Education, Board of; school modernization loan interest rate subsidy payments, eligibility.

Board of Education; school modernization loaninterest rate subsidy payments; eligibility. Requires the Boardof Education to establish a program to use Literary Fund proceedsto subsidize interest payments on certain loans made by the VirginiaPublic School Authority to local governing bodies and school boardsfor the design and construction of new school buildings and facilitiesor the modernization and maintenance of existing school buildings and facilities as follows: for school divisions in localities determinedto have above-average or high fiscal stress by the Commission onLocal Government in its most recent version of such report, the Boardshall subsidize up to 100 percent of the interest due on such loan.Under current law, eligibility for such interest rate subsidy paymentis based on the local composite index of ability to pay.