{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-2297.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-2297.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-2297.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-2297.html"}],"law_id":352463,"edition_id":2,"section_id":352463,"structure_id":50400,"section_number":"2.2-2297","catch_line":"Liability of Commonwealth, political subdivisions and members of Board","history":"1984, c. 749, \u00a7 9-221; 1997, c. 815; 2001, c. 844.","full_text":"No bonds issued or loans or loan guarantees made by the Authority under this article shall constitute a debt, liability or general obligation of the Commonwealth or any political subdivision thereof (other than the Authority), or a pledge of the faith and credit of the Commonwealth or any political subdivision thereof (other than the Authority), but shall be payable solely as provided by the Authority. No member or officer of the Board nor any person executing the bonds, loans, or loan guarantees shall be liable personally on the bonds, loans, or loan guarantees by reason of the issuance thereof. Each bond issued or loan or loan guarantee made under this article shall contain on the face thereof a statement that neither the Commonwealth, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the Authority 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, or the interest on, such bond, loan, or loan guarantee.\n\n","order_by":null,"text":{"0":{"id":1312112,"text":"No bonds issued or loans or loan guarantees made by the Authority under this article shall constitute a debt, liability or general obligation of the Commonwealth or any political subdivision thereof (other than the Authority), or a pledge of the faith and credit of the Commonwealth or any political subdivision thereof (other than the Authority), but shall be payable solely as provided by the Authority. No member or officer of the Board nor any person executing the bonds, loans, or loan guarantees shall be liable personally on the bonds, loans, or loan guarantees by reason of the issuance thereof. Each bond issued or loan or loan guarantee made under this article shall contain on the face thereof a statement that neither the Commonwealth, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the Authority 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, or the interest on, such bond, loan, or loan guarantee.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50400,"edition_id":2,"name":"Virginia Small Business Financing Authority","identifier":"7","label":"article","depth":5,"order_by":6,"parent_id":50391,"metadata":{"child_laws":38,"child_structures":0},"date_created":"2026-08-02 02:27:54","date_modified":"2026-08-02 12:27:01","permalink":{"id":1401463,"object_type":"structure","relational_id":50400,"identifier":"7","token":"2.2\/I\/D\/22\/7","url":"\/2.2\/I\/D\/22\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50391,"edition_id":2,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":2,"parent_id":50385,"metadata":{"child_laws":179,"child_structures":12},"date_created":"2026-08-02 02:27:40","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400947,"object_type":"structure","relational_id":50391,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50385,"edition_id":2,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":4,"parent_id":50327,"metadata":{"child_laws":398,"child_structures":113},"date_created":"2026-08-02 02:27:36","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400915,"object_type":"structure","relational_id":50385,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50327,"edition_id":2,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":50326,"metadata":{"child_laws":1084,"child_structures":230},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398457,"object_type":"structure","relational_id":50327,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50326,"edition_id":2,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":3,"parent_id":null,"metadata":{"child_laws":1509,"child_structures":292},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398455,"object_type":"structure","relational_id":50326,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":352443,"structure_id":50400,"section_number":"2.2-2279","catch_line":"Short title; definitions","url":"\/2.2-2279\/","token":"2.2\/I\/D\/22\/7\/2.2-2279","metadata":false},{"id":352445,"structure_id":50400,"section_number":"2.2-2280","catch_line":"Declaration of public purpose; Authority created","url":"\/2.2-2280\/","token":"2.2\/I\/D\/22\/7\/2.2-2280","metadata":false},{"id":352446,"structure_id":50400,"section_number":"2.2-2281","catch_line":"Construction of article","url":"\/2.2-2281\/","token":"2.2\/I\/D\/22\/7\/2.2-2281","metadata":false},{"id":352447,"structure_id":50400,"section_number":"2.2-2282","catch_line":"Board of directors; membership; terms, compensation and expenses; chairman, vice-chairman, secretary and treasurer; quorum; staff","url":"\/2.2-2282\/","token":"2.2\/I\/D\/22\/7\/2.2-2282","metadata":false},{"id":352448,"structure_id":50400,"section_number":"2.2-2283","catch_line":"Meetings of the Board","url":"\/2.2-2283\/","token":"2.2\/I\/D\/22\/7\/2.2-2283","metadata":false},{"id":352449,"structure_id":50400,"section_number":"2.2-2284","catch_line":"Executive Director; appointment; duties","url":"\/2.2-2284\/","token":"2.2\/I\/D\/22\/7\/2.2-2284","metadata":false},{"id":352450,"structure_id":50400,"section_number":"2.2-2285","catch_line":"Powers of the Authority","url":"\/2.2-2285\/","token":"2.2\/I\/D\/22\/7\/2.2-2285","metadata":false},{"id":352451,"structure_id":50400,"section_number":"2.2-2286","catch_line":"Power to condemn","url":"\/2.2-2286\/","token":"2.2\/I\/D\/22\/7\/2.2-2286","metadata":false},{"id":352452,"structure_id":50400,"section_number":"2.2-2287","catch_line":"Power to borrow money and issue bonds","url":"\/2.2-2287\/","token":"2.2\/I\/D\/22\/7\/2.2-2287","metadata":false},{"id":352453,"structure_id":50400,"section_number":"2.2-2288","catch_line":"Power to issue bonds to purchase ninety percent guaranteed portion of loans","url":"\/2.2-2288\/","token":"2.2\/I\/D\/22\/7\/2.2-2288","metadata":false},{"id":352454,"structure_id":50400,"section_number":"2.2-2289","catch_line":"Power to issue umbrella bonds","url":"\/2.2-2289\/","token":"2.2\/I\/D\/22\/7\/2.2-2289","metadata":false},{"id":352456,"structure_id":50400,"section_number":"2.2-2290","catch_line":"Insurance or guarantee fund","url":"\/2.2-2290\/","token":"2.2\/I\/D\/22\/7\/2.2-2290","metadata":false},{"id":352457,"structure_id":50400,"section_number":"2.2-2291","catch_line":"Security for bonds; fees and expenses; limitations","url":"\/2.2-2291\/","token":"2.2\/I\/D\/22\/7\/2.2-2291","metadata":false},{"id":352458,"structure_id":50400,"section_number":"2.2-2292","catch_line":"Public hearing and approval","url":"\/2.2-2292\/","token":"2.2\/I\/D\/22\/7\/2.2-2292","metadata":false},{"id":352459,"structure_id":50400,"section_number":"2.2-2293","catch_line":"Loans to lenders; conditions","url":"\/2.2-2293\/","token":"2.2\/I\/D\/22\/7\/2.2-2293","metadata":false},{"id":352460,"structure_id":50400,"section_number":"2.2-2294","catch_line":"Investment in, purchase or assignment of loans; conditions","url":"\/2.2-2294\/","token":"2.2\/I\/D\/22\/7\/2.2-2294","metadata":false},{"id":352461,"structure_id":50400,"section_number":"2.2-2295","catch_line":"Regulations of the Authority","url":"\/2.2-2295\/","token":"2.2\/I\/D\/22\/7\/2.2-2295","metadata":false},{"id":352462,"structure_id":50400,"section_number":"2.2-2296","catch_line":"How bonds paid and secured","url":"\/2.2-2296\/","token":"2.2\/I\/D\/22\/7\/2.2-2296","metadata":false},{"id":352463,"structure_id":50400,"section_number":"2.2-2297","catch_line":"Liability of Commonwealth, political subdivisions and members of Board","url":"\/2.2-2297\/","token":"2.2\/I\/D\/22\/7\/2.2-2297","metadata":false},{"id":352464,"structure_id":50400,"section_number":"2.2-2298","catch_line":"Authorization of bonds by resolution; contents of bond sale; manner","url":"\/2.2-2298\/","token":"2.2\/I\/D\/22\/7\/2.2-2298","metadata":false},{"id":352465,"structure_id":50400,"section_number":"2.2-2299","catch_line":"Resolution authorizing issuance of bonds; provisions","url":"\/2.2-2299\/","token":"2.2\/I\/D\/22\/7\/2.2-2299","metadata":false},{"id":352467,"structure_id":50400,"section_number":"2.2-2300","catch_line":"Pledge by Authority","url":"\/2.2-2300\/","token":"2.2\/I\/D\/22\/7\/2.2-2300","metadata":false},{"id":352468,"structure_id":50400,"section_number":"2.2-2301","catch_line":"Purchase of bonds of Authority","url":"\/2.2-2301\/","token":"2.2\/I\/D\/22\/7\/2.2-2301","metadata":false},{"id":352469,"structure_id":50400,"section_number":"2.2-2302","catch_line":"Bonds secured by indenture; contents; expenses; how treated","url":"\/2.2-2302\/","token":"2.2\/I\/D\/22\/7\/2.2-2302","metadata":false},{"id":352470,"structure_id":50400,"section_number":"2.2-2303","catch_line":"Signatures of prior members or officers; validity","url":"\/2.2-2303\/","token":"2.2\/I\/D\/22\/7\/2.2-2303","metadata":false},{"id":352471,"structure_id":50400,"section_number":"2.2-2304","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/2.2-2304\/","token":"2.2\/I\/D\/22\/7\/2.2-2304","metadata":false},{"id":352472,"structure_id":50400,"section_number":"2.2-2305","catch_line":"Contracts with holders of bonds; how money secured","url":"\/2.2-2305\/","token":"2.2\/I\/D\/22\/7\/2.2-2305","metadata":false},{"id":352473,"structure_id":50400,"section_number":"2.2-2306","catch_line":"Bondholder protection","url":"\/2.2-2306\/","token":"2.2\/I\/D\/22\/7\/2.2-2306","metadata":false},{"id":352474,"structure_id":50400,"section_number":"2.2-2307","catch_line":"Bonds as legal investments and securities","url":"\/2.2-2307\/","token":"2.2\/I\/D\/22\/7\/2.2-2307","metadata":false},{"id":352475,"structure_id":50400,"section_number":"2.2-2308","catch_line":"Expenses of Authority; liability of Commonwealth or political subdivision prohibited","url":"\/2.2-2308\/","token":"2.2\/I\/D\/22\/7\/2.2-2308","metadata":false},{"id":352476,"structure_id":50400,"section_number":"2.2-2309","catch_line":"Creation, administration, and management of Virginia Export Fund","url":"\/2.2-2309\/","token":"2.2\/I\/D\/22\/7\/2.2-2309","metadata":false},{"id":352478,"structure_id":50400,"section_number":"2.2-2310","catch_line":"Creation, administration, and management of Virginia Small Business Growth Fund","url":"\/2.2-2310\/","token":"2.2\/I\/D\/22\/7\/2.2-2310","metadata":false},{"id":352480,"structure_id":50400,"section_number":"2.2-2311","catch_line":"Repealed","url":"\/2.2-2311\/","token":"2.2\/I\/D\/22\/7\/2.2-2311","metadata":false},{"id":352479,"structure_id":50400,"section_number":"2.2-2311.1","catch_line":"Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund","url":"\/2.2-2311.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2311.1","metadata":false},{"id":352482,"structure_id":50400,"section_number":"2.2-2312","catch_line":"Annual report; audit","url":"\/2.2-2312\/","token":"2.2\/I\/D\/22\/7\/2.2-2312","metadata":false},{"id":352481,"structure_id":50400,"section_number":"2.2-2312.1","catch_line":"Risk-based review of outstanding loans; report","url":"\/2.2-2312.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2312.1","metadata":false},{"id":352483,"structure_id":50400,"section_number":"2.2-2313","catch_line":"Exemption from taxation","url":"\/2.2-2313\/","token":"2.2\/I\/D\/22\/7\/2.2-2313","metadata":false},{"id":352484,"structure_id":50400,"section_number":"2.2-2314","catch_line":"Administrative Process Act not applicable","url":"\/2.2-2314\/","token":"2.2\/I\/D\/22\/7\/2.2-2314","metadata":false}],"previous_section":{"id":352462,"structure_id":50400,"section_number":"2.2-2296","catch_line":"How bonds paid and secured","url":"\/2.2-2296\/","token":"2.2\/I\/D\/22\/7\/2.2-2296","metadata":false},"next_section":{"id":352464,"structure_id":50400,"section_number":"2.2-2298","catch_line":"Authorization of bonds by resolution; contents of bond sale; manner","url":"\/2.2-2298\/","token":"2.2\/I\/D\/22\/7\/2.2-2298","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2297\/","history_text":"<p>This law was first created in 1984. The record of its establishment is cataloged in chapter 749 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 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. 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. Those modifications are as follows: in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0815\">815<\/a>; in 2001, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0844\">844<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1401537,"object_type":"law","relational_id":352463,"identifier":"2.2-2297","token":"2.2\/I\/D\/22\/7\/2.2-2297","url":"\/2.2-2297\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-2297\/","token":"2.2\/I\/D\/22\/7\/2.2-2297","dublin_core":{"Title":"Liability of Commonwealth, political subdivisions and members of Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2297","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> issued or loans or loan guarantees made by the <span class=\"dictionary\">Authority<\/span> under this article shall constitute a debt, liability or general obligation of the <span class=\"dictionary\">Commonwealth<\/span> or any political subdivision thereof (other than the <span class=\"dictionary\">Authority<\/span>), or a pledge of the faith and credit of the <span class=\"dictionary\">Commonwealth<\/span> or any political subdivision thereof (other than the <span class=\"dictionary\">Authority<\/span>), but shall be payable solely as provided by the <span class=\"dictionary\">Authority<\/span>. No member or officer of the <span class=\"dictionary\">Board<\/span> nor any person executing the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, loans, or loan guarantees shall be liable personally on the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, loans, or loan guarantees by reason of the issuance thereof. Each <span class=\"dictionary\">bond<\/span> issued or loan or loan guarantee made under this article shall contain on the face thereof a statement that neither the <span class=\"dictionary\">Commonwealth<\/span>, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the <span class=\"dictionary\">Authority<\/span> and that neither the faith and credit nor the taxing power of the <span class=\"dictionary\">Commonwealth<\/span> or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such <span class=\"dictionary\">bond<\/span>, loan, or loan guarantee.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nLIABILITY OF COMMONWEALTH, POLITICAL SUBDIVISIONS AND MEMBERS OF BOARD (\u00a7\n2.2-2297)\n\nNo bonds issued or loans or loan guarantees made by the Authority under this\narticle shall constitute a debt, liability or general obligation of the\nCommonwealth or any political subdivision thereof (other than the Authority), or\na pledge of the faith and credit of the Commonwealth or any political\nsubdivision thereof (other than the Authority), but shall be payable solely as\nprovided by the Authority. No member or officer of the Board nor any person\nexecuting the bonds, loans, or loan guarantees shall be liable personally on the\nbonds, loans, or loan guarantees by reason of the issuance thereof. Each bond\nissued or loan or loan guarantee made under this article shall contain on the\nface thereof a statement that neither the Commonwealth, nor any other political\nsubdivision thereof, shall be obligated to pay the same or the interest thereon\nor other costs incident thereto except from the revenue or money pledged by the\nAuthority and that neither the faith and credit nor the taxing power of the\nCommonwealth or any political subdivision thereof is pledged to the payment of\nthe principal of, or the interest on, such bond, loan, or loan guarantee.\n\nHISTORY: 1984, c. 749, \u00a7 9-221; 1997, c. 815; 2001, c. 844.","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"}}