15.2-6022 - Bonds not a debt of the Commonwealth.
§ 15.2-6022. Bonds not a debt of the Commonwealth.
Revenue bonds and revenue refunding bonds of the Authority issued under theprovisions of this chapter do not constitute a debt of the Commonwealth or ofany political subdivision of the Commonwealth or a pledge of the faith andcredit of the Commonwealth or of any political subdivision, but the bondsshall be payable solely from the funds provided for in this chapter fromrevenues resulting from the issuance of bonds. All bonds shall contain on theface of the bond a statement to the effect that neither the Commonwealth norany political subdivision of the Commonwealth is obligated to pay the bond orthe interest on the bond except from revenues of the recreational project orprojects for which they are issued and that neither the faith or credit northe taxing power of the Commonwealth or any political subdivision of theCommonwealth is pledged to the payment of the principal or the interest onthe bonds.
(2008, cc. 645, 648.)