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.
1986, c. 360, § 10-158.6; 1988, c. 891.
Structure Code of Virginia
Chapter 16 - Virginia Recreational Facilities Authority Act
§ 10.1-1601. Authority created
§ 10.1-1602. Board of directors
§ 10.1-1603. Powers of Authority
§ 10.1-1604. Form, terms, and execution of bonds
§ 10.1-1605. Issuance and sale of bonds
§ 10.1-1606. Use of bond proceeds
§ 10.1-1607. Interim receipts or temporary bonds
§ 10.1-1608. Faith and credit of Commonwealth or political subdivision not pledged
§ 10.1-1609. Expenses of the Authority
§ 10.1-1610. Trust agreement securing bonds
§ 10.1-1611. Moneys received deemed trust funds
§ 10.1-1612. Proceedings by bondholder or trustee to enforce rights
§ 10.1-1613. Bonds made securities for investment and deposit
§ 10.1-1614. Revenue refunding bonds; bonds for refunding and for cost of additional projects
§ 10.1-1615. Grants or loans of public or private funds
§ 10.1-1616. Exemption from taxes or assessments
§ 10.1-1617. Moneys of Authority
§ 10.1-1618. Title to property
§ 10.1-1619. Violation of regulations
§ 10.1-1620. Appointment of special conservators of the peace
§ 10.1-1621. Conveyance or lease of park to Authority
§ 10.1-1622. Recordation of conveyances of real estate to Authority