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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>55312</law_id><section_number>15.2-5414</section_number><catch_line>Bonds not debts of Commonwealth or member governmental unit</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="1" identifier="54">Electric Authorities Act</unit></structure><text>
						<section><p><span class="dictionary"><span class="dictionary">Bonds</span></span> issued under the provisions of this chapter shall not be deemed to constitute a pledge of the faith and credit of the Commonwealth or of any <span class="dictionary">governmental unit</span> thereof. All such <span class="dictionary"><span class="dictionary">bonds</span></span> shall contain a statement on their face substantially to the effect that neither the faith and credit of the Commonwealth nor the faith and credit of any <span class="dictionary">governmental unit</span> of the Commonwealth is pledged to the payment of the principal of or the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span>. The issuance of <span class="dictionary"><span class="dictionary">bonds</span></span> under the provisions of this chapter shall not directly, indirectly or contingently obligate the Commonwealth or any <span class="dictionary">governmental unit</span> of the Commonwealth to <span class="dictionary">levy</span> any taxes whatever therefor or to make any appropriation for their payment.</p></section></text><history>1979, c. 416, &#xA7; 15.1-1617; 1997, c. 587.</history><metadata></metadata></law>
