{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-4909.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-4909.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-4909.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-4909.html"}],"law_id":348523,"edition_id":2,"section_id":348523,"structure_id":49983,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","history":"1966, c. 651, \u00a7 15.1-1380; 1997, c. 587.","full_text":"A\n\nBonds issued pursuant to this chapter shall not be deemed to constitute a debt or a pledge of the faith and credit of the Commonwealth, or any political subdivision thereof, including the locality which created the authority issuing such bonds, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth, nor any political subdivision thereof, nor the authority shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor 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 such bonds or the interest thereon or other costs incident thereto.\n\nB\n\nNeither the directors of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.\n\nC\n\nAll expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the authority and no liability or obligation shall be incurred by the authority hereunder beyond the extent to which moneys shall be available to the authority.\n\nD\n\nBonds issued pursuant to the provisions of this chapter shall not constitute an indebtedness within the meaning of any debt limitation or restriction.\n\n","order_by":null,"text":{"0":{"id":1299496,"text":"Bonds issued pursuant to this chapter shall not be deemed to constitute a debt or a pledge of the faith and credit of the Commonwealth, or any political subdivision thereof, including the locality which created the authority issuing such bonds, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall contain on the face thereof a statement to the effect that neither the Commonwealth, nor any political subdivision thereof, nor the authority shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor 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 such bonds or the interest thereon or other costs incident thereto.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1299497,"text":"Neither the directors of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1299498,"text":"All expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the authority and no liability or obligation shall be incurred by the authority hereunder beyond the extent to which moneys shall be available to the authority.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1299499,"text":"Bonds issued pursuant to the provisions of this chapter shall not constitute an indebtedness within the meaning of any debt limitation or restriction.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":49983,"edition_id":2,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":7,"parent_id":49964,"metadata":{"child_laws":21,"child_structures":0},"date_created":"2026-08-02 02:19:23","date_modified":"2026-08-02 12:29:51","permalink":{"id":1385345,"object_type":"structure","relational_id":49983,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49964,"edition_id":2,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":4,"parent_id":49831,"metadata":{"child_laws":721,"child_structures":68},"date_created":"2026-08-02 02:19:12","date_modified":"2026-08-02 12:29:48","permalink":{"id":1384899,"object_type":"structure","relational_id":49964,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49831,"edition_id":2,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":46,"parent_id":null,"metadata":{"child_laws":2297,"child_structures":225},"date_created":"2026-08-02 02:16:22","date_modified":"2026-08-02 12:29:22","permalink":{"id":1378281,"object_type":"structure","relational_id":49831,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":348514,"structure_id":49983,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":348515,"structure_id":49983,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":348516,"structure_id":49983,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":348517,"structure_id":49983,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":{"court_decisions":{"0":{"name":" .\u202f.\u202f. Short Pump Town Center Community Development Authority v. .\u202f.\u202f. ","case_number":"Record 010456","citation":"554 S.E.2d 441","date":"2001-11-02","url":"https:\/\/www.courtlistener.com\/opinion\/1059406\/short-pump-town-center-community-development-authority-v-hahn\/","abstract":" .\u202f.\u202f. 554 S.E.2d 441 (2001) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"1":{"name":"DR. WILLIAM ES FLORY v. Com.","case_number":"000961","citation":"541 S.E.2d 915","date":"2001-03-02","url":"https:\/\/www.courtlistener.com\/opinion\/1059510\/dr-william-es-flory-v-com\/","abstract":" .\u202f.\u202f. 541 S.E.2d 915 (2001) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"2":{"name":" .\u202f.\u202f. Dr. William E.S. Flory Small Business Development Center, .\u202f.\u202f. ","case_number":"Record No. 000961","citation":"261 Va. 230","date":"2001-03-02","url":"https:\/\/www.courtlistener.com\/opinion\/6931123\/dr-william-es-flory-small-business-development-center-inc-v\/","abstract":" .\u202f.\u202f. JUSTICE LACY .\u202f.\u202f. ","court_html":"SCV<\/abbr>"}}}},{"id":348518,"structure_id":49983,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},{"id":348519,"structure_id":49983,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},{"id":348520,"structure_id":49983,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},{"id":348521,"structure_id":49983,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},{"id":348522,"structure_id":49983,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},{"id":348523,"structure_id":49983,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},{"id":348524,"structure_id":49983,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","metadata":false},{"id":348525,"structure_id":49983,"section_number":"15.2-4911","catch_line":"Rents, fees and other charges","url":"\/15.2-4911\/","token":"15.2\/IV\/49\/15.2-4911","metadata":false},{"id":348526,"structure_id":49983,"section_number":"15.2-4912","catch_line":"Exemption from taxation","url":"\/15.2-4912\/","token":"15.2\/IV\/49\/15.2-4912","metadata":false},{"id":348527,"structure_id":49983,"section_number":"15.2-4913","catch_line":"Authority to be nonprofit; excess earnings","url":"\/15.2-4913\/","token":"15.2\/IV\/49\/15.2-4913","metadata":false},{"id":348528,"structure_id":49983,"section_number":"15.2-4914","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-4914\/","token":"15.2\/IV\/49\/15.2-4914","metadata":false},{"id":348529,"structure_id":49983,"section_number":"15.2-4915","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-4915\/","token":"15.2\/IV\/49\/15.2-4915","metadata":false},{"id":348530,"structure_id":49983,"section_number":"15.2-4916","catch_line":"Authorities acting jointly","url":"\/15.2-4916\/","token":"15.2\/IV\/49\/15.2-4916","metadata":false},{"id":348531,"structure_id":49983,"section_number":"15.2-4917","catch_line":"Facility sites","url":"\/15.2-4917\/","token":"15.2\/IV\/49\/15.2-4917","metadata":false},{"id":348532,"structure_id":49983,"section_number":"15.2-4918","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-4918\/","token":"15.2\/IV\/49\/15.2-4918","metadata":false},{"id":348533,"structure_id":49983,"section_number":"15.2-4919","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-4919\/","token":"15.2\/IV\/49\/15.2-4919","metadata":false},{"id":348534,"structure_id":49983,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","url":"\/15.2-4920\/","token":"15.2\/IV\/49\/15.2-4920","metadata":false}],"previous_section":{"id":348522,"structure_id":49983,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},"next_section":{"id":348524,"structure_id":49983,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-4909\/","history_text":"

This law was first created in 1966. The record of its establishment is cataloged in chapter 651 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1385383,"object_type":"law","relational_id":348523,"identifier":"15.2-4909","token":"15.2\/IV\/49\/15.2-4909","url":"\/15.2-4909\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","dublin_core":{"Title":"Liability of Commonwealth, political subdivisions, directors and officers","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4909","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Bonds<\/span> issued pursuant to this chapter shall not be deemed to constitute a debt or a pledge of the faith and credit of the Commonwealth, or any political subdivision thereof, including the locality<\/span> which created the authority<\/span> issuing such bonds<\/span>, but such bonds<\/span> shall be payable solely from the funds provided therefor as herein authorized. All such bonds<\/span> shall contain on the face thereof a statement to the effect that neither the Commonwealth, nor any political subdivision thereof, nor the authority<\/span> shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues<\/span> and moneys pledged therefor 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 such bonds<\/span> or the interest thereon or other costs incident thereto. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Neither the directors of the authority<\/span> nor any person executing the bonds<\/span> shall be liable personally on the bonds<\/span> by reason of the issuance thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> All expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the authority<\/span> and no liability or obligation shall be incurred by the authority<\/span> hereunder beyond the extent to which moneys shall be available to the authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Bonds<\/span> issued pursuant to the provisions of this chapter shall not constitute an indebtedness within the meaning of any debt limitation or restriction. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIABILITY OF COMMONWEALTH, POLITICAL SUBDIVISIONS, DIRECTORS AND OFFICERS (\u00a7\n15.2-4909)\n\nA. Bonds issued pursuant to this chapter shall not be deemed to constitute a\ndebt or a pledge of the faith and credit of the Commonwealth, or any political\nsubdivision thereof, including the locality which created the authority issuing\nsuch bonds, but such bonds shall be payable solely from the funds provided\ntherefor as herein authorized. All such bonds shall contain on the face thereof\na statement to the effect that neither the Commonwealth, nor any political\nsubdivision thereof, nor the authority shall be obligated to pay the same or the\ninterest thereon or other costs incident thereto except from the revenues and\nmoneys pledged therefor and that neither the faith and credit nor the taxing\npower of the Commonwealth, or any political subdivision thereof, is pledged to\nthe payment of the principal of such bonds or the interest thereon or other\ncosts incident thereto.\n\nB. Neither the directors of the authority nor any person executing the bonds\nshall be liable personally on the bonds by reason of the issuance thereof.\n\nC. All expenses incurred in carrying out the provisions of this chapter shall be\npayable solely from the funds of the authority and no liability or obligation\nshall be incurred by the authority hereunder beyond the extent to which moneys\nshall be available to the authority.\n\nD. Bonds issued pursuant to the provisions of this chapter shall not constitute\nan indebtedness within the meaning of any debt limitation or restriction.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1380; 1997, c. 587.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}