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FAQ's

Click here to find answers to frequently asked questions regarding the Achievement District and Public School Credit Enhancement programs.

EMAIL SIGNUP

If you would like to recieve email updates on Arizona's Public School Credit Enhancement Program, please send an email to: [email protected] with the subject line reading "Credit Enhancement Program Mailing List", and include your full name and the email address where you would like to receive updates.

SAMPLE DOCUMENTS

Reimbursement Agreement Form
Fund Certficate Form
Certificate of Intent to Issue

PUBLIC SCHOOL CREDIT ENHANCEMENT PROGRAM RULES

Click here to download a copy of the Arizona Public School Credit Enhancement Program Rules, as posted by the Arizona Secretary of State's Administrative Register on March 24, 2017.

Click here to see the official rules online.

QUARTERLY REPORTS

A.R.S. § 15-2158 requires the Arizona School Facilities Board (SFB) staff to submit, within 30 days after the last day of each calendar quarter, a quarterly report on the implementation of the Arizona Public School Credit Enhancement Program (Program).

 Included in these reports are:

  • The name of the public school or charter by or on behalf of which the debt obligation was issued.
  • The date of the issuance.
  • The original amount of the issuance.
  • The interest rate of the issuance.
  • The term length of the issuance.
  • The credit rating of the issuance.
  • The amount of principal and interest due on the debt obligation in the current fiscal year.
  • The purpose for which the debt obligation was issued, separately delineated for obligations to construct new capital facilities, renovate existing capital facilities or refinance existing debt obligations.
  • The current outstanding principal of the debt obligation.
  • A listing of all guaranteed financings in the prior quarter, including the amounts disbursed for payment of principal and interest for the financings and the terms and conditions to which the school is subject.
  • The current balance of the Arizona Public School Credit Enhancement Fund.
  • The current program leverage ratio.

Quarterly Reports to Date

Calendar Year 2016(Q3) - No transaction activity
Calendar Year 2016(Q4) - No transaction activity
Calendar Year 2017(Q1) - No transaction activity
Calendar Year 2017(Q2) - Report due July 31, 2017

ARIZONA REVISED STATUTES - TITLE 15 - EDUCATION 

Article 10  Achievement District Schools

15-2141  
Achievement district school application

Article 11  Arizona Public School Credit Enhancement Program

15-2151
Definitions
15-2152
Credit enhancement eligibility board; members
15-2153
Powers and duties of the board
15-2154
Arizona public school credit enhancement fund; purposes; exemption
15-2155
Arizona public school credit enhancement program; eligibility; approval of financing; participation fee
15-2156
Payment of program guarantees; notification requirements; repayment
15-2157
Program funding obligations; immunity
15-2158
Quarterly reports
 

PROGRAM TIMELINE

June - October 2016   Development of Program Rules and Documentation (application
                                      forms, technical assistance documents)

November 2016         Credit Enhancement Board Meeting to initiate rulemaking and 
                                      collect public comment for 30 days

December 2016         Revision of Program Rules and Documentation (based on
                                     submitted public comment)

February 7, 2017       Credit Enhancement Board Meeting to adopt final rules

March 13, 2017           Application Period Begins (Online Submissions Only)