Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-5948. Tax revenues of the Commonwealth or any other political subdivision not pledged
Current as of January 01, 2020 | Updated by FindLaw Staff
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Nothing in this chapter shall be construed as authorizing the pledging of the faith and credit of the Commonwealth, or the faith and credit of any other political subdivision of the Commonwealth, for the payment of any bonds. No bonds issued pursuant to § 15.2-5943 shall pledge the full faith and credit of the Commonwealth, nor shall such bonds constitute a debt of the Commonwealth, and the bonds shall so state on their face. Bondholders shall have no recourse whatsoever against the Commonwealth for the payment of principal, interest, or redemption premium, if any, on such bonds.
Cite this article: FindLaw.com - Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-5948. Tax revenues of the Commonwealth or any other political subdivision not pledged - last updated January 01, 2020 | https://codes.findlaw.com/va/title-15-2-counties-cities-and-towns/va-code-sect-15-2-5948/
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