WASHINGTON — The Virginia Public School Authority on Wednesday expects to competitively sell $73.2 million of direct-pay, qualified school construction bonds, using them for the first time under the new federal subsidy interest-rate option designed to open the securities to a larger pool of buyers.

Nineteen local governments will participate in the deal by issuing general obligation bonds to the VPSA, which will purchase their debt with the proceeds from the QSCB sale.

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