15.2-5414 - Bonds not debts of Commonwealth or member governmental unit. - Virginia Statutes

§ 15.2-5414. Bonds not debts of Commonwealth or member governmental unit.

Bonds issued under the provisions of this chapter shall not be deemed toconstitute a pledge of the faith and credit of the Commonwealth or of anygovernmental unit thereof. All such bonds shall contain a statement on theirface substantially to the effect that neither the faith and credit of theCommonwealth nor the faith and credit of any governmental unit of theCommonwealth is pledged to the payment of the principal of or the interest onsuch bonds. The issuance of bonds under the provisions of this chapter shallnot directly, indirectly or contingently obligate the Commonwealth or anygovernmental unit of the Commonwealth to levy any taxes whatever therefor orto make any appropriation for their payment.

(1979, c. 416, § 15.1-1617; 1997, c. 587.)