Virginia Code 15.2-5349: Bond indebtedness.
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The bonds and other obligations of the authority, and such bonds and obligations shall so state on their face, shall not be a debt of any city in which the authority is located or of the Commonwealth, and neither the Commonwealth nor any such city shall be liable thereon. In no event shall they be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation of the laws of the Commonwealth.
Terms Used In Virginia Code 15.2-5349
- Bonds: means any bonds, interim certificates, notes, debentures, or other obligations of the authority issued pursuant to this chapter. See Virginia Code 15.2-5301
- City: means both cities and counties, and city-specific terms such as "mayor" shall be deemed to also include the equivalent county term. See Virginia Code 15.2-5301
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
Code 1950, § 32-264; 1979, c. 719, § 15.1-1584; 1997, c. 587.