62.1-147 - Bonds not debt or pledge of credit of Commonwealth or political subdivision; payment of expenses. - Virginia Statutes

§ 62.1-147. Bonds not debt or pledge of credit of Commonwealth or politicalsubdivision; payment of expenses.

Bonds and refunding bonds issued under the provisions of this chapter shallnot be deemed to constitute a debt 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 provided therefor from revenues. All such bonds shall contain on theface thereof a statement to the effect that neither the Commonwealth nor theAuthority shall be obligated to pay the same or the interest thereon exceptfrom revenues of the port facility and that neither the faith and credit northe taxing power of the Commonwealth or of any political subdivision thereofis pledged to the payment of the principal of or the interest on such bonds.

All expenses incurred in carrying out the provisions of this chapter shall bepayable solely from funds provided under the authority of this chapter and noliability or obligation shall be incurred by the Authority hereunder beyondthe extent to which moneys shall have been provided under the provisions ofthis chapter.

(Code 1950, § 62-106.19; 1954, c. 667; 1968, c. 659; 1981, c. 590; 1993, c.656.)