15.2-6312 - Authorities empowered to issue bonds; additional security; liability thereon.
§ 15.2-6312. Authorities empowered to issue bonds; additional security;liability thereon.
An authority shall have power to issue bonds from time to time in itsdiscretion, for any of its corporate purposes, including the issuance ofrefunding bonds for the payment or retirement of bonds previously issued byit. An authority may issue such type of bonds as it may determine, including(without limiting the generality of the foregoing):
1. Bonds on which the principal and interest are payable:
a. Exclusively from the income and revenues of the project or facilityfinanced with the proceeds of such bonds; or
b. Exclusively from the income and revenues of certain designated projects orfacilities whether or not they are financed in whole or in part with theproceeds of such bonds; or
c. From its revenues generally.
2. Bonds on which the principal and/or interest are payable solely fromcontributions or grants received from the federal government, theCommonwealth or any other source, public or private.
Any such bonds may be additionally secured by a pledge of any grants orcontributions from the federal government, the Commonwealth or any politicalsubdivision of the Commonwealth, or other source, or a pledge of any incomeor revenues of the authority, or a mortgage of any particular projects orfacilities or other property of the authority.
Neither the commissioners of an authority nor any person executing the bondsshall be liable personally on the bonds by reason of the issuance thereof.The bonds and other obligations of an authority (and such bonds andobligations shall so state on their face) shall not be a debt of theCommonwealth, or any political subdivision thereof (other than the issuingauthority), and neither the Commonwealth nor any political subdivisionthereof (other than the issuing authority) shall be liable thereon, nor shallsuch bonds or obligations be payable out of any funds or properties otherthan those of the authority. The bonds shall not constitute an indebtednesswithin the meaning of any debt limitation or restriction. Bonds of anauthority are declared to be issued for an essential public and governmentalpurpose.
(Code 1950, § 15-950; 1954, c. 645; 1962, c. 623, § 15.1-1333; 1996, c. 740;1997, c. 587.)