2006 Code of Virginia § 3.1-52 - Credit of Commonwealth or of cities, counties or combinations thereof not pledged

3.1-52. Credit of Commonwealth or of cities, counties or combinationsthereof not pledged.

Revenue bonds issued under the provisions of this article shall not be deemedto constitute a debt of the Commonwealth or of any such city, county orcombination thereof or a pledge of the faith and credit of the Commonwealthor of any such city, county or combination thereof, but shall be payablesolely from the funds of the authority herein provided for. All of suchrevenue bonds shall contain on the face thereof a statement to the effectthat neither the Commonwealth, the authority nor any such city, county orcombination thereof shall be obligated to pay the same or the interestthereon except from funds of the authority and that neither the faith andcredit nor the taxing power of the Commonwealth nor that of any such city,county or combination thereof is pledged to the payment of the principal ofor the interest on such bonds, notes, certificates or evidences of borrowing.All expenses incurred in carrying out the provisions of this article shall bepayable solely from the funds provided under the provisions of this articleand no liability or obligation shall be incurred by the authority hereunderbeyond the extent to which moneys shall have been provided under theprovisions of this article. Neither the members of the board of directors norany officer or agent of the authority executing any bond, note, certificateor other evidence of borrowing pursuant to this article shall be personallyliable by reason of such execution.

(Code 1950, 3-79.6; 1954, c. 407; 1966, c. 702; 1975, c. 135.)