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Bond Accountability Commission 2 Recommendations Page 123

“qualified zone academy� is a school or a program established by a school board that meets the following requirements: 1. It must be designed for education at the primary or secondary level. 2. It must have a program that is designed in cooperation with local businesses to enhance the curriculum, increase graduation and employment rates, and better prepare students for college and the workforce. 3. It must have the same academic standards and assessments as are otherwise applied in the school district. 4. It must have a comprehensive educational plan that is approved by the school board. It must be located either (a) in an empowerment zone or an enterprise zone or (b) in an area where it is reasonably expected that at least 35% of the students attending the academy will be eligible for free or reduced-cost lunches under the National School Lunch Act. In addition, the bonds are subject to the arbitrage limits applicable to tax-exempt governmental bonds, with two exceptions: the proceeds to be used to pay for the qualified purposes can be invested at above bond yield without regard to yield and not subject to rebate for up to three years and the issuer can establish an invested sinking fund (called a

BAC2 Recomendations Final 04062010  
BAC2 Recomendations Final 04062010  
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