Va. Code § 15.2-5948

Current with changes from the 2024 legislative session through ch. 845

Section 15.2-5948 - Tax revenues of the Commonwealth or any other political subdivision not pledged

Nothing in this chapter shall be construed as authorizing the pledging of the faith and credit of the Commonwealth, or the faith and credit of any other political subdivision of the Commonwealth, for the payment of any bonds. No bonds issued pursuant to § 15.2-5943 shall pledge the full faith and credit of the Commonwealth, nor shall such bonds constitute a debt of the Commonwealth, and the bonds shall so state on their face. Bondholders shall have no recourse whatsoever against the Commonwealth for the payment of principal, interest, or redemption premium, if any, on such bonds.

2020, cc. 538, 539.

Added by Acts 2020 c. 539, § 1, eff. 7/1/2020.

Added by Acts 2020 c. 538, § 1, eff. 7/1/2020.