CODE OF VIRGINIA

LIABILITY OF COMMONWEALTH, POLITICAL SUBDIVISIONS AND MEMBERS OF BOARD (§
2.2-2297)

No bonds issued or loans or loan guarantees made by the Authority under this
article shall constitute a debt, liability or general obligation of the
Commonwealth or any political subdivision thereof (other than the Authority), or
a pledge of the faith and credit of the Commonwealth or any political
subdivision thereof (other than the Authority), but shall be payable solely as
provided by the Authority. No member or officer of the Board nor any person
executing the bonds, loans, or loan guarantees shall be liable personally on the
bonds, loans, or loan guarantees by reason of the issuance thereof. Each bond
issued or loan or loan guarantee made under this article shall contain on the
face thereof a statement that neither the Commonwealth, nor any other political
subdivision thereof, shall be obligated to pay the same or the interest thereon
or other costs incident thereto except from the revenue or money pledged by the
Authority and that neither the faith and credit nor the taxing power of the
Commonwealth or any political subdivision thereof is pledged to the payment of
the principal of, or the interest on, such bond, loan, or loan guarantee.

HISTORY: 1984, c. 749, § 9-221; 1997, c. 815; 2001, c. 844.