Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-7215. Credit of Commonwealth and political subdivisions not pledged
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Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth of Virginia, or any political subdivision thereof other than the Authority, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall state on their face that neither the Commonwealth of Virginia nor any political subdivisions thereof, nor the Authority, are obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and money pledged therefor and that neither the faith and credit nor the taxing power of the Commonwealth, or any political subdivision thereof, is pledged to the payment of the principal of such bonds, the redemption premium, if any, thereon, or the interest thereon or other costs incident thereto.
All expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the Authority and no liability or obligation shall be incurred by the Authority hereunder beyond the extent to which moneys shall be available to the Authority.
Bonds issued pursuant to the provisions of this Act shall not constitute indebtedness within the meaning of any debt limitation or restriction.
Cite this article: FindLaw.com - Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-7215. Credit of Commonwealth and political subdivisions not pledged - last updated January 01, 2020 | https://codes.findlaw.com/va/title-15-2-counties-cities-and-towns/va-code-sect-15-2-7215/
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