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SACRAMENTO – State Superintendent of Public Instruction Jack O'Connell today announced 41 public schools in California are now authorized to issue $76.4 million in Qualified Zone Academy Bonds (QZAB).  For a list of the authorizations, please visit 2006-2007 QZAB Results.

"The QZAB program is designed to encourage schools and businesses to cooperate in innovative ways that expand students' learning opportunities and help schools prepare students with the necessary skills employers need to compete in the global economy," said O'Connell.  "The Qualified Zone Academy Bonds provide a way to raise much-needed funds for education and a way for companies to tailor their needs for a future workforce."

A Qualified Zone Academy is a school that operates a special academic program in cooperation with businesses to enhance the curriculum and increase graduation and employment rates. The school must be located in either an empowerment zone or enterprise community where at least 35 percent of the students are eligible for free or reduced-price lunches under the National School Lunch Act.

The QZAB program authorizes Qualified Zone Academies to issue bonds. At least 95 percent of bond proceeds are then used to help the schools raise funds to renovate and repair buildings, invest in equipment and up-to-date technology, develop challenging curricula, and provide teacher training.

Only Qualified Zone Academies were eligible to apply to the QZAB program.  Of 46 applicants, 41 schools were selected based on the quality of their applications, program descriptions, student eligibility and enrollment, industry partners, and proposed budgets. For calendar years 2006 and 2007, the maximum face amount of bonds that may be issued for California is a total of $96.8 million.  Because only 41 applicants qualified to issue $76.4 million in bonds, the remaining five academies will be eligible to apply for the rest of the amount in a second round of authorizations later this year.

For more information on QZAB, please visit Qualified Zone Academy Bond (QZAB).