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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>352463</law_id><section_number>2.2-2297</section_number><catch_line>Liability of Commonwealth, political subdivisions and members of Board</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="3" identifier="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Organization of State Government</unit><unit label="part" level="3" order_by="4" identifier="D">State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies</unit><unit label="chapter" level="4" order_by="2" identifier="22">Authorities</unit><unit label="article" level="5" order_by="6" identifier="7">Virginia Small Business Financing Authority</unit></structure><text>
						<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></text><history>1984, c. 749, &#xA7; 9-221; 1997, c. 815; 2001, c. 844.</history><metadata></metadata></law>
