2015 Code of Virginia
Title 23 - Educational Institutions
§ 23-50.16:26. Liability on bonds
No member of the Board of Directors or officer, employee or agent of the Authority or any person executing bonds of the Authority shall be liable personally on the bonds by reason of their issuance or execution. Bonds of the Authority shall not be a debt of the Commonwealth or any political subdivision thereof other than the Authority and shall so state on their face. Neither the Commonwealth nor any political subdivision thereof other than the Authority shall be 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 thereof other than those of the Authority, except as permitted by ยง 23-50.16:25. Bonds of the Authority are declared to be issued for an essential public and governmental purpose.
1996, cc. 905, 1046.
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