{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/23.1-1231.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/23.1-1231.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/23.1-1231.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/23.1-1231.html"}],"law_id":355127,"edition_id":2,"section_id":355127,"structure_id":50796,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","history":"1972, c. 686, \u00a7 23-30.49; 2016, c. 588.","full_text":"Revenue bonds issued under the provisions of this article (i) do not constitute a debt, liability, or pledge of the faith and credit of the Commonwealth or any political subdivision of the Commonwealth and (ii) are payable solely from the funds provided from revenues as set forth in this article. Each such revenue bond shall state on its face that (a) neither the Commonwealth nor the Authority is obligated to pay such revenue bonds or the interest thereon except from revenues of the project or the portion of the project for which they are issued and (b) neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision of the Commonwealth is pledged to the payment of the principal of or the interest on such bonds. The issuance of revenue bonds under the provisions of this article shall not directly, indirectly, or contingently obligate the Commonwealth or any political subdivision of the Commonwealth to levy or pledge any form of taxation for such bonds or make any appropriation for their payment.\n\n","order_by":null,"text":{"0":{"id":1322426,"text":"Revenue bonds issued under the provisions of this article (i) do not constitute a debt, liability, or pledge of the faith and credit of the Commonwealth or any political subdivision of the Commonwealth and (ii) are payable solely from the funds provided from revenues as set forth in this article. Each such revenue bond shall state on its face that (a) neither the Commonwealth nor the Authority is obligated to pay such revenue bonds or the interest thereon except from revenues of the project or the portion of the project for which they are issued and (b) neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision of the Commonwealth is pledged to the payment of the principal of or the interest on such bonds. The issuance of revenue bonds under the provisions of this article shall not directly, indirectly, or contingently obligate the Commonwealth or any political subdivision of the Commonwealth to levy or pledge any form of taxation for such bonds or make any appropriation for their payment.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50796,"edition_id":2,"name":"Nonprofit Private Institutions of Higher Education; Projects","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":50794,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:33:27","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412821,"object_type":"structure","relational_id":50796,"identifier":"2","token":"23.1\/III\/12\/2","url":"\/23.1\/III\/12\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50794,"edition_id":2,"name":"Virginia College Building Authority","identifier":"12","label":"chapter","depth":3,"order_by":3,"parent_id":50786,"metadata":{"child_laws":39,"child_structures":2},"date_created":"2026-08-02 02:33:25","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412737,"object_type":"structure","relational_id":50794,"identifier":"12","token":"23.1\/III\/12","url":"\/23.1\/III\/12\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50786,"edition_id":2,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":50782,"metadata":{"child_laws":97,"child_structures":11},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:17","permalink":{"id":1412515,"object_type":"structure","relational_id":50786,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50782,"edition_id":2,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":62,"parent_id":null,"metadata":{"child_laws":594,"child_structures":95},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:13","permalink":{"id":1411583,"object_type":"structure","relational_id":50782,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":355116,"structure_id":50796,"section_number":"23.1-1220","catch_line":"Definitions","url":"\/23.1-1220\/","token":"23.1\/III\/12\/2\/23.1-1220","metadata":false},{"id":355117,"structure_id":50796,"section_number":"23.1-1221","catch_line":"Declaration of policy and purpose","url":"\/23.1-1221\/","token":"23.1\/III\/12\/2\/23.1-1221","metadata":false},{"id":355118,"structure_id":50796,"section_number":"23.1-1222","catch_line":"Expenses of administering article","url":"\/23.1-1222\/","token":"23.1\/III\/12\/2\/23.1-1222","metadata":false},{"id":355119,"structure_id":50796,"section_number":"23.1-1223","catch_line":"Powers and duties of Authority","url":"\/23.1-1223\/","token":"23.1\/III\/12\/2\/23.1-1223","metadata":false},{"id":355120,"structure_id":50796,"section_number":"23.1-1224","catch_line":"Duties; conveyance of title to projects","url":"\/23.1-1224\/","token":"23.1\/III\/12\/2\/23.1-1224","metadata":false},{"id":355121,"structure_id":50796,"section_number":"23.1-1225","catch_line":"Powers; acquisition of property","url":"\/23.1-1225\/","token":"23.1\/III\/12\/2\/23.1-1225","metadata":false},{"id":355122,"structure_id":50796,"section_number":"23.1-1226","catch_line":"Powers; issuance of negotiable notes","url":"\/23.1-1226\/","token":"23.1\/III\/12\/2\/23.1-1226","metadata":false},{"id":355123,"structure_id":50796,"section_number":"23.1-1227","catch_line":"Powers; issuance of revenue bonds","url":"\/23.1-1227\/","token":"23.1\/III\/12\/2\/23.1-1227","metadata":false},{"id":355124,"structure_id":50796,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","metadata":false},{"id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},{"id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},{"id":355127,"structure_id":50796,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","metadata":false},{"id":355128,"structure_id":50796,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","metadata":false},{"id":355129,"structure_id":50796,"section_number":"23.1-1233","catch_line":"Remedies of bondholders or holders of other obligations","url":"\/23.1-1233\/","token":"23.1\/III\/12\/2\/23.1-1233","metadata":false},{"id":355130,"structure_id":50796,"section_number":"23.1-1234","catch_line":"Exemption from taxation","url":"\/23.1-1234\/","token":"23.1\/III\/12\/2\/23.1-1234","metadata":false},{"id":355131,"structure_id":50796,"section_number":"23.1-1235","catch_line":"Bonds as legal investments","url":"\/23.1-1235\/","token":"23.1\/III\/12\/2\/23.1-1235","metadata":false},{"id":355132,"structure_id":50796,"section_number":"23.1-1236","catch_line":"Nature of article","url":"\/23.1-1236\/","token":"23.1\/III\/12\/2\/23.1-1236","metadata":false},{"id":355133,"structure_id":50796,"section_number":"23.1-1237","catch_line":"Article liberally construed","url":"\/23.1-1237\/","token":"23.1\/III\/12\/2\/23.1-1237","metadata":false},{"id":355134,"structure_id":50796,"section_number":"23.1-1238","catch_line":"Article controls inconsistent laws","url":"\/23.1-1238\/","token":"23.1\/III\/12\/2\/23.1-1238","metadata":false}],"previous_section":{"id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},"next_section":{"id":355128,"structure_id":50796,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1231\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 686 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 1972 \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 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1412867,"object_type":"law","relational_id":355127,"identifier":"23.1-1231","token":"23.1\/III\/12\/2\/23.1-1231","url":"\/23.1-1231\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","dublin_core":{"Title":"Revenue bonds not obligations of Commonwealth or political subdivision","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1231","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Revenue bonds<\/span> issued under the provisions of this article (i) do not constitute a debt, liability, or pledge of the faith and credit of the Commonwealth or any political subdivision of the Commonwealth and (ii) are payable solely from the funds provided from revenues as set forth in this article. Each such revenue bond<\/span> shall state on its face that (a) neither the Commonwealth nor the Authority<\/span> is obligated to pay such revenue bonds<\/span> or the interest thereon except from revenues of the project<\/span> or the portion of the project<\/span> for which they are issued and (b) neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision of the Commonwealth is pledged to the payment of the principal of or the interest on such bonds. The issuance of revenue bonds<\/span> under the provisions of this article shall not directly, indirectly, or contingently obligate the Commonwealth or any political subdivision of the Commonwealth to levy<\/span> or pledge any form of taxation for such bonds or make any appropriation for their payment.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVENUE BONDS NOT OBLIGATIONS OF COMMONWEALTH OR POLITICAL SUBDIVISION (\u00a7\n23.1-1231)\n\nRevenue bonds issued under the provisions of this article (i) do not constitute\na debt, liability, or pledge of the faith and credit of the Commonwealth or any\npolitical subdivision of the Commonwealth and (ii) are payable solely from the\nfunds provided from revenues as set forth in this article. Each such revenue\nbond shall state on its face that (a) neither the Commonwealth nor the Authority\nis obligated to pay such revenue bonds or the interest thereon except from\nrevenues of the project or the portion of the project for which they are issued\nand (b) neither the faith and credit nor the taxing power of the Commonwealth or\nany political subdivision of the Commonwealth is pledged to the payment of the\nprincipal of or the interest on such bonds. The issuance of revenue bonds under\nthe provisions of this article shall not directly, indirectly, or contingently\nobligate the Commonwealth or any political subdivision of the Commonwealth to\nlevy or pledge any form of taxation for such bonds or make any appropriation for\ntheir payment.\n\nHISTORY: 1972, c. 686, \u00a7 23-30.49; 2016, c. 588.","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"}}