2.2-2297 - Liability of Commonwealth, political subdivisions and members of Board. - Virginia Statutes

§ 2.2-2297. Liability of Commonwealth, political subdivisions and members ofBoard.

No bonds issued or loans or loan guarantees made by the Authority under thisarticle shall constitute a debt, liability or general obligation of theCommonwealth or any political subdivision thereof (other than the Authority),or a pledge of the faith and credit of the Commonwealth or any politicalsubdivision thereof (other than the Authority), but shall be payable solelyas provided by the Authority. No member or officer of the Board nor anyperson executing the bonds, loans, or loan guarantees shall be liablepersonally on the bonds, loans, or loan guarantees by reason of the issuancethereof. Each bond issued or loan or loan guarantee made under this articleshall contain on the face thereof a statement that neither the Commonwealth,nor any other political subdivision thereof, shall be obligated to pay thesame or the interest thereon or other costs incident thereto except from therevenue or money pledged by the Authority 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, or the interest on,such bond, loan, or loan guarantee.

(1984, c. 749, § 9-221; 1997, c. 815; 2001, c. 844.)