10.1-1608 - Faith and credit of Commonwealth or political subdivision not pledged. - Virginia Statutes

§ 10.1-1608. Faith and credit of Commonwealth or political subdivision notpledged.

No obligation of the Authority shall constitute a debt, or pledge of thefaith and credit, of the Commonwealth or of any political subdivision, butshall be payable solely from the revenue and other funds of the Authoritywhich have been pledged. All such obligations shall contain on the face astatement to the effect that the Commonwealth, political subdivisions, andthe Authority shall not be obligated to pay the obligation or the interestexcept from revenues and other funds of the Authority which have beenpledged, and that neither the faith and credit nor the taxing power of theCommonwealth or of any political subdivision is pledged to the payment of theprincipal of or the interest on such obligations.

(1986, c. 360, § 10-158.6; 1988, c. 891.)