CODE OF VIRGINIA

(CONTINGENT EXPIRATION DATE) TAX REVENUES OF THE COMMONWEALTH OR ANY OTHER
POLITICAL SUBDIVISION NOT PLEDGED (§ 15.2-5927)

Nothing in this chapter shall be construed as authorizing the pledging of the
faith and credit of the Commonwealth, or the faith and credit of any other
political subdivision of the Commonwealth, for the payment of any bonds or
meeting the contractual obligations of the City of Virginia Beach. No bonds
issued pursuant to § 15.2-5924 or contractual obligations of the City of
Virginia Beach shall pledge the full faith and credit of the Commonwealth nor
shall such bonds or contract constitute a debt of the Commonwealth, and the
bonds shall so state on their face. Bondholders or parties to a contract shall
have no recourse whatsoever against the Commonwealth for the payment of
principal, interest, contractually obligated moneys, or redemption premium, if
any, on such bonds or contracts.

HISTORY: 2013, c. 767; 2014, cc. 738, 742.