15.2-5431.20 - Bonds not debts of Commonwealth or participating political subdivision. - Virginia Statutes

§ 15.2-5431.20. Bonds not debts of Commonwealth or participating politicalsubdivision.

Revenue bonds issued under the provisions of this chapter shall notconstitute a pledge of the faith and credit of the Commonwealth or of anypolitical subdivision or locality. All bonds shall contain a statement ontheir face substantially to the effect that neither the faith and credit ofthe Commonwealth nor the faith and credit of any political subdivision arepledged to the payment of the principal of or the interest on the bonds. Theissuance of revenue bonds under the provisions of this chapter shall notdirectly or indirectly or contingently obligate the Commonwealth or anypolitical subdivision to levy any taxes or to make any appropriation fortheir payment except from the funds pledged under the provisions of thischapter.

(2003, c. 643.)