CHAPTER 726

An Act to amend and reenact § 2, as amended, of Chapter 494 of the
Acts of Assembly of 1960, approved March $1, 1960, which created
the State Education Assistance Authority, the amended section re-
lating to the purposes of the authority.

[(S 460]

Approved April 5, 1968

Be it enacted by the General Assembly of Virginia:
1. That § 2, as amended, of Chapter 494 of the Acts of Assembly of
1960, approved March 31, 1960, be amended and reenacted as follows:

§ 2. In order to facilitate the education of residents in this State
within and without the State and promote the industrial and economic
development of the Commonwealth, the State Education Assistance Au-
thority (hereinafter created) is hereby authorized and empowered to buy
and sell obligations of students at State-supported or private institu-
tions of higher education, within or without the State or vocational schoels
accredited by a nationally recognized accrediting agency or by a State
agency designated by the Governor, and representing loans made to such
students for the purpose of obtaining an education; provided further that
The State Education Assistance Authority may, in addition, buy and sell
obligations of Virgina students at institutions which such students attend
in order to become veterinarians under arrangements made by The Board
of Control for Southern Regional Education. In allocating its resources
the State Education Assistance Authority shall ensure that obligations
of residents of the State at State-supported or private institutions of
higher education and vocational schools within the State and of Virginia
students attending institutions in order to become veterinarians under

arrangements made by The Board of Control for Southern Regional Edu-

cation shall be met before considering obligations of residents of the

state at institutions of higher education and vocational schools outside of
e State.

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 state-
ment 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.