23-30.49 - Revenue bonds not obligations of Commonwealth or political subdivision. - Virginia Statutes

§ 23-30.49. Revenue bonds not obligations of Commonwealth or politicalsubdivision.

Revenue bonds issued under the provisions of this chapter shall not be deemedto constitute a debt or liability of the Commonwealth or of any politicalsubdivision thereof or a pledge of the faith and credit of the Commonwealthor of any such political subdivision, but shall be payable solely from thefunds herein provided therefor from revenues. All such revenue bonds shallcontain on the face thereof a statement to the effect that neither theCommonwealth of Virginia nor the Authority shall be obligated to pay the sameor the interest thereon except from revenues of the project or projects orthe portion thereof for which they are issued and that neither the faith andcredit nor the taxing power of the Commonwealth of Virginia or of anypolitical subdivision thereof is pledged to the payment of the principal ofor the interest on such bonds. The issuance of revenue bonds under theprovisions of this chapter shall not directly or indirectly or contingentlyobligate the Commonwealth or any political subdivision thereof to levy or topledge any form of taxation whatever therefor or to make any appropriationfor their payment.

(1972, c. 686.)