                                 CODE OF VIRGINIA

LIABILITY OF COMMONWEALTH, POLITICAL SUBDIVISIONS, DIRECTORS AND OFFICERS (§
15.2-4909)

A. Bonds issued pursuant to this chapter shall not be deemed to constitute a
debt or a pledge of the faith and credit of the Commonwealth, or any political
subdivision thereof, including the locality which created the authority issuing
such bonds, but such bonds shall be payable solely from the funds provided
therefor as herein authorized. All such bonds shall contain on the face thereof
a statement to the effect that neither the Commonwealth, nor any political
subdivision thereof, nor the authority shall be obligated to pay the same or the
interest thereon or other costs incident thereto except from the revenues and
moneys pledged therefor and 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 such bonds or the interest thereon or other
costs incident thereto.

B. Neither the directors of the authority nor any person executing the bonds
shall be liable personally on the bonds by reason of the issuance thereof.

C. All expenses incurred in carrying out the provisions of this chapter shall be
payable solely from the funds of the authority and no liability or obligation
shall be incurred by the authority hereunder beyond the extent to which moneys
shall be available to the authority.

D. Bonds issued pursuant to the provisions of this chapter shall not constitute
an indebtedness within the meaning of any debt limitation or restriction.

HISTORY: 1966, c. 651, § 15.1-1380; 1997, c. 587.