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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>81901</law_id><section_number>23.1-2419</section_number><catch_line>Liability on bonds</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="23.1">Institutions of Higher Education; Other Educational and Cultural Institutions</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Public Institutions of Higher Education</unit><unit label="chapter" level="3" order_by="1" identifier="24">Virginia Commonwealth University Health System Authority</unit></structure><text>
						<section><p>No member of the <span class="dictionary">board</span>; officer, employee, or agent of the <span class="dictionary">Authority</span>; or person executing <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">Authority</span> is liable personally on the <span class="dictionary"><span class="dictionary">bonds</span></span> by reason of issuing or executing such <span class="dictionary"><span class="dictionary">bonds</span></span>. <span class="dictionary"><span class="dictionary">Bonds</span></span> of the <span class="dictionary">Authority</span> are not a debt of the Commonwealth or any political subdivision of the Commonwealth other than the <span class="dictionary">Authority</span> and shall so state on their face. Neither the Commonwealth nor any political subdivision of the Commonwealth other than the <span class="dictionary">Authority</span> is liable for payment of <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">Authority</span>, nor shall such <span class="dictionary"><span class="dictionary">bonds</span></span> be payable out of any funds or properties of the Commonwealth or any political subdivision of the Commonwealth other than those of the <span class="dictionary">Authority</span>, except as permitted by &#xA7;&#xA0;<a class="law" title="Power to issue bonds" href="/23.1-2418/">23.1-2418</a>. <span class="dictionary"><span class="dictionary">Bonds</span></span> of the <span class="dictionary">Authority</span> are issued for an essential public and governmental purpose.</p></section></text><history>1996, cc. 905, 1046, &#xA7; 23-50.16:26; 2016, c. 588.</history><metadata></metadata></law>
