{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1709.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1709.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1709.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1709.html"}],"law_id":82704,"edition_id":1,"section_id":82704,"structure_id":13528,"section_number":"33.2-1709","catch_line":"Credit of Commonwealth not pledged","history":"Code 1950, \u00a7 33-237; 1970, c. 322, \u00a7 33.1-277; 1982, c. 403; 1986, Sp. Sess., c. 13; 1988, cc. 844, 903; 1989, Sp. Sess., cc. 9, 11; 1990, c. 710; 1991, cc. 666, 713; 1993, cc. 391, 793; 1994, cc. 233, 520, 589, 662; 1995, c. 354; 2000, cc. 1019, 1044; 2004, c. 807; 2007, c. 896; 2011, cc. 830, 868; 2014, c. 805; 2020, cc. 1230, 1275; 2025, c. 327.","full_text":"A\n\nCommonwealth of Virginia Toll Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor from tolls and revenues pursuant to this chapter, from bond proceeds or earnings thereon, and from any other available sources of funds. All such bonds shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from the special fund provided therefor from tolls and revenues under this chapter, from bond proceeds or earnings thereon, and from any other available sources of funds, and that the full faith and credit of the Commonwealth are not pledged to the payment of the principal or interest of such bonds. The issuance of such revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment, other than appropriate available funds derived as revenues from tolls and charges under this chapter or derived from bond proceeds or earnings thereon and from any other available sources of funds.B\n\nCommonwealth of Virginia Transportation Contract Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter (i) from revenues received pursuant to contracts with a primary highway transportation district or transportation service district or any other alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Board; (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project to be financed is located or to the county or counties in which such project is located; (iii) from bond proceeds or earnings thereon; (iv) to the extent required, from other legally available revenues of the Transportation Trust Fund; and (v) from any other available source of funds. All such bonds shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues in clauses (i) and (iii) and that the full faith and credit of the Commonwealth are not pledged to the payment of the principal and interest of such bonds. The issuance of such revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatever or to make any appropriation for their payment, other than to appropriate available funds derived as revenues under this chapter from the sources set forth in clauses (i) and (iii). Nothing in this chapter shall be construed to obligate the General Assembly to make any appropriation of the funds set forth in clause (ii) or (iv) for payment of such bonds.C\n\nCommonwealth of Virginia Transportation Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter (i) from revenues received from the U.S. Route 58 Corridor Development Fund established pursuant to § 33.2-2300, subject to their appropriation by the General Assembly; (ii) to the extent required, from revenues legally available from the Transportation Trust Fund; and (iii) to the extent required, from any other legally available funds that may be appropriated by the General Assembly.D\n\nCommonwealth of Virginia Transportation Revenue Bonds issued under this chapter for Category 1 projects as provided in subdivision 12 of the definition of “project” in § 33.2-1700 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Such bonds shall be payable solely, subject to their appropriation by the General Assembly, (i) first from revenues received from the Northern Virginia Transportation District Fund established pursuant to § 33.2-2400; (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project to be financed is located or to the city or county in which the project to be financed is located; (iii) to the extent required, from legally available revenues of the Transportation Trust Fund; and (iv) from such other funds that may be appropriated by the General Assembly.E\n\nCommonwealth of Virginia Transportation Program Revenue Bonds issued under this chapter for projects defined in subdivision 13 of the definition of “project” in § 33.2-1700 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Such bonds shall be payable solely, subject to their appropriation by the General Assembly, (i) first from any revenues received from any Set-aside Fund established by the General Assembly pursuant to § 58.1-816.1; (ii) to the extent required, from revenues received pursuant to any contract with a locality or any alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Board; (iii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project to be financed is located or to the city or county in which the project to be financed is located; (iv) to the extent required, from legally available revenues from the Transportation Trust Fund; and (v) from such other funds that may be appropriated by the General Assembly.F\n\nCommonwealth of Virginia Federal Highway Reimbursement Anticipation Notes issued under this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, (i) first from any federal highway reimbursements and any other federal highway assistance received by the Commonwealth; (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund; and (iii) then, from such other funds, if any, that are designated by the General Assembly for such purpose.G\n\nCommonwealth of Virginia Transportation Credit Assistance Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, from revenues with respect to or generated by the project being financed thereby and any tolls or other revenues pledged by the Board as security therefor and in accordance with the applicable federal credit assistance authorized with respect to such project by the U.S. Department of Transportation.H\n\nCommonwealth of Virginia Transportation Capital Projects Revenue Bonds issued under the provisions of this chapter for projects as provided in subdivision 15 of the definition of “project” in § 33.2-1700 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely, subject to their appropriation by the General Assembly, (i) from the revenues deposited into the Priority Transportation Fund established pursuant to § 33.2-1527; (ii) to the extent required, from revenues legally available from the Transportation Trust Fund; and (iii) to the extent required, from any other legally available funds.I\n\nCommonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes issued under the provisions of Article 4 (§ 33.2-1511 et seq.) of Chapter 15 and this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such notes shall be payable solely, subject to their appropriation by the General Assembly, (i) first from the project-specific reimbursements pursuant to § 33.2-1520; (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund; and (iii) then from such other funds, if any, that are designated by the General Assembly for such purpose.J\n\nCommonwealth of Virginia Interstate 81 Program Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter, subject to their appropriation by the General Assembly, from revenues received from the Interstate 81 Corridor Improvement Fund from deposits thereto pursuant to § 58.1-2299.20 derived from the receipt of the regional fuels tax levied pursuant to § 58.1-2295.K\n\nCommonwealth of Virginia Passenger Rail Facilities Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth but such bonds shall be payable solely from the funds provided therefor from tolls, rates, fees, and charges pursuant to this chapter. All such bonds shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues and funds provided from tolls, rates, fees, and charges pursuant to this chapter and the full faith and credit of the Commonwealth are not pledged to the payment of the principal of and interest on such bonds. The issuance of such revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatsoever or to make any appropriation for their payment, other than to appropriate available funds from pledged revenues.L\n\nCommonwealth of Virginia Special Structures Program Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter, subject to their appropriation by the General Assembly, (i) first from revenues received from the Special Structure Fund pursuant to § 33.2-1532; (ii) second and to the extent required, from revenues legally available from the Transportation Trust Fund; and (iii) then to the extent required, from any other legally available funds.","order_by":null,"text":{"0":{"id":296302,"text":"Commonwealth of Virginia Toll Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor from tolls and revenues pursuant to this chapter, from bond proceeds or earnings thereon, and from any other available sources of funds. All such bonds shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from the special fund provided therefor from tolls and revenues under this chapter, from bond proceeds or earnings thereon, and from any other available sources of funds, and that the full faith and credit of the Commonwealth are not pledged to the payment of the principal or interest of such bonds. The issuance of such revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment, other than appropriate available funds derived as revenues from tolls and charges under this chapter or derived from bond proceeds or earnings thereon and from any other available sources of funds.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":296303,"text":"Commonwealth of Virginia Transportation Contract Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter (i) from revenues received pursuant to contracts with a primary highway transportation district or transportation service district or any other alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Board; (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project to be financed is located or to the county or counties in which such project is located; (iii) from bond proceeds or earnings thereon; (iv) to the extent required, from other legally available revenues of the Transportation Trust Fund; and (v) from any other available source of funds. All such bonds shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues in clauses (i) and (iii) and that the full faith and credit of the Commonwealth are not pledged to the payment of the principal and interest of such bonds. The issuance of such revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatever or to make any appropriation for their payment, other than to appropriate available funds derived as revenues under this chapter from the sources set forth in clauses (i) and (iii). Nothing in this chapter shall be construed to obligate the General Assembly to make any appropriation of the funds set forth in clause (ii) or (iv) for payment of such bonds.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":296304,"text":"Commonwealth of Virginia Transportation Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter (i) from revenues received from the U.S. Route 58 Corridor Development Fund established pursuant to § 33.2-2300, subject to their appropriation by the General Assembly; (ii) to the extent required, from revenues legally available from the Transportation Trust Fund; and (iii) to the extent required, from any other legally available funds that may be appropriated by the General Assembly.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":296305,"text":"Commonwealth of Virginia Transportation Revenue Bonds issued under this chapter for Category 1 projects as provided in subdivision 12 of the definition of “project” in § 33.2-1700 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Such bonds shall be payable solely, subject to their appropriation by the General Assembly, (i) first from revenues received from the Northern Virginia Transportation District Fund established pursuant to § 33.2-2400; (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project to be financed is located or to the city or county in which the project to be financed is located; (iii) to the extent required, from legally available revenues of the Transportation Trust Fund; and (iv) from such other funds that may be appropriated by the General Assembly.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":296306,"text":"Commonwealth of Virginia Transportation Program Revenue Bonds issued under this chapter for projects defined in subdivision 13 of the definition of “project” in § 33.2-1700 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Such bonds shall be payable solely, subject to their appropriation by the General Assembly, (i) first from any revenues received from any Set-aside Fund established by the General Assembly pursuant to § 58.1-816.1; (ii) to the extent required, from revenues received pursuant to any contract with a locality or any alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Board; (iii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project to be financed is located or to the city or county in which the project to be financed is located; (iv) to the extent required, from legally available revenues from the Transportation Trust Fund; and (v) from such other funds that may be appropriated by the General Assembly.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":296307,"text":"Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes issued under this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, (i) first from any federal highway reimbursements and any other federal highway assistance received by the Commonwealth; (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund; and (iii) then, from such other funds, if any, that are designated by the General Assembly for such purpose.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":296308,"text":"Commonwealth of Virginia Transportation Credit Assistance Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, from revenues with respect to or generated by the project being financed thereby and any tolls or other revenues pledged by the Board as security therefor and in accordance with the applicable federal credit assistance authorized with respect to such project by the U.S. Department of Transportation.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":296309,"text":"Commonwealth of Virginia Transportation Capital Projects Revenue Bonds issued under the provisions of this chapter for projects as provided in subdivision 15 of the definition of “project” in § 33.2-1700 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely, subject to their appropriation by the General Assembly, (i) from the revenues deposited into the Priority Transportation Fund established pursuant to § 33.2-1527; (ii) to the extent required, from revenues legally available from the Transportation Trust Fund; and (iii) to the extent required, from any other legally available funds.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":296310,"text":"Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes issued under the provisions of Article 4 (§ 33.2-1511 et seq.) of Chapter 15 and this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such notes shall be payable solely, subject to their appropriation by the General Assembly, (i) first from the project-specific reimbursements pursuant to § 33.2-1520; (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund; and (iii) then from such other funds, if any, that are designated by the General Assembly for such purpose.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"9":{"id":296311,"text":"Commonwealth of Virginia Interstate 81 Program Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter, subject to their appropriation by the General Assembly, from revenues received from the Interstate 81 Corridor Improvement Fund from deposits thereto pursuant to § 58.1-2299.20 derived from the receipt of the regional fuels tax levied pursuant to § 58.1-2295.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"10":{"id":296312,"text":"Commonwealth of Virginia Passenger Rail Facilities Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth but such bonds shall be payable solely from the funds provided therefor from tolls, rates, fees, and charges pursuant to this chapter. All such bonds shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues and funds provided from tolls, rates, fees, and charges pursuant to this chapter and the full faith and credit of the Commonwealth are not pledged to the payment of the principal of and interest on such bonds. The issuance of such revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatsoever or to make any appropriation for their payment, other than to appropriate available funds from pledged revenues.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"11":{"id":296313,"text":"Commonwealth of Virginia Special Structures Program Revenue Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds provided therefor pursuant to this chapter, subject to their appropriation by the General Assembly, (i) first from revenues received from the Special Structure Fund pursuant to § 33.2-1532; (ii) second and to the extent required, from revenues legally available from the Transportation Trust Fund; and (iii) then to the extent required, from any other legally available funds.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K"}},"ancestry":[{"id":13528,"edition_id":1,"name":"Transportation Development and Revenue Bond Act","identifier":"17","label":"chapter","depth":3,"order_by":1,"parent_id":13146,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":206695,"object_type":"structure","relational_id":13528,"identifier":"17","token":"33.2\/III\/17","url":"\/33.2\/III\/17\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13146,"edition_id":1,"name":"Transportation Funding and Development","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12806,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":206483,"object_type":"structure","relational_id":13146,"identifier":"III","token":"33.2\/III","url":"\/33.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12806,"edition_id":1,"name":"Highways and Other Surface Transportation Systems","identifier":"33.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":204785,"object_type":"structure","relational_id":12806,"identifier":"33.2","token":"33.2","url":"\/33.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63551,"structure_id":13528,"section_number":"33.2-1700","catch_line":"Definitions","url":"\/33.2-1700\/","token":"33.2\/III\/17\/33.2-1700","metadata":false},{"id":84701,"structure_id":13528,"section_number":"33.2-1701","catch_line":"General powers of Commonwealth Transportation Board","url":"\/33.2-1701\/","token":"33.2\/III\/17\/33.2-1701","metadata":false},{"id":80449,"structure_id":13528,"section_number":"33.2-1702","catch_line":"Acquisition and construction of projects","url":"\/33.2-1702\/","token":"33.2\/III\/17\/33.2-1702","metadata":false},{"id":86114,"structure_id":13528,"section_number":"33.2-1703","catch_line":"Purchase of projects","url":"\/33.2-1703\/","token":"33.2\/III\/17\/33.2-1703","metadata":false},{"id":60370,"structure_id":13528,"section_number":"33.2-1704","catch_line":"Condemnation of projects and property","url":"\/33.2-1704\/","token":"33.2\/III\/17\/33.2-1704","metadata":false},{"id":76541,"structure_id":13528,"section_number":"33.2-1705","catch_line":"Improvement of projects acquired","url":"\/33.2-1705\/","token":"33.2\/III\/17\/33.2-1705","metadata":false},{"id":55097,"structure_id":13528,"section_number":"33.2-1706","catch_line":"Construction of projects","url":"\/33.2-1706\/","token":"33.2\/III\/17\/33.2-1706","metadata":false},{"id":55698,"structure_id":13528,"section_number":"33.2-1707","catch_line":"Highway connections","url":"\/33.2-1707\/","token":"33.2\/III\/17\/33.2-1707","metadata":false},{"id":65580,"structure_id":13528,"section_number":"33.2-1708","catch_line":"Revenue bonds","url":"\/33.2-1708\/","token":"33.2\/III\/17\/33.2-1708","metadata":false},{"id":82704,"structure_id":13528,"section_number":"33.2-1709","catch_line":"Credit of Commonwealth not pledged","url":"\/33.2-1709\/","token":"33.2\/III\/17\/33.2-1709","metadata":false},{"id":54493,"structure_id":13528,"section_number":"33.2-1710","catch_line":"Form and terms of bonds","url":"\/33.2-1710\/","token":"33.2\/III\/17\/33.2-1710","metadata":false},{"id":69964,"structure_id":13528,"section_number":"33.2-1711","catch_line":"No other prerequisites to issue of bonds","url":"\/33.2-1711\/","token":"33.2\/III\/17\/33.2-1711","metadata":false},{"id":57059,"structure_id":13528,"section_number":"33.2-1712","catch_line":"Limitations and approvals for certain revenue bonds","url":"\/33.2-1712\/","token":"33.2\/III\/17\/33.2-1712","metadata":false},{"id":57433,"structure_id":13528,"section_number":"33.2-1713","catch_line":"Sale of bonds; bonds as legal investments","url":"\/33.2-1713\/","token":"33.2\/III\/17\/33.2-1713","metadata":false},{"id":58119,"structure_id":13528,"section_number":"33.2-1714","catch_line":"Use of proceeds of sale of bonds","url":"\/33.2-1714\/","token":"33.2\/III\/17\/33.2-1714","metadata":false},{"id":82268,"structure_id":13528,"section_number":"33.2-1715","catch_line":"Financing two or more projects together","url":"\/33.2-1715\/","token":"33.2\/III\/17\/33.2-1715","metadata":false},{"id":73006,"structure_id":13528,"section_number":"33.2-1716","catch_line":"All moneys to be trust funds","url":"\/33.2-1716\/","token":"33.2\/III\/17\/33.2-1716","metadata":false},{"id":73553,"structure_id":13528,"section_number":"33.2-1717","catch_line":"Trust indenture","url":"\/33.2-1717\/","token":"33.2\/III\/17\/33.2-1717","metadata":false},{"id":80373,"structure_id":13528,"section_number":"33.2-1718","catch_line":"Revenues","url":"\/33.2-1718\/","token":"33.2\/III\/17\/33.2-1718","metadata":false},{"id":74535,"structure_id":13528,"section_number":"33.2-1719","catch_line":"Reserve funds and appropriations","url":"\/33.2-1719\/","token":"33.2\/III\/17\/33.2-1719","metadata":false},{"id":85790,"structure_id":13528,"section_number":"33.2-1720","catch_line":"Sinking fund","url":"\/33.2-1720\/","token":"33.2\/III\/17\/33.2-1720","metadata":false},{"id":63337,"structure_id":13528,"section_number":"33.2-1721","catch_line":" Cessation of tolls","url":"\/33.2-1721\/","token":"33.2\/III\/17\/33.2-1721","metadata":false},{"id":86949,"structure_id":13528,"section_number":"33.2-1722","catch_line":"Use of certain funds by Board","url":"\/33.2-1722\/","token":"33.2\/III\/17\/33.2-1722","metadata":false},{"id":83568,"structure_id":13528,"section_number":"33.2-1723","catch_line":"Contributions","url":"\/33.2-1723\/","token":"33.2\/III\/17\/33.2-1723","metadata":false},{"id":83320,"structure_id":13528,"section_number":"33.2-1724","catch_line":"Remedies of bondholders and trustee","url":"\/33.2-1724\/","token":"33.2\/III\/17\/33.2-1724","metadata":false},{"id":78310,"structure_id":13528,"section_number":"33.2-1725","catch_line":"Competing bridges, ferries, and tunnels","url":"\/33.2-1725\/","token":"33.2\/III\/17\/33.2-1725","metadata":false},{"id":60374,"structure_id":13528,"section_number":"33.2-1726","catch_line":"Incidental powers of the Board","url":"\/33.2-1726\/","token":"33.2\/III\/17\/33.2-1726","metadata":false},{"id":60094,"structure_id":13528,"section_number":"33.2-1727","catch_line":"Revenue refunding bonds and revenue bonds for combined purposes","url":"\/33.2-1727\/","token":"33.2\/III\/17\/33.2-1727","metadata":false},{"id":54553,"structure_id":13528,"section_number":"33.2-1728","catch_line":"Chapter provides alternative method","url":"\/33.2-1728\/","token":"33.2\/III\/17\/33.2-1728","metadata":false},{"id":72521,"structure_id":13528,"section_number":"33.2-1729","catch_line":"Chapter liberally construed","url":"\/33.2-1729\/","token":"33.2\/III\/17\/33.2-1729","metadata":false}],"previous_section":{"id":65580,"structure_id":13528,"section_number":"33.2-1708","catch_line":"Revenue bonds","url":"\/33.2-1708\/","token":"33.2\/III\/17\/33.2-1708","metadata":false},"next_section":{"id":54493,"structure_id":13528,"section_number":"33.2-1710","catch_line":"Form and terms of bonds","url":"\/33.2-1710\/","token":"33.2\/III\/17\/33.2-1710","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1709\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 15 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1970, chapter 322; in 1982, chapter 403; in 1988, chapters 844 and 903; in 1990, chapter 710; in 1991, chapters 666 and 713; in 1993, chapters 391 and 793; in 1994, chapters 233<\/a>, 520<\/a>, 589<\/a>, and 662<\/a>; in 1995, chapter 354<\/a>; in 2000, chapters 1019<\/a> and 1044<\/a>; in 2004, chapter 807<\/a>; in 2007, chapter 896<\/a>; in 2011, chapters 830<\/a> and 868<\/a>; in 2014, chapter 805<\/a>; in 2020, chapters 1230<\/a> and 1275<\/a>; in 2025, chapter 327<\/a>.<\/p>","references":false,"refers_to":[{"id":80941,"section_number":"33.2-1511","catch_line":"Definitions","order_by":null,"url":"\/33.2-1511\/"},{"id":77654,"section_number":"33.2-1520","catch_line":"Application of project-specific reimbursements","order_by":null,"url":"\/33.2-1520\/"},{"id":64458,"section_number":"33.2-1527","catch_line":"Priority Transportation Fund","order_by":null,"url":"\/33.2-1527\/"},{"id":82831,"section_number":"33.2-1532","catch_line":"Special Structure Fund","order_by":null,"url":"\/33.2-1532\/"},{"id":63551,"section_number":"33.2-1700","catch_line":"Definitions","order_by":null,"url":"\/33.2-1700\/"},{"id":82399,"section_number":"33.2-2300","catch_line":"U.S. Route 58 Corridor Development Fund","order_by":null,"url":"\/33.2-2300\/"},{"id":81104,"section_number":"33.2-2400","catch_line":"Northern Virginia Transportation District Fund","order_by":null,"url":"\/33.2-2400\/"},{"id":56491,"section_number":"58.1-2299.20","catch_line":"Disposition of tax revenues","order_by":null,"url":"\/58.1-2299.20\/"},{"id":80726,"section_number":"58.1-816.1","catch_line":"Transportation Improvement Program Set-aside Fund","order_by":null,"url":"\/58.1-816.1\/"}],"permalink":{"id":206733,"object_type":"law","relational_id":82704,"identifier":"33.2-1709","token":"33.2\/III\/17\/33.2-1709","url":"\/33.2-1709\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1709\/","token":"33.2\/III\/17\/33.2-1709","dublin_core":{"Title":"Credit of Commonwealth not pledged","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1709","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Commonwealth of Virginia Toll Revenue Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds<\/span> shall be payable solely from the funds provided therefor from tolls and revenues<\/span> pursuant to this chapter, from bond<\/span> proceeds or earnings thereon, and from any other available sources of funds. All such bonds<\/span> shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from the special fund provided therefor from tolls and revenues<\/span> under this chapter, from bond<\/span> proceeds or earnings thereon, and from any other available sources of funds, and that the full faith and credit of the Commonwealth are not pledged to the payment of the principal or interest of such bonds<\/span>. The issuance of such revenue bonds<\/span> under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy<\/span> or to pledge any form of taxation whatever therefor or to make any appropriation for their payment, other than appropriate available funds derived as revenues<\/span> from tolls and charges under this chapter or derived from bond<\/span> proceeds or earnings thereon and from any other available sources of funds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Commonwealth of Virginia Transportation Contract<\/span> Revenue Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds<\/span> shall be payable solely from the funds provided therefor pursuant to this chapter (i) from revenues<\/span> received pursuant to contracts<\/span> with a primary highway<\/span> transportation district or transportation service district or any other alternative mechanism for generation of local revenues<\/span> for specific funding of a project<\/span> satisfactory to the Board<\/span>; (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law<\/span>, to the highway construction<\/span> district in which the project<\/span> to be financed is located or to the county or counties in which such project<\/span> is located; (iii) from bond<\/span> proceeds or earnings thereon; (iv) to the extent required, from other legally available revenues<\/span> of the Transportation Trust Fund; and (v) from any other available source of funds. All such bonds<\/span> shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues<\/span> in clauses (i) and (iii) and that the full faith and credit of the Commonwealth are not pledged to the payment of the principal and interest of such bonds<\/span>. The issuance of such revenue bonds<\/span> under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy<\/span> or to pledge any form of taxation whatever or to make any appropriation for their payment, other than to appropriate available funds derived as revenues<\/span> under this chapter from the sources set forth in clauses (i) and (iii). Nothing in this chapter shall be construed to obligate the General Assembly to make any appropriation of the funds set forth in clause (ii) or (iv) for payment of such bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Commonwealth of Virginia Transportation Revenue Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds<\/span> shall be payable solely from the funds provided therefor pursuant to this chapter (i) from revenues<\/span> received from the U.S. Route 58 Corridor Development Fund established pursuant to § 33.2-2300<\/a>, subject to their appropriation by the General Assembly; (ii) to the extent required, from revenues<\/span> legally available from the Transportation Trust Fund; and (iii) to the extent required, from any other legally available funds that may be appropriated by the General Assembly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Commonwealth of Virginia Transportation Revenue Bonds<\/span> issued under this chapter for Category 1 projects<\/span> as provided in subdivision 12 of the definition of “project<\/span>” in § 33.2-1700<\/a> shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Such bonds<\/span> shall be payable solely, subject to their appropriation by the General Assembly, (i) first from revenues<\/span> received from the Northern Virginia Transportation District Fund established pursuant to § 33.2-2400<\/a>; (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law<\/span>, to the highway construction<\/span> district in which the project<\/span> to be financed is located or to the city or county in which the project<\/span> to be financed is located; (iii) to the extent required, from legally available revenues<\/span> of the Transportation Trust Fund; and (iv) from such other funds that may be appropriated by the General Assembly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Commonwealth of Virginia Transportation Program Revenue Bonds<\/span> issued under this chapter for projects<\/span> defined in subdivision 13 of the definition of “project<\/span>” in § 33.2-1700<\/a> shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Such bonds<\/span> shall be payable solely, subject to their appropriation by the General Assembly, (i) first from any revenues<\/span> received from any Set-aside Fund established by the General Assembly pursuant to § 58.1-816.1<\/a>; (ii) to the extent required, from revenues<\/span> received pursuant to any contract<\/span> with a locality or any alternative mechanism for generation of local revenues<\/span> for specific funding of a project<\/span> satisfactory to the Board<\/span>; (iii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law<\/span>, to the highway construction<\/span> district in which the project<\/span> to be financed is located or to the city or county in which the project<\/span> to be financed is located; (iv) to the extent required, from legally available revenues<\/span> from the Transportation Trust Fund; and (v) from such other funds that may be appropriated by the General Assembly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes issued under this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, (i) first from any federal highway reimbursements and any other federal highway assistance received by the Commonwealth; (ii) then, at the discretion of the Board<\/span>, to the extent required, from legally available revenues<\/span> of the Transportation Trust Fund; and (iii) then, from such other funds, if any, that are designated by the General Assembly for such purpose. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Commonwealth of Virginia Transportation Credit Assistance Revenue Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, from revenues<\/span> with respect to or generated by the project<\/span> being financed thereby and any tolls or other revenues<\/span> pledged by the Board<\/span> as security therefor and in accordance with the applicable federal credit assistance authorized with respect to such project<\/span> by the U.S. Department<\/span> of Transportation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> Commonwealth of Virginia Transportation Capital Projects<\/span> Revenue Bonds<\/span> issued under the provisions of this chapter for projects<\/span> as provided in subdivision 15 of the definition of “project<\/span>” in § 33.2-1700<\/a> shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds<\/span> shall be payable solely, subject to their appropriation by the General Assembly, (i) from the revenues<\/span> deposited into the Priority Transportation Fund established pursuant to § 33.2-1527<\/a>; (ii) to the extent required, from revenues<\/span> legally available from the Transportation Trust Fund; and (iii) to the extent required, from any other legally available funds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes issued under the provisions of Article 4 (§ 33.2-1511<\/a> et seq.) of Chapter 15 and this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such notes shall be payable solely, subject to their appropriation by the General Assembly, (i) first from the project<\/span>-specific reimbursements pursuant to § 33.2-1520<\/a>; (ii) then, at the discretion of the Board<\/span>, to the extent required, from legally available revenues<\/span> of the Transportation Trust Fund; and (iii) then from such other funds, if any, that are designated by the General Assembly for such purpose. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> Commonwealth of Virginia Interstate 81 Program Revenue Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds<\/span> shall be payable solely from the funds provided therefor pursuant to this chapter, subject to their appropriation by the General Assembly, from revenues<\/span> received from the Interstate 81 Corridor Improvement Fund from deposits thereto pursuant to § 58.1-2299.20<\/a> derived from the receipt of the regional fuels tax levied pursuant to § 58.1-2295<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> Commonwealth of Virginia Passenger Rail Facilities Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth but such bonds<\/span> shall be payable solely from the funds provided therefor from tolls, rates, fees, and charges pursuant to this chapter. All such bonds<\/span> shall state on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues<\/span> and funds provided from tolls, rates, fees, and charges pursuant to this chapter and the full faith and credit of the Commonwealth are not pledged to the payment of the principal of and interest on such bonds<\/span>. The issuance of such revenue bonds<\/span> under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy<\/span> or to pledge any form of taxation whatsoever or to make any appropriation for their payment, other than to appropriate available funds from pledged revenues<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

L.<\/span> Commonwealth of Virginia Special Structures Program Revenue Bonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth, but such bonds<\/span> shall be payable solely from the funds provided therefor pursuant to this chapter, subject to their appropriation by the General Assembly, (i) first from revenues<\/span> received from the Special Structure Fund pursuant to § 33.2-1532<\/a>; (ii) second and to the extent required, from revenues<\/span> legally available from the Transportation Trust Fund; and (iii) then to the extent required, from any other legally available funds. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREDIT OF COMMONWEALTH NOT PLEDGED (\u00a7 33.2-1709)\n\nA. Commonwealth of Virginia Toll Revenue Bonds issued under the provisions of\nthis chapter shall not be deemed to constitute a debt of the Commonwealth or a\npledge of the full faith and credit of the Commonwealth, but such bonds shall be\npayable solely from the funds provided therefor from tolls and revenues pursuant\nto this chapter, from bond proceeds or earnings thereon, and from any other\navailable sources of funds. All such bonds shall state on their face that the\nCommonwealth is not obligated to pay the same or the interest thereon except\nfrom the special fund provided therefor from tolls and revenues under this\nchapter, from bond proceeds or earnings thereon, and from any other available\nsources of funds, and that the full faith and credit of the Commonwealth are not\npledged to the payment of the principal or interest of such bonds. The issuance\nof such revenue bonds under the provisions of this chapter shall not directly or\nindirectly or contingently obligate the Commonwealth to levy or to pledge any\nform of taxation whatever therefor or to make any appropriation for their\npayment, other than appropriate available funds derived as revenues from tolls\nand charges under this chapter or derived from bond proceeds or earnings thereon\nand from any other available sources of funds.\n\nB. Commonwealth of Virginia Transportation Contract Revenue Bonds issued under\nthe provisions of this chapter shall not be deemed to constitute a debt of the\nCommonwealth or a pledge of the full faith and credit of the Commonwealth, but\nsuch bonds shall be payable solely from the funds provided therefor pursuant to\nthis chapter (i) from revenues received pursuant to contracts with a primary\nhighway transportation district or transportation service district or any other\nalternative mechanism for generation of local revenues for specific funding of a\nproject satisfactory to the Board; (ii) to the extent required, from funds\nappropriated and allocated, pursuant to the highway allocation formula as\nprovided by law, to the highway construction district in which the project to be\nfinanced is located or to the county or counties in which such project is\nlocated; (iii) from bond proceeds or earnings thereon; (iv) to the extent\nrequired, from other legally available revenues of the Transportation Trust\nFund; and (v) from any other available source of funds. All such bonds shall\nstate on their face that the Commonwealth is not obligated to pay the same or\nthe interest thereon except from revenues in clauses (i) and (iii) and that the\nfull faith and credit of the Commonwealth are not pledged to the payment of the\nprincipal and interest of such bonds. The issuance of such revenue bonds under\nthe provisions of this chapter shall not directly or indirectly or contingently\nobligate the Commonwealth to levy or to pledge any form of taxation whatever or\nto make any appropriation for their payment, other than to appropriate available\nfunds derived as revenues under this chapter from the sources set forth in\nclauses (i) and (iii). Nothing in this chapter shall be construed to obligate\nthe General Assembly to make any appropriation of the funds set forth in clause\n(ii) or (iv) for payment of such bonds.\n\nC. Commonwealth of Virginia Transportation Revenue Bonds issued under the\nprovisions of this chapter shall not be deemed to constitute a debt of the\nCommonwealth or a pledge of the full faith and credit of the Commonwealth, but\nsuch bonds shall be payable solely from the funds provided therefor pursuant to\nthis chapter (i) from revenues received from the U.S. Route 58 Corridor\nDevelopment Fund established pursuant to § 33.2-2300, subject to their\nappropriation by the General Assembly; (ii) to the extent required, from\nrevenues legally available from the Transportation Trust Fund; and (iii) to the\nextent required, from any other legally available funds that may be appropriated\nby the General Assembly.\n\nD. Commonwealth of Virginia Transportation Revenue Bonds issued under this\nchapter for Category 1 projects as provided in subdivision 12 of the definition\nof “project” in § 33.2-1700 shall not be deemed to constitute a\ndebt of the Commonwealth or a pledge of the full faith and credit of the\nCommonwealth. Such bonds shall be payable solely, subject to their appropriation\nby the General Assembly, (i) first from revenues received from the Northern\nVirginia Transportation District Fund established pursuant to § 33.2-2400;\n(ii) to the extent required, from funds appropriated and allocated, pursuant to\nthe highway allocation formula as provided by law, to the highway construction\ndistrict in which the project to be financed is located or to the city or county\nin which the project to be financed is located; (iii) to the extent required,\nfrom legally available revenues of the Transportation Trust Fund; and (iv) from\nsuch other funds that may be appropriated by the General Assembly.\n\nE. Commonwealth of Virginia Transportation Program Revenue Bonds issued under\nthis chapter for projects defined in subdivision 13 of the definition of\n“project” in § 33.2-1700 shall not be deemed to constitute a\ndebt of the Commonwealth or a pledge of the full faith and credit of the\nCommonwealth. Such bonds shall be payable solely, subject to their appropriation\nby the General Assembly, (i) first from any revenues received from any Set-aside\nFund established by the General Assembly pursuant to § 58.1-816.1; (ii) to\nthe extent required, from revenues received pursuant to any contract with a\nlocality or any alternative mechanism for generation of local revenues for\nspecific funding of a project satisfactory to the Board; (iii) to the extent\nrequired, from funds appropriated and allocated, pursuant to the highway\nallocation formula as provided by law, to the highway construction district in\nwhich the project to be financed is located or to the city or county in which\nthe project to be financed is located; (iv) to the extent required, from legally\navailable revenues from the Transportation Trust Fund; and (v) from such other\nfunds that may be appropriated by the General Assembly.\n\nF. Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes\nissued under this chapter shall not be deemed to constitute a debt of the\nCommonwealth or a pledge of the full faith and credit of the Commonwealth, but\nsuch obligations shall be payable solely, subject to appropriation by the\nGeneral Assembly, (i) first from any federal highway reimbursements and any\nother federal highway assistance received by the Commonwealth; (ii) then, at the\ndiscretion of the Board, to the extent required, from legally available revenues\nof the Transportation Trust Fund; and (iii) then, from such other funds, if any,\nthat are designated by the General Assembly for such purpose.\n\nG. Commonwealth of Virginia Transportation Credit Assistance Revenue Bonds\nissued under the provisions of this chapter shall not be deemed to constitute a\ndebt of the Commonwealth or a pledge of the full faith and credit of the\nCommonwealth, but such obligations shall be payable solely, subject to\nappropriation by the General Assembly, from revenues with respect to or\ngenerated by the project being financed thereby and any tolls or other revenues\npledged by the Board as security therefor and in accordance with the applicable\nfederal credit assistance authorized with respect to such project by the U.S.\nDepartment of Transportation.\n\nH. Commonwealth of Virginia Transportation Capital Projects Revenue Bonds issued\nunder the provisions of this chapter for projects as provided in subdivision 15\nof the definition of “project” in § 33.2-1700 shall not be\ndeemed to constitute a debt of the Commonwealth or a pledge of the full faith\nand credit of the Commonwealth, but such bonds shall be payable solely, subject\nto their appropriation by the General Assembly, (i) from the revenues deposited\ninto the Priority Transportation Fund established pursuant to § 33.2-1527;\n(ii) to the extent required, from revenues legally available from the\nTransportation Trust Fund; and (iii) to the extent required, from any other\nlegally available funds.\n\nI. Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue\nNotes issued under the provisions of Article 4 (§ 33.2-1511 et seq.) of\nChapter 15 and this chapter shall not be deemed to constitute a debt of the\nCommonwealth or a pledge of the full faith and credit of the Commonwealth, but\nsuch notes shall be payable solely, subject to their appropriation by the\nGeneral Assembly, (i) first from the project-specific reimbursements pursuant to\n§ 33.2-1520; (ii) then, at the discretion of the Board, to the extent\nrequired, from legally available revenues of the Transportation Trust Fund; and\n(iii) then from such other funds, if any, that are designated by the General\nAssembly for such purpose.\n\nJ. Commonwealth of Virginia Interstate 81 Program Revenue Bonds issued under the\nprovisions of this chapter shall not be deemed to constitute a debt of the\nCommonwealth or a pledge of the full faith and credit of the Commonwealth, but\nsuch bonds shall be payable solely from the funds provided therefor pursuant to\nthis chapter, subject to their appropriation by the General Assembly, from\nrevenues received from the Interstate 81 Corridor Improvement Fund from deposits\nthereto pursuant to § 58.1-2299.20 derived from the receipt of the regional\nfuels tax levied pursuant to § 58.1-2295.\n\nK. Commonwealth of Virginia Passenger Rail Facilities Bonds issued under the\nprovisions of this chapter shall not be deemed to constitute a debt of the\nCommonwealth or a pledge of the full faith and credit of the Commonwealth but\nsuch bonds shall be payable solely from the funds provided therefor from tolls,\nrates, fees, and charges pursuant to this chapter. All such bonds shall state on\ntheir face that the Commonwealth is not obligated to pay the same or the\ninterest thereon except from revenues and funds provided from tolls, rates,\nfees, and charges pursuant to this chapter and the full faith and credit of the\nCommonwealth are not pledged to the payment of the principal of and interest on\nsuch bonds. The issuance of such revenue bonds under the provisions of this\nchapter shall not directly or indirectly or contingently obligate the\nCommonwealth to levy or to pledge any form of taxation whatsoever or to make any\nappropriation for their payment, other than to appropriate available funds from\npledged revenues.\n\nL. Commonwealth of Virginia Special Structures Program Revenue Bonds issued\nunder the provisions of this chapter shall not be deemed to constitute a debt of\nthe Commonwealth or a pledge of the full faith and credit of the Commonwealth,\nbut such bonds shall be payable solely from the funds provided therefor pursuant\nto this chapter, subject to their appropriation by the General Assembly, (i)\nfirst from revenues received from the Special Structure Fund pursuant to §\n33.2-1532; (ii) second and to the extent required, from revenues legally\navailable from the Transportation Trust Fund; and (iii) then to the extent\nrequired, from any other legally available funds.\n\nHISTORY: Code 1950, \u00a7 33-237; 1970, c. 322, \u00a7 33.1-277; 1982, c. 403; 1986,\nSp. Sess., c. 13; 1988, cc. 844, 903; 1989, Sp. Sess., cc. 9, 11; 1990, c. 710;\n1991, cc. 666, 713; 1993, cc. 391, 793; 1994, cc. 233, 520, 589, 662; 1995, c.\n354; 2000, cc. 1019, 1044; 2004, c. 807; 2007, c. 896; 2011, cc. 830, 868; 2014,\nc. 805; 2020, cc. 1230, 1275; 2025, c. 327.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}