Nebraska Administrative Code › Topic - EDUCATION, DEPARTMENT OF › Title 92 - NEBRASKA DEPARTMENT OF EDUCATION › Chapter 87 - REGULATIONS GOVERNING QUALIFIED ZONE ACADEMY BONDS ALLOCATION › Section 92-87-001 - General Information

Current through June 17, 2024
001.01 Purpose of this Chapter
Section 226 of the Taxpayer Relief Act of 1997, (Title 26,
United States Code
, Section 1397E, See Appendix A),
				  provides that state or local governments within the jurisdiction of which is
				  located a "qualified zone academy," as defined in that Act, may issue
				  "qualified zone academy bonds", to "eligible taxpayers" for "qualified
				  purposes" as those terms are defined in that Act.
The Act further provides that the Secretary of Treasury, each
				  calendar year, shall allocate among the states on the basis of their respective
				  populations of individuals below the poverty line, an amount which such states'
				  qualified zone academies may issue in qualified zone academy bonds, and that
				  this limitation amount allocated to each state shall be allocated by the State
				  education agency to qualified zone academies within such states. This chapter
				  provides the allocation procedure of the Nebraska Department of Education to
				  eligible qualified zone academies.
001.02 Statutory Authority
Title 26,
United States Code
,
				  Section 1397E(e), See Appendix A, provides:
Limitation on amount of bonds designated - -
(1) National Limitation - - There is a
				national zone academy bond limitation for each calendar year. Such limitation
				is $400,000,000 for 1998 and 1999, and, except as provided in Title 26,
United States Code
, Section 1397E(e)(4), zero (0)
				thereafter.
(2) Allocation of
				Limitation - - The national zone academy bond limitation for a calendar year
				shall be allocated by the Secretary among the states on the basis of their
				respective populations of individuals below the poverty line (as defined by the
				Office of Management and Budget). The limitation amount allocated to a state
				under the preceding sentence shall be allocated by the State education agency
				to qualified zone academies within such state.
(3) Designation Subject to Limitation Amount
				- - The maximum aggregate face amount of bonds issued during any calendar year
				which may be designated under Title 26,
United States
				Code
, Section 1397E(d)(1) with respect to any qualified zone
				academy shall not exceed the limitation amount allocated to such academy under
				Title 26,
United States Code
, Section 1397E(e)(2) for
				each calendar year.
Section
				  79-319
				  of the
Nebraska Revised Statutes
provides in
				  part:
"The State Board of Education has the authority to...(5)
				  receive and distribute according to law any money, commodities, goods, or
				  services made available to the board from the state or federal government or
				  from any other source and distribute money in accordance with any grant
				  received, including the distribution of money from grants by the federal
				  government to schools, preschools, day care centers, day care homes, nonprofit
				  agencies, and political subdivisions of the state or institutions of learning
				  not owned or exclusively controlled by the state or a political subdivision
				  thereof, so long as no public funds of the state, any political subdivision
				  thereof, or any public corporation are added to such grants."