§ 15.2-6640. Credit of Commonwealth and political subdivisions not pledged
Bonds issued pursuant to the provisions of this act shall not be deemed to constitute a debt of the Commonwealth, or any political subdivision thereof other than the Authority, 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 money 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.
All expenses incurred in carrying out the provisions of this act 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.
Bonds issued pursuant to the provisions of this act shall not constitute an indebtedness within the meaning of any debt limitation or restriction.
(2005, c. 842.)
Sections: Previous 15.2-6633 15.2-6634 15.2-6635 15.2-6636 15.2-6637 15.2-6638 15.2-6639 15.2-6640 15.2-6641 15.2-6642 15.2-6643 15.2-6644 15.2-6645 15.2-6646 15.2-6647 NextLast modified: April 2, 2009