{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5431.20.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5431.20.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5431.20.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5431.20.html"}],"law_id":348804,"edition_id":2,"section_id":348804,"structure_id":50004,"section_number":"15.2-5431.20","catch_line":"Bonds not debts of Commonwealth or participating political subdivision","history":"2003, c. 643.","full_text":"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 or locality. 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.\n\n","order_by":null,"text":{"0":{"id":1300220,"text":"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 or locality. 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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50004,"edition_id":2,"name":"Virginia Wireless Service Authorities Act","identifier":"54.1","label":"chapter","depth":3,"order_by":14,"parent_id":49964,"metadata":{"child_laws":40,"child_structures":0},"date_created":"2026-08-02 02:19:53","date_modified":"2026-08-02 12:29:53","permalink":{"id":1386319,"object_type":"structure","relational_id":50004,"identifier":"54.1","token":"15.2\/IV\/54.1","url":"\/15.2\/IV\/54.1\/","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":348792,"structure_id":50004,"section_number":"15.2-5431.1","catch_line":"Title of chapter; construction","url":"\/15.2-5431.1\/","token":"15.2\/IV\/54.1\/15.2-5431.1","metadata":false},{"id":348793,"structure_id":50004,"section_number":"15.2-5431.10","catch_line":"Members of authority board; chief administrative or executive officer","url":"\/15.2-5431.10\/","token":"15.2\/IV\/54.1\/15.2-5431.10","metadata":{"court_decisions":{"0":{"name":"Frank Marshall Smith, II v. Gary Larrowe","case_number":"1722243","citation":null,"date":"2025-12-02","url":"https:\/\/www.courtlistener.com\/opinion\/10745864\/frank-marshall-smith-ii-v-gary-larrowe\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"}}}},{"id":348794,"structure_id":50004,"section_number":"15.2-5431.11","catch_line":"Powers of authority","url":"\/15.2-5431.11\/","token":"15.2\/IV\/54.1\/15.2-5431.11","metadata":{"court_decisions":{"0":{"name":"Frank Marshall Smith, II v. Gary Larrowe","case_number":"1722243","citation":null,"date":"2025-12-02","url":"https:\/\/www.courtlistener.com\/opinion\/10745864\/frank-marshall-smith-ii-v-gary-larrowe\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"}}}},{"id":348795,"structure_id":50004,"section_number":"15.2-5431.12","catch_line":"Contracts relating to use of systems","url":"\/15.2-5431.12\/","token":"15.2\/IV\/54.1\/15.2-5431.12","metadata":false},{"id":348796,"structure_id":50004,"section_number":"15.2-5431.13","catch_line":"Insurance for employees","url":"\/15.2-5431.13\/","token":"15.2\/IV\/54.1\/15.2-5431.13","metadata":{"court_decisions":""}},{"id":348797,"structure_id":50004,"section_number":"15.2-5431.14","catch_line":"Issuance of revenue bonds","url":"\/15.2-5431.14\/","token":"15.2\/IV\/54.1\/15.2-5431.14","metadata":{"court_decisions":""}},{"id":348798,"structure_id":50004,"section_number":"15.2-5431.15","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5431.15\/","token":"15.2\/IV\/54.1\/15.2-5431.15","metadata":false},{"id":348799,"structure_id":50004,"section_number":"15.2-5431.16","catch_line":"Proceeds of bonds","url":"\/15.2-5431.16\/","token":"15.2\/IV\/54.1\/15.2-5431.16","metadata":{"court_decisions":""}},{"id":348800,"structure_id":50004,"section_number":"15.2-5431.17","catch_line":"Interim receipts and temporary bonds; bonds mutilated, lost or destroyed","url":"\/15.2-5431.17\/","token":"15.2\/IV\/54.1\/15.2-5431.17","metadata":false},{"id":348801,"structure_id":50004,"section_number":"15.2-5431.18","catch_line":"Provisions of chapter only requirements for issue","url":"\/15.2-5431.18\/","token":"15.2\/IV\/54.1\/15.2-5431.18","metadata":false},{"id":348802,"structure_id":50004,"section_number":"15.2-5431.19","catch_line":"Limitations in bond resolution or trust agreement","url":"\/15.2-5431.19\/","token":"15.2\/IV\/54.1\/15.2-5431.19","metadata":false},{"id":348803,"structure_id":50004,"section_number":"15.2-5431.2","catch_line":"Definitions","url":"\/15.2-5431.2\/","token":"15.2\/IV\/54.1\/15.2-5431.2","metadata":{"court_decisions":""}},{"id":348804,"structure_id":50004,"section_number":"15.2-5431.20","catch_line":"Bonds not debts of Commonwealth or participating political subdivision","url":"\/15.2-5431.20\/","token":"15.2\/IV\/54.1\/15.2-5431.20","metadata":false},{"id":348805,"structure_id":50004,"section_number":"15.2-5431.21","catch_line":"Exemption from taxation","url":"\/15.2-5431.21\/","token":"15.2\/IV\/54.1\/15.2-5431.21","metadata":false},{"id":348806,"structure_id":50004,"section_number":"15.2-5431.22","catch_line":"Trust agreement; bond resolution","url":"\/15.2-5431.22\/","token":"15.2\/IV\/54.1\/15.2-5431.22","metadata":false},{"id":348807,"structure_id":50004,"section_number":"15.2-5431.23","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-5431.23\/","token":"15.2\/IV\/54.1\/15.2-5431.23","metadata":{"court_decisions":""}},{"id":348808,"structure_id":50004,"section_number":"15.2-5431.24","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","url":"\/15.2-5431.24\/","token":"15.2\/IV\/54.1\/15.2-5431.24","metadata":false},{"id":348809,"structure_id":50004,"section_number":"15.2-5431.25","catch_line":"Rates and charges","url":"\/15.2-5431.25\/","token":"15.2\/IV\/54.1\/15.2-5431.25","metadata":{"court_decisions":""}},{"id":348810,"structure_id":50004,"section_number":"15.2-5431.26","catch_line":"Enforcement of charges","url":"\/15.2-5431.26\/","token":"15.2\/IV\/54.1\/15.2-5431.26","metadata":false},{"id":348811,"structure_id":50004,"section_number":"15.2-5431.27","catch_line":"Lien for charges","url":"\/15.2-5431.27\/","token":"15.2\/IV\/54.1\/15.2-5431.27","metadata":{"court_decisions":""}},{"id":348812,"structure_id":50004,"section_number":"15.2-5431.28","catch_line":"Trust funds","url":"\/15.2-5431.28\/","token":"15.2\/IV\/54.1\/15.2-5431.28","metadata":false},{"id":348813,"structure_id":50004,"section_number":"15.2-5431.29","catch_line":"Bondholder's remedies","url":"\/15.2-5431.29\/","token":"15.2\/IV\/54.1\/15.2-5431.29","metadata":{"court_decisions":""}},{"id":348814,"structure_id":50004,"section_number":"15.2-5431.3","catch_line":"Creation of authority","url":"\/15.2-5431.3\/","token":"15.2\/IV\/54.1\/15.2-5431.3","metadata":false},{"id":348815,"structure_id":50004,"section_number":"15.2-5431.30","catch_line":"Refunding bonds","url":"\/15.2-5431.30\/","token":"15.2\/IV\/54.1\/15.2-5431.30","metadata":{"court_decisions":""}},{"id":348816,"structure_id":50004,"section_number":"15.2-5431.31","catch_line":"Purchase in open market or otherwise","url":"\/15.2-5431.31\/","token":"15.2\/IV\/54.1\/15.2-5431.31","metadata":false},{"id":348817,"structure_id":50004,"section_number":"15.2-5431.32","catch_line":"Investment in bonds","url":"\/15.2-5431.32\/","token":"15.2\/IV\/54.1\/15.2-5431.32","metadata":false},{"id":348818,"structure_id":50004,"section_number":"15.2-5431.33","catch_line":"Financial report; authority budget; audit","url":"\/15.2-5431.33\/","token":"15.2\/IV\/54.1\/15.2-5431.33","metadata":{"court_decisions":""}},{"id":348819,"structure_id":50004,"section_number":"15.2-5431.34","catch_line":"Use of state land","url":"\/15.2-5431.34\/","token":"15.2\/IV\/54.1\/15.2-5431.34","metadata":{"court_decisions":""}},{"id":348820,"structure_id":50004,"section_number":"15.2-5431.35","catch_line":"Powers of localities to make grants and conveyances to and contracts with authority","url":"\/15.2-5431.35\/","token":"15.2\/IV\/54.1\/15.2-5431.35","metadata":{"court_decisions":""}},{"id":348821,"structure_id":50004,"section_number":"15.2-5431.35:1","catch_line":"Creating or joining more than one authority","url":"\/15.2-5431.35_1\/","token":"15.2\/IV\/54.1\/15.2-5431.35_1","metadata":{"court_decisions":""}},{"id":348822,"structure_id":50004,"section_number":"15.2-5431.36","catch_line":"Liability of members or officers","url":"\/15.2-5431.36\/","token":"15.2\/IV\/54.1\/15.2-5431.36","metadata":{"court_decisions":{"0":{"name":"Frank Marshall Smith, II v. Gary Larrowe","case_number":"1722243","citation":null,"date":"2025-12-02","url":"https:\/\/www.courtlistener.com\/opinion\/10745864\/frank-marshall-smith-ii-v-gary-larrowe\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"}}}},{"id":348823,"structure_id":50004,"section_number":"15.2-5431.37","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5431.37\/","token":"15.2\/IV\/54.1\/15.2-5431.37","metadata":false},{"id":348824,"structure_id":50004,"section_number":"15.2-5431.4","catch_line":"Resolution creating authority to include articles of incorporation","url":"\/15.2-5431.4\/","token":"15.2\/IV\/54.1\/15.2-5431.4","metadata":false},{"id":348825,"structure_id":50004,"section_number":"15.2-5431.5","catch_line":"Advertisement of resolution and notice of hearing","url":"\/15.2-5431.5\/","token":"15.2\/IV\/54.1\/15.2-5431.5","metadata":false},{"id":348826,"structure_id":50004,"section_number":"15.2-5431.6","catch_line":"Hearing; referendum","url":"\/15.2-5431.6\/","token":"15.2\/IV\/54.1\/15.2-5431.6","metadata":{"court_decisions":""}},{"id":348827,"structure_id":50004,"section_number":"15.2-5431.7","catch_line":"Filing articles of incorporation","url":"\/15.2-5431.7\/","token":"15.2\/IV\/54.1\/15.2-5431.7","metadata":false},{"id":348828,"structure_id":50004,"section_number":"15.2-5431.8","catch_line":"Issuance of certificate or charter","url":"\/15.2-5431.8\/","token":"15.2\/IV\/54.1\/15.2-5431.8","metadata":false},{"id":348829,"structure_id":50004,"section_number":"15.2-5431.8:1","catch_line":"Amendment of articles of incorporation","url":"\/15.2-5431.8_1\/","token":"15.2\/IV\/54.1\/15.2-5431.8_1","metadata":{"court_decisions":""}},{"id":348830,"structure_id":50004,"section_number":"15.2-5431.9","catch_line":"Dissolution and termination of authority","url":"\/15.2-5431.9\/","token":"15.2\/IV\/54.1\/15.2-5431.9","metadata":false},{"id":348831,"structure_id":50004,"section_number":"15.2-5431.9:1","catch_line":"Joinder of another locality or authority; withdrawal from authority","url":"\/15.2-5431.9_1\/","token":"15.2\/IV\/54.1\/15.2-5431.9_1","metadata":{"court_decisions":""}}],"previous_section":{"id":348803,"structure_id":50004,"section_number":"15.2-5431.2","catch_line":"Definitions","url":"\/15.2-5431.2\/","token":"15.2\/IV\/54.1\/15.2-5431.2","metadata":{"court_decisions":""}},"next_section":{"id":348805,"structure_id":50004,"section_number":"15.2-5431.21","catch_line":"Exemption from taxation","url":"\/15.2-5431.21\/","token":"15.2\/IV\/54.1\/15.2-5431.21","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5431.20\/","history_text":"<p>This law was first created in 2003. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?031+ful+CHAP0643\">643<\/a> 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.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386369,"object_type":"law","relational_id":348804,"identifier":"15.2-5431.20","token":"15.2\/IV\/54.1\/15.2-5431.20","url":"\/15.2-5431.20\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5431.20\/","token":"15.2\/IV\/54.1\/15.2-5431.20","dublin_core":{"Title":"Bonds not debts of Commonwealth or participating political subdivision","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5431.20","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Revenue <span class=\"dictionary\">bonds<\/span> 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 or <span class=\"dictionary\">locality<\/span>. All <span class=\"dictionary\">bonds<\/span> 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 <span class=\"dictionary\">bonds<\/span>. The issuance of revenue <span class=\"dictionary\">bonds<\/span> under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth or any political subdivision to <span class=\"dictionary\">levy<\/span> any taxes or to make any appropriation for their payment except from the funds pledged under the provisions of this chapter.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nBONDS NOT DEBTS OF COMMONWEALTH OR PARTICIPATING POLITICAL SUBDIVISION (\u00a7\n15.2-5431.20)\n\nRevenue bonds issued under the provisions of this chapter shall not constitute a\npledge of the faith and credit of the Commonwealth or of any political\nsubdivision or locality. All bonds shall contain a statement on their face\nsubstantially to the effect that neither the faith and credit of the\nCommonwealth nor the faith and credit of any political subdivision are pledged\nto the payment of the principal of or the interest on the bonds. The issuance of\nrevenue bonds under the provisions of this chapter shall not directly or\nindirectly or contingently obligate the Commonwealth or any political\nsubdivision to levy any taxes or to make any appropriation for their payment\nexcept from the funds pledged under the provisions of this chapter.\n\nHISTORY: 2003, c. 643.","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"}}