Virginia Code 10.1-1608: Faith and credit of Commonwealth or political subdivision not pledged
No obligation of the Authority shall constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any political subdivision, but shall be payable solely from the revenue and other funds of the Authority which have been pledged. All such obligations shall contain on the face a statement to the effect that the Commonwealth, political subdivisions, and the Authority shall not be obligated to pay the obligation or the interest except from revenues and other funds of the Authority which have been pledged, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision is pledged to the payment of the principal of or the interest on such obligations.
Terms Used In Virginia Code 10.1-1608
- Authority: means the Virginia Recreational Facilities Authority. See Virginia Code 10.1-1600
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1986, c. 360, § 10-158.6; 1988, c. 891.