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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>69549</law_id><section_number>62.1-207</section_number><catch_line>Liability of Commonwealth, political subdivisions and members of board of directors</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="62.1">Waters of the State, Ports and Harbors</unit><unit label="chapter" level="2" order_by="1" identifier="21">Virginia Resources Authority</unit></structure><text>
						<section><p>No <span class="dictionary"><span class="dictionary">bonds</span></span> or <span class="dictionary">credit enhancements</span> issued by the <span class="dictionary">Authority</span> under this chapter shall constitute a debt or a pledge of the faith and credit of the Commonwealth, or any political subdivision thereof other than the <span class="dictionary">Authority</span>, but shall be payable solely from the revenue, money or property of the <span class="dictionary">Authority</span> as provided for in this chapter. No member of the <span class="dictionary">board of directors</span> or officer, employee or agent of the <span class="dictionary">Authority</span> or any person executing <span class="dictionary"><span class="dictionary">bonds</span></span> or <span class="dictionary">credit enhancements</span> of the <span class="dictionary">Authority</span> shall be liable personally on the <span class="dictionary"><span class="dictionary">bonds</span></span> or <span class="dictionary">credit enhancements</span> by reason of their issuance or execution. Each <span class="dictionary">bond</span> or credit enhancement issued under this chapter shall contain on its face a statement to the effect (i) that neither the Commonwealth, nor any political subdivision thereof, nor the <span class="dictionary">Authority</span> shall be obligated to pay the principal of, or interest or premium on, the <span class="dictionary">bond</span> or credit enhancement or other <span class="dictionary">costs</span> incident to the <span class="dictionary">bond</span> or credit enhancement except from the revenue, money or property of the <span class="dictionary">Authority</span> pledged and (ii) that neither the faith and credit nor the taxing power of the Commonwealth, or any political subdivision thereof, is pledged to the payment of the principal of or interests or premium on the <span class="dictionary">bond</span> or credit enhancement.</p></section></text><history>1984, c. 699; 1998, c. 399.</history><metadata></metadata></law>
