National Education Investment Act

[AI summary unavailable — showing source text] National Education Investment Act - Title I: Loan and Guarantees and Interest Subsidies for Construction and Acquisition of Facilities for Elementary and Secondary Schools - Authorizes the Commissioner of Education, in order to assist State and local education agencies to carry out the acquisition and construction of facilities for elementary and secondary schools, to: (1) guarantee to non-Federal lenders making loans to such agencies the payment of principal and interest on such loans which are approved under this title; and (2) pay to the holder of such loans amounts sufficient to reduce the net effective interest rate otherwise payable on such loans by up to 3 percent. Provides that no loan guarantee or interest subsidy shall be made unless the Commissioner finds: (1) that the applicant was to secure the amount of such loan at equally favorable rates and conditions, and (2) that the construction will be undertaken in an economical manner. Establishes an Elementary and Secondary School Facility Construction and Acquisition Loan Guarantee and Interest Subsidy Fund in the Treasury. States that such funds shall be available to the Commissioner to enable him to discharge his responsi…