§ 15.2-4909. Liability of Commonwealth, political subdivisions, directors and officers
A. Bonds issued pursuant to this chapter shall not be deemed to constitute a debt or a pledge of the faith and credit of the Commonwealth, or any political subdivision thereof, including the locality which created the authority issuing such bonds, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth, nor any political subdivision thereof, nor the authority shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and moneys 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 or the interest thereon or other costs incident thereto.
B. Neither the directors of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.
C. 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.
D. Bonds issued pursuant to the provisions of this chapter shall not constitute an indebtedness within the meaning of any debt limitation or restriction.
(1966, c. 651, § 15.1-1380; 1997, c. 587.)
Sections: Previous 15.2-4902 15.2-4903 15.2-4904 15.2-4905 15.2-4906 15.2-4907 15.2-4908 15.2-4909 15.2-4910 15.2-4911 15.2-4912 15.2-4913 15.2-4914 15.2-4915 15.2-4916 NextLast modified: April 2, 2009