33.1-297 - Credit of the Commonwealth not pledged. - Virginia Statutes

§ 33.1-297. Credit of the Commonwealth not pledged.

Revenue bonds issued under the provisions of this article shall not be deemedto constitute a debt of the Commonwealth or of any political subdivisionthereof or a pledge of the faith and credit of the Commonwealth or of anysuch political subdivision but all such bonds shall be payable solely fromtolls and revenues and any other funds made available to the Board for suchpurpose. All such revenue bonds shall contain on the face thereof a statementto the effect that the Commonwealth shall not be obligated to pay the same orthe interest thereon except from the special fund provided therefor fromtolls and revenues of the project for which they are issued and any otherfunds made available to the Board for such purpose, and that neither thefaith and credit nor the taxing power of the Commonwealth is pledged to thepayment of the principal of or interest on such bonds.

Except as otherwise provided in this article, all expenses incurred incarrying out the provisions of this article shall be payable solely fromfunds provided under the authority of this article and no liability orobligation shall be incurred by the Board hereunder beyond the extent towhich money shall have been provided under the provisions of this article.

(Code 1950, § 33-255.2; 1952, c. 223; 1954, c. 520; 1962, c. 552; 1970, c.322.)