CHAPTER 102

An Act to amend and reenact § 2 of Chapter 494 of the Acts of Assembly
of 1960 (incorporated in the Code of Virginia by reference as
§ 28-9.2:1), which created the State Education Assistance Authority,
the section relating to obligations which the Authority may acquire.

[H 329]
Approved February 25, 1964

Be it enacted by the General Assembly of Virginia:
1. That § 2 of Chapter 494 of the Acts of Assembly of 1960 (incorporated
in the Code of Virginia by reference as § 28-9.2:1), be amended and re-
enacted as follows:

§ 2. In order to facilitate the college education of residents of this
State and promote the industrial and economic development of the Com-
monwealth, The State Education Assistance Authority (hereinafter
created) is hereby authorized and empowered to buy and sell obligations
of students at State-supported institutions of higher education or institu-
tions which Virginia students attend in order to become veterinarians
under arrangements made by the Board of Control for Southern Regional
Education, and representing loans made to such students for the purpose
of obtaining an education.

No act or undertaking of the Authority shall be deemed to constitute
a debt of the Commonwealth or of any political subdivision thereof or a
pledge of the faith and credit of the Commonwealth or of any such
political subdivision, but shall be payable solely from the funds of the
Authority. All such acts and undertakings shall contain on the face thereof
a statement to the effect that neither the Commonwealth nor the Authority
shall be obligated to pay the same or the interest thereon except from
revenues of the Authority and that neither the faith and credit nor the
taxing power of the Commonwealth or of any political subdivision thereof
is pledged to the payment of the principal of or the interest on such acts
and undertakings.

All expenses incurred in carrying out the provisions of this act shall
be payable solely from funds provided under the provisions of this act
and no liability or obligation shall be incurred by the Authority hereunder
beyond the extent to which moneys shall have been provided under the
provisions of this act.