§ 2.2-2297 — Liability of Commonwealth, political subdivisions and members of Board

Virginia § 2.2-2297

• Jurisdiction: Virginia
• Title 2.2: ADMINISTRATION OF GOVERNMENT
• Subtitle I: ORGANIZATION OF STATE GOVERNMENT
• Ch. 22: AUTHORITIES
• Art. 7: VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
• Part D: STATE AUTHORITIES, BOARDS, COMMISSIONS, COUNCILS, FOUNDATIONS AND OTHER COLLEGIAL BODIES

Text

No bonds issued or loans or loan guarantees made by the Authority under this article shall constitute a debt, liability or general obligation of the Commonwealth or any political subdivision thereof (other than the Authority), or a pledge of the faith and credit of the Commonwealth or any political subdivision thereof (other than the Authority), but shall be payable solely as provided by the Authority. No member or officer of the Board nor any person executing the bonds, loans, or loan guarantees shall be liable personally on the bonds, loans, or loan guarantees by reason of the issuance thereof. Each bond issued or loan or loan guarantee made under this article shall contain on the face thereof a statement that neither the Commonwealth, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the Authority and that neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond, loan, or loan guarantee.

Legislative History

1984, c. 749, § 9-221; 1997, c. 815; 2001, c. 844.