A. Revenue bonds issued under the provisions of this chapter shall not constitute a pledge of the faith and credit of the Commonwealth or of any political subdivision. All bonds shall contain a statement on their face substantially to the effect that neither the faith and credit of the Commonwealth nor the faith and credit of any political subdivision are pledged to the payment of the principal of or the interest on the bonds. The issuance of revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth or any political subdivision to levy any taxes or to make any appropriation for their payment except from the funds pledged under the provisions of this chapter.
B. Unless otherwise provided in the ordinance which forms the authority or in a subsequent ordinance or resolution authorizing additional improvements, neither the Commonwealth nor any locality shall pay any part of the principal or interest of any bonds issued by a community development authority formed pursuant to §§ 15.2-5152 through 15.2-5157, nor shall any locality carry any part of such bonds on its financial statements as a contingent obligation; except that if a community development authority fails to pay such bonds, to the extent that a locality has imposed a real property tax surcharge or a special assessment at the request of a community development authority pursuant to subdivisions A 3 or A 5 of § 15.2-5158, funds collected from such sources may be paid against such debt.
C. Debt issued by a community development authority formed pursuant to §§ 15.2-5152 through 15.2-5157 shall not be considered in determining the debt limit of any locality.
Code 1950, § 15-764.19; 1950, p. 1323; 1962, c. 623, § 15.1-1257; 1997, cc. 363, 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 51 - Virginia Water and Waste Authorities Act
§ 15.2-5102. One or more localities may create authority
§ 15.2-5104. Advertisement of ordinance, agreement or resolution and notice of hearing
§ 15.2-5105. Hearing; referendum
§ 15.2-5106. Voters' petition requesting agreement and referendum
§ 15.2-5107. Filing articles of incorporation
§ 15.2-5108. Issuance of certificate or charter
§ 15.2-5109. Dissolution and termination of authority
§ 15.2-5110. Amendment of articles of incorporation
§ 15.2-5111. Specification of projects
§ 15.2-5112. Joinder of another locality or authority; withdrawal from authority
§ 15.2-5113. Members of authority board; chief administrative or executive officer
§ 15.2-5114. Powers of authority
§ 15.2-5115. Same; contracts relating to use of systems
§ 15.2-5116. Same; effect of annexation
§ 15.2-5117. Same; insurance for employees
§ 15.2-5118. Powers of Authority; streetlights in King George County
§ 15.2-5119. Power to provide and operate electric energy systems
§ 15.2-5120. Powers of authority in certain counties and cities
§ 15.2-5121. Operation of refuse collection systems; displacement of private companies
§ 15.2-5122. Approval for certain water supply impoundment facilities
§ 15.2-5123. Sewage treatment plants to include certain capability
§ 15.2-5125. Issuance of revenue bonds
§ 15.2-5126. Time for contesting validity of proposed bond issue; when bonds presumed valid
§ 15.2-5127. Proceeds of bonds
§ 15.2-5128. Interim receipts and temporary bonds; bonds mutilated, lost or destroyed
§ 15.2-5129. Provisions of chapter only requirements for issue
§ 15.2-5130. Limitations in bond resolution or trust agreement
§ 15.2-5131. Bonds not debts of Commonwealth or participating political subdivision
§ 15.2-5132. Exemption from taxation
§ 15.2-5133. Trust agreement; bond resolution
§ 15.2-5134. Disposition of unclaimed funds due on matured bonds or coupons
§ 15.2-5135. Contracts concerning interest rates, currency, cash flow and other basis
§ 15.2-5136. Rates and charges
§ 15.2-5137. Water and sewer connections; exceptions
§ 15.2-5138. Enforcement of charges
§ 15.2-5138.1. Enforcement of certain charges when authority does not provide water services
§ 15.2-5141. Bondholder's remedies
§ 15.2-5143. Purchase in open market or otherwise
§ 15.2-5144. Investment in bonds
§ 15.2-5145. Financial report; authority budget; audit
§ 15.2-5146. Use of state land
§ 15.2-5148. Units may convey property
§ 15.2-5149. Interference with railroad structures
§ 15.2-5150. Creating or joining more than one authority
§ 15.2-5151. Water utilities may act as billing agents
§ 15.2-5152. Localities may consider petitions for creation of authority
§ 15.2-5153. Landowners may petition localities
§ 15.2-5154. Contents of petition
§ 15.2-5155. Ordinance or resolution creating authority
§ 15.2-5157. Recording in land records
§ 15.2-5158. Additional powers of community development authorities
§ 15.2-5159. Validation of creation of authorities; bonds issued