§ 116‑202. Authority may buy and sell students' obligations; undertakings of Authoritylimited to revenues.
In order to facilitate vocational and college education and to promotethe industrial and economic development of the State, the State Education AssistanceAuthority (hereinafter created) is hereby authorized and empowered to buy andsell obligations of students attending institutions of higher education or post‑secondarybusiness, trade, technical, and other vocational schools, which obligations representloans made to such students for the purpose of obtaining training or education.
No bonds, as this term is defined in this Article, are deemed toconstitute a debt of the State, or of any political subdivision thereof or apledge of the faith and credit of the State or of any political subdivision,but are payable solely from the funds of the Authority. All bonds shall containon their faces a statement to the effect that neither the State nor theAuthority is obligated to pay the same or the interest thereon except fromrevenues of the Authority and that neither the faith and credit nor the taxingpower of the State or of any political subdivision is pledged to the payment ofthe principal of or the interest on the bonds.
All expenses incurred in carrying out the provisions of this Articleshall be payable solely from funds provided under the provisions of thisArticle and no liability or obligation shall be incurred by the Authorityhereunder beyond the extent to which moneys shall have been provided under theprovisions of this Article. (1965, c. 1180, s. 1; 1967, c. 955, s. 1; 1979, c. 165, s. 2; 1987, c.227, s. 3.)
§ 116‑202. Authority may buy and sell students' obligations; undertakings of Authoritylimited to revenues.
In order to facilitate vocational and college education and to promotethe industrial and economic development of the State, the State Education AssistanceAuthority (hereinafter created) is hereby authorized and empowered to buy andsell obligations of students attending institutions of higher education or post‑secondarybusiness, trade, technical, and other vocational schools, which obligations representloans made to such students for the purpose of obtaining training or education.
No bonds, as this term is defined in this Article, are deemed toconstitute a debt of the State, or of any political subdivision thereof or apledge of the faith and credit of the State or of any political subdivision,but are payable solely from the funds of the Authority. All bonds shall containon their faces a statement to the effect that neither the State nor theAuthority is obligated to pay the same or the interest thereon except fromrevenues of the Authority and that neither the faith and credit nor the taxingpower of the State or of any political subdivision is pledged to the payment ofthe principal of or the interest on the bonds.
All expenses incurred in carrying out the provisions of this Articleshall be payable solely from funds provided under the provisions of thisArticle and no liability or obligation shall be incurred by the Authorityhereunder beyond the extent to which moneys shall have been provided under theprovisions of this Article. (1965, c. 1180, s. 1; 1967, c. 955, s. 1; 1979, c. 165, s. 2; 1987, c.227, s. 3.)
§ 116‑202. Authority may buy and sell students' obligations; undertakings of Authoritylimited to revenues.
In order to facilitate vocational and college education and to promotethe industrial and economic development of the State, the State Education AssistanceAuthority (hereinafter created) is hereby authorized and empowered to buy andsell obligations of students attending institutions of higher education or post‑secondarybusiness, trade, technical, and other vocational schools, which obligations representloans made to such students for the purpose of obtaining training or education.
No bonds, as this term is defined in this Article, are deemed toconstitute a debt of the State, or of any political subdivision thereof or apledge of the faith and credit of the State or of any political subdivision,but are payable solely from the funds of the Authority. All bonds shall containon their faces a statement to the effect that neither the State nor theAuthority is obligated to pay the same or the interest thereon except fromrevenues of the Authority and that neither the faith and credit nor the taxingpower of the State or of any political subdivision is pledged to the payment ofthe principal of or the interest on the bonds.
All expenses incurred in carrying out the provisions of this Articleshall be payable solely from funds provided under the provisions of thisArticle and no liability or obligation shall be incurred by the Authorityhereunder beyond the extent to which moneys shall have been provided under theprovisions of this Article. (1965, c. 1180, s. 1; 1967, c. 955, s. 1; 1979, c. 165, s. 2; 1987, c.227, s. 3.)
