Virginia Board of Education Agenda First and Final Review of Recommendations Regarding Literary Fund Loan Applications Approval for Release of Loan Funds 2026-06-25
Stafford County Awarded $25M for Drew Middle Replacement
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Description
The Virginia Board of Education approved a $25,000,000 Literary Fund loan to Stafford County for constructing a new building to replace Drew Middle School. The 20-year loan is set at a three percent interest rate to expand capacity and enhance student facilities.
Contract Details
Contract Amount
$25,000,000
Vendor
STAFFORD COUNTY
Agency
Virginia Department of Education, VA
Contract Type
CONSTRUCTION
Document Date
June 20, 2026
Contract Term
20 years
Renewal Date
2046-06-25
Renewal Info
20-year term, fixed rate at 3% annually; no renewal, loan serviced by Department of the Treasury.
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