23-50.16:26 - Liability on bonds - Virginia Statutes

§ 23-50.16:26. Liability on bonds.

No member of the Board of Directors or officer, employee or agent of theAuthority or any person executing bonds of the Authority shall be liablepersonally on the bonds by reason of their issuance or execution. Bonds ofthe Authority shall not be a debt of the Commonwealth or any politicalsubdivision thereof other than the Authority and shall so state on theirface. Neither the Commonwealth nor any political subdivision thereof otherthan the Authority shall be liable for payment of bonds of the Authority, norshall such bonds be payable out of any funds or properties of theCommonwealth or any political subdivision thereof other than those of theAuthority, except as permitted by § 23-50.16:25. Bonds of the Authority aredeclared to be issued for an essential public and governmental purpose.

(1996, cc. 905, 1046.)