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1995 SESSION

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SB 995 Liquidation and sale of student assistance authority assets.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Liquidation and sale of student assistance authority assets. Directs the Virginia Education Loan Authority (VELA) to liquidate its assets. The executive director is to report periodically to the Governor and the General Assembly regarding the status of the liquidation. The State Education Assistance Authority (SEAA) and VELA were consolidated in 1992, creating the Virginia Student Assistance Authorities (VSAA). Although designated jointly as the VSAA and sharing a common 10-member board, the two authorities nonetheless remained separate political subdivisions. The organizations were preserved to operate in their respective roles: the SEAA as guarantor and the VELA as lender, obviating the need for renewed federal approval to perform these functions. Each authority maintained its own assets, liabilities, and trust funds. This measure is identical to HB 2026.


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