5.1-166 - Credit of Commonwealth and political subdivisions not pledged. - Virginia Statutes

§ 5.1-166. Credit of Commonwealth and political subdivisions not pledged.

Revenue bonds issued under the provisions of this act shall not constitute adebt of the Commonwealth of Virginia or of any other political subdivisionthereof nor a pledge of the faith and credit of the Commonwealth or of anypolitical subdivision thereof. Such bonds shall be payable solely from fundsprovided therefor from revenues. The issuance of revenue bonds under theprovisions of this act shall not directly, indirectly, or contingentlyobligate the Commonwealth or any political subdivision thereof to the paymentthereof or to the levy or pledge of any form of taxation whatever therefor.All such revenue bonds shall contain a statement on their face substantiallyto this effect.

(2001, c. 342.)