Code of Virginia

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Code of Virginia
Title 15.2. Counties, Cities and Towns
Chapter 59.1. Virginia Beach Arena
6/24/2018

§ 15.2-5927. (Contingent expiration date) 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 or meeting the contractual obligations of the City of Virginia Beach. No bonds issued pursuant to § 15.2-5924 or contractual obligations of the City of Virginia Beach shall pledge the full faith and credit of the Commonwealth nor shall such bonds or contract constitute a debt of the Commonwealth, and the bonds shall so state on their face. Bondholders or parties to a contract shall have no recourse whatsoever against the Commonwealth for the payment of principal, interest, contractually obligated moneys, or redemption premium, if any, on such bonds or contracts.

2013, c. 767; 2014, cc. 738, 742.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.