                                 CODE OF VIRGINIA

BONDS NOT TO CONSTITUTE DEBT OF COMMONWEALTH (§ 10.1-305)

Revenue bonds issued under the provisions of this chapter shall not constitute a
debt of the Commonwealth or a pledge of the faith and credit of the
Commonwealth, but such bonds shall be payable solely from the funds provided
from fees and charges. The bonds shall state on their face that the Commonwealth
is not obligated to pay the bonds or the interest on them except from the
special fund provided from fees and charges under this chapter, and that the
faith and credit of the Commonwealth are not pledged to the payment of the
principal or interest of the bonds. The issuance of revenue bonds under the
provisions of this chapter shall not obligate the Commonwealth to levy or to
pledge any form of taxation for the bonds or to make any appropriation for their
payment, other than to appropriate available funds derived as revenue from fees
and charges collected under this chapter.

HISTORY: Code 1950, § 10-104; 1988, c. 891.