State Codes and Statutes
Statutes > Virginia > Title-62-1 > Chapter-21 > 62-1-207§ 62.1-207. Liability of Commonwealth, political subdivisions and members ofboard of directors.
No bonds or credit enhancements issued by the Authority under this chaptershall constitute a debt or a pledge of the faith and credit of theCommonwealth, or any political subdivision thereof other than the Authority,but shall be payable solely from the revenue, money or property of theAuthority as provided for in this chapter. No member of the board ofdirectors or officer, employee or agent of the Authority or any personexecuting bonds or credit enhancements of the Authority shall be liablepersonally on the bonds or credit enhancements by reason of their issuance orexecution. Each bond or credit enhancement issued under this chapter shallcontain on its face a statement to the effect (i) that neither theCommonwealth, nor any political subdivision thereof, nor the Authority shallbe obligated to pay the principal of, or interest or premium on, the bond orcredit enhancement or other costs incident to the bond or credit enhancementexcept from the revenue, money or property of the Authority pledged and (ii)that neither the faith and credit nor the taxing power of the Commonwealth,or any political subdivision thereof, is pledged to the payment of theprincipal of or interests or premium on the bond or credit enhancement.
(1984, c. 699; 1998, c. 399.)
