State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-66-1 > 15-2-6640§ 15.2-6640. Credit of Commonwealth and political subdivisions not pledged.
Bonds issued pursuant to the provisions of this act shall not be deemed toconstitute a debt of the Commonwealth, or any political subdivision thereofother than the Authority, but such bonds shall be payable solely from thefunds provided therefor as herein authorized. All such bonds shall contain onthe face thereof a statement to the effect that neither the Commonwealth, norany political subdivision thereof, nor the Authority, shall be obligated topay the same or the interest thereon or other costs incident thereto exceptfrom the revenues and money pledged therefor and that neither the faith andcredit nor the taxing power of the Commonwealth, or any political subdivisionthereof, is pledged to the payment of the principal of such bonds or theinterest thereon or other costs incident thereto.
All expenses incurred in carrying out the provisions of this act shall bepayable solely from the funds of the Authority and no liability or obligationshall be incurred by the Authority hereunder beyond the extent to whichmoneys shall be available to the Authority.
Bonds issued pursuant to the provisions of this act shall not constitute anindebtedness within the meaning of any debt limitation or restriction.
(2005, c. 842.)
