§ 3.1-52. (Repealed effective October 1, 2008) Credit of Commonwealth or of cities, counties or combinations ...
Revenue bonds issued under the provisions of this article shall not be deemed to constitute a debt of the Commonwealth or of any such city, county or combination thereof or a pledge of the faith and credit of the Commonwealth or of any such city, county or combination thereof, but shall be payable solely from the funds of the authority herein provided for. All of such revenue bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth, the authority nor any such city, county or combination thereof shall be obligated to pay the same or the interest thereon except from funds of the authority and that neither the faith and credit nor the taxing power of the Commonwealth nor that of any such city, county or combination thereof is pledged to the payment of the principal of or the interest on such bonds, notes, certificates or evidences of borrowing. All expenses incurred in carrying out the provisions of this article shall be payable solely from the funds provided under the provisions of this article and no liability or obligation shall be incurred by the authority hereunder beyond the extent to which moneys shall have been provided under the provisions of this article. Neither the members of the board of directors nor any officer or agent of the authority executing any bond, note, certificate or other evidence of borrowing pursuant to this article shall be personally liable by reason of such execution.
(Code 1950, § 3-79.6; 1954, c. 407; 1966, c. 702; 1975, c. 135.)
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