Code of Virginia § 10.1-1608. Faith and credit of Commonwealth or political subdivision not pledged.
129 words·~1 min read·
/va/title-10-1/chapter-16/10-1-1608·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No obligation of the Authority shall constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any political subdivision, but shall be payable solely from the revenue and other funds of the Authority which have been pledged. All such obligations shall contain on the face a statement to the effect that the Commonwealth, political subdivisions, and the Authority shall not be obligated to pay the obligation or the interest except from revenues and other funds of the Authority which have been pledged, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision is pledged to the payment of the principal of or the interest on such obligations.
1986, c. 360, § 10-158.6; 1988, c. 891.