On April 6, 1995, at 1416 central daylight time, a Bellanca 17-30A, N6700V, was substantially damaged during takeoff roll at Midland, Texas. The private pilot and passenger were not injured. Visual meteorological conditions prevailed for the planned personal cross country flight to Plainview, Texas. Earlier in the day, the pilot had rented the airplane in Plainview, Texas and flown to Midland Airpark, then from Midland Airpark to Midland International Airport. He reported that, during takeoff roll on runway 28 at Midland International Airport, "at approximately 60 to 65 mph the plane lost directional control." According to the passenger, the airplane had reached 70 mph when it started turning to the left. The pilot reduced power and applied full brakes. The airplane exited the left side of the runway where the right wing struck a Visual Approach Slope Indicator (VASI) light box damaging the wing spar and collapsing the right main landing gear and the nose landing gear. The pilot stated that he thought the loss of directional control was due to the "pin connecting the scissor yoke on the nose gear" coming out during the takeoff roll. He further stated that he was the first pilot to fly the plane after it was placed back into rental service following a landing gear repair. However, the plane had been test flown twice after the repair with no discrepancies reported. Statements from the two pilots who conducted the test flights are attached to this report. Examination of the nose gear torque links by a Federal Aviation Adminstration inspector revealed that they were "bent, twisted and deformed in the same manner indicating they were bolted together" when they were damaged. A copy of the Inspector's statement is attached to this report.