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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>68848</law_id><section_number>15.2-5948</section_number><catch_line>Tax revenues of the Commonwealth or any other political subdivision not pledged</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="59.3">Hampton Roads Regional Arena Authority</unit></structure><text>
						<section><p>Nothing in this chapter shall be construed as authorizing the pledging of the faith and credit of the Commonwealth, or the faith and credit of any other political subdivision of the Commonwealth, for the payment of any <span class="dictionary">bonds</span>. No <span class="dictionary">bonds</span> issued pursuant to &#xA7;&#xA0;<a class="law" title="Bond issues" href="/15.2-5943/">15.2-5943</a> shall pledge the full faith and credit of the Commonwealth, nor shall such <span class="dictionary">bonds</span> constitute a debt of the Commonwealth, and the <span class="dictionary">bonds</span> shall so state on their face. Bondholders shall have no recourse whatsoever against the Commonwealth for the payment of principal, interest, or <span class="dictionary">redemption</span> premium, if any, on such <span class="dictionary">bonds</span>.</p></section></text><history>2020, cc. 538, 539.</history><metadata></metadata></law>
