15.2-7215 - Credit of Commonwealth and political subdivisions not pledged. - Virginia Statutes

§ 15.2-7215. Credit of Commonwealth and political subdivisions not pledged.

Bonds issued under the provisions of this chapter shall not be deemed toconstitute a debt of the Commonwealth of Virginia, or any politicalsubdivision thereof other than the Authority, but such bonds shall be payablesolely from the funds provided therefor as herein authorized. All such bondsshall state on their face that neither the Commonwealth of Virginia nor anypolitical subdivisions thereof, nor the Authority, are obligated to pay thesame or the interest thereon or other costs incident thereto except from therevenues and money pledged therefor and that neither the faith and credit northe taxing power of the Commonwealth, or any political subdivision thereof,is pledged to the payment of the principal of such bonds, the redemptionpremium, if any, thereon, or the interest thereon or other costs incidentthereto.

All expenses incurred in carrying out the provisions of this chapter shall bepayable solely from the funds of the Authority and no liability or obligationshall be incurred by the Authority hereunder beyond the extent to whichmoneys shall be available to the Authority.

Bonds issued pursuant to the provisions of this Act shall not constituteindebtedness within the meaning of any debt limitation or restriction.

(2010, cc. 117, 210.)