CODE OF VIRGINIA

POWER TO ISSUE BONDS; LIABILITY IN GENERAL (§ 36-29)

An authority shall have power to issue bonds from time to time in its
discretion, for any of its corporate purposes. An authority shall also have
power to issue refunding bonds for the purpose of paying or retiring bonds
previously issued by it or for the purpose of refunding loans made by another
entity if such loans could have been made by the authority. An authority may
issue such types of bonds as it may determine, including (without limiting the
generality of the foregoing):

   (a.  Bonds on which the principal and interest are payable:
               
               
            

      (1.  Exclusively from the income and revenues of the housing project
      financed with the proceeds of such bonds; or

      (2.  Exclusively from the income and revenues of certain designated housing
      projects whether or not they are financed in whole or in part with the
      proceeds of such bonds; or

      (3.  From its revenues generally.

   (b.  Bonds on which the principal is payable solely from annual contributions
   or grants received from the federal government or received from any other
   source, public or private.

Any such bonds may be additionally secured by a pledge of any grant or
contributions from the federal government or other source, or a pledge of any
income or revenues of the authority, or a mortgage of any housing project,
projects or other property of the authority.Neither the commissioners of an
authority nor any person executing the bonds shall be liable personally on the
bonds by reason of the issuance thereof. The bonds and other obligations of an
authority (and such bonds and obligations shall so state on their face) shall
not be a debt of the city, the county, the Commonwealth or any political
subdivision thereof (other than the authority) and neither the city or the
county, nor the Commonwealth or any political subdivision thereof (other than
the authority) shall be liable thereon, nor in any event shall such bonds or
obligations 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 or restriction.

HISTORY: 1938, p. 454; Michie Code 1942, § 3145(14); 2002, c. 548.