in future years;
WHEREAS, the QSCB Program provides tax credits, in lieu of interest, to lenders who issue bonds to eligible school districts; and
WHEREAS, pursuant to Section 54F of the Internal Revenue Code, the State is authorized to administer the Qualified School Construction Bond Program (QSCB);
NOW THEREFORE, I, BOBBY JINDAL, Governor of the State of Louisiana, by virtue of the authority vested by the Constitution and the laws of the State of Louisiana, do hereby order and direct as follows:
SECTION 1: I hereby authorize the State Superintendent of Education to take immediate steps to provide the overall administration of the Qualified School Construction Bond Program (QSCB).
SECTION 2: The State Superintendent of Education is authorized, subject to all constitutional and statutory requirements, to utilize the resources, personnel and expertise of the Louisiana Department of Education to review and design the State program to identify the eligible issuers of the debt instruments and to appropriately authorize the loan allocations for the Qualified School Construction Bond Program (QSCB).
SECTION 3: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.
IN WITNESS WHEREOF, I have set my hand officially and caused to be affixed the Great Seal of Louisiana, at the Capitol, in the City of Baton Rouge, on this 24th day of July, 2009.
Secretary of State