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 Loan for New Middle School
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Description
The Virginia Board of Education approved a Literary Fund loan of $25,000,000 to Stafford County for the construction of a new Drew Middle School, payable over 20 years at a 3% annual interest rate. The loan enables the creation of a larger, modern facility to serve more students.
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
Fixed 20-year loan, three percent annual interest; principal and interest payable per Literary Fund loan terms. No automatic renewal or extension specified.
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