§ 33.1-297. Credit of the Commonwealth not pledged
Revenue bonds issued under the provisions of this article shall not be deemed to constitute a debt of the Commonwealth or of any political subdivision thereof or a pledge of the faith and credit of the Commonwealth or of any such political subdivision but all such bonds shall be payable solely from tolls and revenues and any other funds made available to the Board for such purpose. All such revenue bonds shall contain on the face thereof a statement to the effect that the Commonwealth shall not be obligated to pay the same or the interest thereon except from the special fund provided therefor from tolls and revenues of the project for which they are issued and any other funds made available to the Board for such purpose, and that neither the faith and credit nor the taxing power of the Commonwealth is pledged to the payment of the principal of or interest on such bonds.
Except as otherwise provided in this article, all expenses incurred in carrying out the provisions of this article shall be payable solely from funds provided under the authority of this article and no liability or obligation shall be incurred by the Board hereunder beyond the extent to which money shall have been provided under the provisions of this article.
(Code 1950, § 33-255.2; 1952, c. 223; 1954, c. 520; 1962, c. 552; 1970, c. 322.)Sections: Previous 33.1-290 33.1-291 33.1-292 33.1-293 33.1-294 33.1-295 33.1-296 33.1-297 33.1-298 33.1-299 33.1-300 33.1-301 33.1-302 33.1-303 33.1-304 Next
Last modified: April 3, 2009