{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-7215.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-7215.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-7215.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-7215.html"}],"law_id":349190,"edition_id":2,"section_id":349190,"structure_id":50039,"section_number":"15.2-7215","catch_line":"Credit of Commonwealth and political subdivisions not pledged","history":"2010, cc. 117, 210.","full_text":"Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth of Virginia, or any political subdivision thereof other than the Authority, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall state on their face that neither the Commonwealth of Virginia nor any political subdivisions thereof, nor the Authority, are obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and money pledged therefor and that neither the faith and credit nor the taxing power of the Commonwealth, or any political subdivision thereof, is pledged to the payment of the principal of such bonds, the redemption premium, if any, thereon, or the interest thereon or other costs incident thereto.\n\nAll expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the Authority and no liability or obligation shall be incurred by the Authority hereunder beyond the extent to which moneys shall be available to the Authority.\n\nBonds issued pursuant to the provisions of this Act shall not constitute indebtedness within the meaning of any debt limitation or restriction.\n\n","order_by":null,"text":{"0":{"id":1301492,"text":"Bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth of Virginia, or any political subdivision thereof other than the Authority, but such bonds shall be payable solely from the funds provided therefor as herein authorized. All such bonds shall state on their face that neither the Commonwealth of Virginia nor any political subdivisions thereof, nor the Authority, are obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and money pledged therefor and that neither the faith and credit nor the taxing power of the Commonwealth, or any political subdivision thereof, is pledged to the payment of the principal of such bonds, the redemption premium, if any, thereon, or the interest thereon or other costs incident thereto.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1301493,"text":"All expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the Authority and no liability or obligation shall be incurred by the Authority hereunder beyond the extent to which moneys shall be available to the Authority.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"2":{"id":1301494,"text":"Bonds issued pursuant to the provisions of this Act shall not constitute indebtedness within the meaning of any debt limitation or restriction.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":50039,"edition_id":2,"name":"Bvu Authority Act","identifier":"72","label":"chapter","depth":3,"order_by":39,"parent_id":49964,"metadata":{"child_laws":27,"child_structures":0},"date_created":"2026-08-02 02:20:42","date_modified":"2026-08-02 12:29:56","permalink":{"id":1387611,"object_type":"structure","relational_id":50039,"identifier":"72","token":"15.2\/IV\/72","url":"\/15.2\/IV\/72\/","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":349174,"structure_id":50039,"section_number":"15.2-7200","catch_line":"Short title","url":"\/15.2-7200\/","token":"15.2\/IV\/72\/15.2-7200","metadata":false},{"id":349175,"structure_id":50039,"section_number":"15.2-7201","catch_line":"Creation; public purpose","url":"\/15.2-7201\/","token":"15.2\/IV\/72\/15.2-7201","metadata":false},{"id":349176,"structure_id":50039,"section_number":"15.2-7202","catch_line":"Definitions","url":"\/15.2-7202\/","token":"15.2\/IV\/72\/15.2-7202","metadata":false},{"id":349177,"structure_id":50039,"section_number":"15.2-7203","catch_line":"BVU Authority; operating name or names","url":"\/15.2-7203\/","token":"15.2\/IV\/72\/15.2-7203","metadata":false},{"id":349178,"structure_id":50039,"section_number":"15.2-7204","catch_line":"Divisions","url":"\/15.2-7204\/","token":"15.2\/IV\/72\/15.2-7204","metadata":false},{"id":349179,"structure_id":50039,"section_number":"15.2-7205","catch_line":"Board of Directors; membership","url":"\/15.2-7205\/","token":"15.2\/IV\/72\/15.2-7205","metadata":{"court_decisions":""}},{"id":349180,"structure_id":50039,"section_number":"15.2-7206","catch_line":"Organization; compensation","url":"\/15.2-7206\/","token":"15.2\/IV\/72\/15.2-7206","metadata":{"court_decisions":""}},{"id":349181,"structure_id":50039,"section_number":"15.2-7207","catch_line":"Powers generally","url":"\/15.2-7207\/","token":"15.2\/IV\/72\/15.2-7207","metadata":false},{"id":349182,"structure_id":50039,"section_number":"15.2-7208","catch_line":"Powers","url":"\/15.2-7208\/","token":"15.2\/IV\/72\/15.2-7208","metadata":false},{"id":349183,"structure_id":50039,"section_number":"15.2-7209","catch_line":"Authority deemed to be an MLEC","url":"\/15.2-7209\/","token":"15.2\/IV\/72\/15.2-7209","metadata":false},{"id":349185,"structure_id":50039,"section_number":"15.2-7210","catch_line":"Transfer of properties and debt","url":"\/15.2-7210\/","token":"15.2\/IV\/72\/15.2-7210","metadata":false},{"id":349186,"structure_id":50039,"section_number":"15.2-7211","catch_line":"Reports","url":"\/15.2-7211\/","token":"15.2\/IV\/72\/15.2-7211","metadata":false},{"id":349187,"structure_id":50039,"section_number":"15.2-7212","catch_line":"Procurement","url":"\/15.2-7212\/","token":"15.2\/IV\/72\/15.2-7212","metadata":false},{"id":349188,"structure_id":50039,"section_number":"15.2-7213","catch_line":"Deposit and investment of funds","url":"\/15.2-7213\/","token":"15.2\/IV\/72\/15.2-7213","metadata":false},{"id":349189,"structure_id":50039,"section_number":"15.2-7214","catch_line":"Authority to issue bonds","url":"\/15.2-7214\/","token":"15.2\/IV\/72\/15.2-7214","metadata":false},{"id":349190,"structure_id":50039,"section_number":"15.2-7215","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/15.2-7215\/","token":"15.2\/IV\/72\/15.2-7215","metadata":false},{"id":349191,"structure_id":50039,"section_number":"15.2-7216","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-7216\/","token":"15.2\/IV\/72\/15.2-7216","metadata":false},{"id":349192,"structure_id":50039,"section_number":"15.2-7217","catch_line":"Security for payment of bonds; default","url":"\/15.2-7217\/","token":"15.2\/IV\/72\/15.2-7217","metadata":false},{"id":349193,"structure_id":50039,"section_number":"15.2-7218","catch_line":"Bonds as legal investments","url":"\/15.2-7218\/","token":"15.2\/IV\/72\/15.2-7218","metadata":false},{"id":349194,"structure_id":50039,"section_number":"15.2-7219","catch_line":"Contracts concerning interest rates and investments","url":"\/15.2-7219\/","token":"15.2\/IV\/72\/15.2-7219","metadata":false},{"id":349196,"structure_id":50039,"section_number":"15.2-7220","catch_line":"Taxation","url":"\/15.2-7220\/","token":"15.2\/IV\/72\/15.2-7220","metadata":false},{"id":349197,"structure_id":50039,"section_number":"15.2-7221","catch_line":"Sovereign immunity","url":"\/15.2-7221\/","token":"15.2\/IV\/72\/15.2-7221","metadata":false},{"id":349198,"structure_id":50039,"section_number":"15.2-7222","catch_line":"Appropriation by political subdivision","url":"\/15.2-7222\/","token":"15.2\/IV\/72\/15.2-7222","metadata":false},{"id":349199,"structure_id":50039,"section_number":"15.2-7223","catch_line":"Contracts with political subdivisions","url":"\/15.2-7223\/","token":"15.2\/IV\/72\/15.2-7223","metadata":{"court_decisions":""}},{"id":349200,"structure_id":50039,"section_number":"15.2-7224","catch_line":"Application of local ordinances, service charges, and taxes upon leaseholds","url":"\/15.2-7224\/","token":"15.2\/IV\/72\/15.2-7224","metadata":{"court_decisions":""}},{"id":349201,"structure_id":50039,"section_number":"15.2-7225","catch_line":"Existing contracts, leases, franchises, etc., not impaired","url":"\/15.2-7225\/","token":"15.2\/IV\/72\/15.2-7225","metadata":false},{"id":349202,"structure_id":50039,"section_number":"15.2-7226","catch_line":"Liberal construction","url":"\/15.2-7226\/","token":"15.2\/IV\/72\/15.2-7226","metadata":false}],"previous_section":{"id":349189,"structure_id":50039,"section_number":"15.2-7214","catch_line":"Authority to issue bonds","url":"\/15.2-7214\/","token":"15.2\/IV\/72\/15.2-7214","metadata":false},"next_section":{"id":349191,"structure_id":50039,"section_number":"15.2-7216","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-7216\/","token":"15.2\/IV\/72\/15.2-7216","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7215\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapters 117<\/a> and 210<\/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":1387673,"object_type":"law","relational_id":349190,"identifier":"15.2-7215","token":"15.2\/IV\/72\/15.2-7215","url":"\/15.2-7215\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-7215\/","token":"15.2\/IV\/72\/15.2-7215","dublin_core":{"Title":"Credit of Commonwealth and political subdivisions not pledged","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7215","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Bonds<\/span><\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth<\/span> of Virginia, or any political subdivision thereof other than the Authority<\/span>, but such bonds<\/span><\/span> shall be payable solely from the funds provided therefor as herein authorized. All such bonds<\/span><\/span> shall state on their face that neither the Commonwealth<\/span> of Virginia nor any political subdivisions thereof, nor the Authority<\/span>, are obligated to pay the same or the interest thereon or other costs incident thereto except from the revenues and money pledged therefor and that neither the faith and credit nor the taxing power of the Commonwealth<\/span>, or any political subdivision thereof, is pledged to the payment of the principal of such bonds<\/span><\/span>, the redemption<\/span> premium, if any, thereon, or the interest thereon or other costs incident thereto.<\/p>

All expenses incurred in carrying out the provisions of this chapter shall be payable solely from the funds of the Authority<\/span> and no liability or obligation shall be incurred by the Authority<\/span> hereunder beyond the extent to which moneys shall be available to the Authority<\/span>.<\/p>

Bonds<\/span><\/span> issued pursuant to the provisions of this Act shall not constitute indebtedness within the meaning of any debt limitation or restriction.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREDIT OF COMMONWEALTH AND POLITICAL SUBDIVISIONS NOT PLEDGED (\u00a7 15.2-7215)\n\nBonds issued under the provisions of this chapter shall not be deemed to\nconstitute a debt of the Commonwealth of Virginia, or any political subdivision\nthereof other than the Authority, but such bonds shall be payable solely from\nthe funds provided therefor as herein authorized. All such bonds shall state on\ntheir face that neither the Commonwealth of Virginia nor any political\nsubdivisions thereof, nor the Authority, are obligated to pay the same or the\ninterest thereon or other costs incident thereto except from the revenues and\nmoney pledged therefor and that neither the faith and credit nor the taxing\npower of the Commonwealth, or any political subdivision thereof, is pledged to\nthe payment of the principal of such bonds, the redemption premium, if any,\nthereon, or the interest thereon or other costs incident thereto.\n\nAll expenses incurred in carrying out the provisions of this chapter shall be\npayable solely from the funds of the Authority and no liability or obligation\nshall be incurred by the Authority hereunder beyond the extent to which moneys\nshall be available to the Authority.\n\nBonds issued pursuant to the provisions of this Act shall not constitute\nindebtedness within the meaning of any debt limitation or restriction.\n\nHISTORY: 2010, cc. 117, 210.","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"}}