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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>355127</law_id><section_number>23.1-1231</section_number><catch_line>Revenue bonds not obligations of Commonwealth or political subdivision</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="62" identifier="23.1">Institutions of Higher Education; Other Educational and Cultural Institutions</unit><unit label="subtitle" level="2" order_by="3" identifier="III">Management and Financing</unit><unit label="chapter" level="3" order_by="3" identifier="12">Virginia College Building Authority</unit><unit label="article" level="4" order_by="2" identifier="2">Nonprofit Private Institutions of Higher Education; Projects</unit></structure><text>
						<section><p><span class="dictionary">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 <span class="dictionary">bond</span> shall state on its face that (a) neither the Commonwealth nor the <span class="dictionary">Authority</span> is obligated to pay such <span class="dictionary">revenue bonds</span> or the interest thereon except from revenues of the <span class="dictionary">project</span> or the portion of the <span class="dictionary">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 <span class="dictionary">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 <span class="dictionary">levy</span> or pledge any form of taxation for such bonds or make any appropriation for their payment.</p></section></text><history>1972, c. 686, &#xA7; 23-30.49; 2016, c. 588.</history><metadata></metadata></law>
