Qualified School Construction Bond

What is a Qualified School Construction Bond?

Internal Revenue Code Section 54F(a) defines a “qualified school construction bond” to mean any bond issued as part of an issue if –

(1) 100 percent of the available project proceeds of such issue are to be used for the construction, rehabilitation, or repair of a public school facility or for the acquisition of land on which such a facility is to be constructed with part of the proceeds of such issue,

(2) the bond is issued by a State or local government within the jurisdiction of which such school is located, and

(3) the issuer designates such bond for purposes of this section.