§ 23.1-1231 — Revenue bonds not obligations of Commonwealth or political subdivision

Virginia § 23.1-1231

• Jurisdiction: Virginia
• Title 23.1: INSTITUTIONS OF HIGHER EDUCATION; OTHER EDUCATIONAL AND CULTURAL INSTITUTIONS
• Subtitle III: MANAGEMENT AND FINANCING
• Ch. 12: VIRGINIA COLLEGE BUILDING AUTHORITY
• Art. 2: NONPROFIT PRIVATE INSTITUTIONS OF HIGHER EDUCATION; PROJECTS

Text

Revenue bonds issued under the provisions of this article (i) do not constitute a debt, liability, or pledge of the faith and credit of the Commonwealth or any political subdivision of the Commonwealth and (ii) are payable solely from the funds provided from revenues as set forth in this article. Each such revenue bond shall state on its face that (a) neither the Commonwealth nor the Authority is obligated to pay such revenue bonds or the interest thereon except from revenues of the project or the portion of the project for which they are issued and (b) neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision of the Commonwealth is pledged to the payment of the principal of or the interest on such bonds. The issuance of revenue bonds under the provisions of this article shall not directly, indirectly, or contingently obligate the Commonwealth or any political subdivision of the Commonwealth to levy or pledge any form of taxation for such bonds or make any appropriation for their payment.

Legislative History

1972, c. 686, § 23-30.49; 2016, c. 588.