15.2-4909 - Liability of Commonwealth, political subdivisions, directors and officers. - Virginia Statutes

§ 15.2-4909. Liability of Commonwealth, political subdivisions, directors andofficers.

A. Bonds issued pursuant to this chapter shall not be deemed to constitute adebt or a pledge of the faith and credit of the Commonwealth, or anypolitical subdivision thereof, including the locality which created theauthority issuing such bonds, but such bonds shall be payable solely from thefunds provided therefor as herein authorized. All such bonds shall contain onthe face thereof a statement to the effect that neither the Commonwealth, norany political subdivision thereof, nor the authority shall be obligated topay the same or the interest thereon or other costs incident thereto exceptfrom the revenues and moneys pledged therefor and that neither the faith andcredit nor the taxing power of the Commonwealth, or any political subdivisionthereof, is pledged to the payment of the principal of such bonds or theinterest thereon or other costs incident thereto.

B. Neither the directors of the authority nor any person executing the bondsshall be liable personally on the bonds by reason of the issuance thereof.

C. All expenses incurred in carrying out the provisions of this chapter shallbe payable solely from the funds of the authority and no liability orobligation shall be incurred by the authority hereunder beyond the extent towhich moneys shall be available to the authority.

D. Bonds issued pursuant to the provisions of this chapter shall notconstitute an indebtedness within the meaning of any debt limitation orrestriction.

(1966, c. 651, § 15.1-1380; 1997, c. 587.)