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Code · Virginia · Title 15.2 · Chapter 54.1

Code of Virginia § 15.2-5431.20. Bonds not debts of Commonwealth or participating political subdivision.

127 words·~1 min read·/va/title-15-2/chapter-54-1/15-2-5431-20·

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Revenue bonds issued under the provisions of this chapter shall not constitute a pledge of the faith and credit of the Commonwealth or of any political subdivision or locality. All bonds shall contain a statement on their face substantially to the effect that neither the faith and credit of the Commonwealth nor the faith and credit of any political subdivision are pledged to the payment of the principal of or the interest on the bonds. The issuance of revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth or any political subdivision to levy any taxes or to make any appropriation for their payment except from the funds pledged under the provisions of this chapter.
2003, c. 643 .
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