State Codes and Statutes
Statutes > Virginia > Title-10-1 > Chapter-3 > 10-1-305§ 10.1-305. Bonds not to constitute debt of Commonwealth.
Revenue bonds issued under the provisions of this chapter shall notconstitute a debt of the Commonwealth or a pledge of the faith and credit ofthe Commonwealth, but such bonds shall be payable solely from the fundsprovided from fees and charges. The bonds shall state on their face that theCommonwealth is not obligated to pay the bonds or the interest on them exceptfrom the special fund provided from fees and charges under this chapter, andthat the faith and credit of the Commonwealth are not pledged to the paymentof the principal or interest of the bonds. The issuance of revenue bondsunder the provisions of this chapter shall not obligate the Commonwealth tolevy or to pledge any form of taxation for the bonds or to make anyappropriation for their payment, other than to appropriate available fundsderived as revenue from fees and charges collected under this chapter.
(Code 1950, § 10-104; 1988, c. 891.)
