Code of Virginia § 23.1-2419. Liability on bonds.
145 words·~1 min read·
/va/title-23-1/chapter-24/23-1-2419·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No member of the board; officer, employee, or agent of the Authority; or person executing bonds of the Authority is liable personally on the bonds by reason of issuing or executing such bonds. Bonds of the Authority are not a debt of the Commonwealth or any political subdivision of the Commonwealth other than the Authority and shall so state on their face. Neither the Commonwealth nor any political subdivision of the Commonwealth other than the Authority is liable for payment of bonds of the Authority, nor shall such bonds be payable out of any funds or properties of the Commonwealth or any political subdivision of the Commonwealth other than those of the Authority, except as permitted by § 23.1-2418 .
Bonds of the Authority are issued for an essential public and governmental purpose.
1996, cc. 905 , 1046 , § 23-50.16:26; 2016, c. 588 .