Qualified Public Educational Facility Bond Law and Legal Definition

Qualified public educational facility bond is a tax exempt private activity bond issue, of which ninety five percent or more of the net proceeds is used to provide qualified public educational facilities.

A qualified public educational facility is any school facility that is:

a. part of a public elementary or secondary school; and

b. owned by a private, for-profit corporation under a public-private partnership agreement with a state or local educational agency.