The Qualified Public Educational Facilities (QPEF) Bond Program, will facilitate the issuance of over $99 million per year of tax-exempt bonds. The QPEF bonds can be used to construct, rehabilitate, refurbish or equip a public school facility.

The bond proceeds are loaned to a private, for-profit corporation (developer) who owns the school facility and leases it to a public school. A public-private partnership agreement needs to be entered into between the developer and the public school. The public school leases the school facility from the developer and at the end of the lease term, the school facility is transferred to the public school for no additional consideration.