Virginia Code 33.2-2209: Bonds not to constitute a debt or pledge of taxing power
Revenue bonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the District or of the Commonwealth or of any county, city, district, or political subdivision thereof, or a pledge of the faith and credit of the District or of the Commonwealth or of any county, city, district, or political subdivision thereof, but such bonds shall be payable solely from the funds herein provided therefor from tolls and other revenues. The issuance of revenue bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the District, the Commonwealth, or any county, city, district, or political subdivision thereof to levy or to pledge any form of taxation whatever therefor. All such revenue bonds shall contain a statement on their face substantially to the foregoing effect.
Terms Used In Virginia Code 33.2-2209
- Bonds: means bonds, notes, bond anticipation notes, or other obligations of the District, notwithstanding any contrary provision in this chapter, which may be issued in certificated or uncertificated form as current interest or capital appreciation bonds, or a hybrid thereof, and may bear interest at a rate, which may be fixed, zero, or at a floating or variable rate of interest established by reference to indices or formulae, that may be in excess of the rate now permitted by law and payable at such times as the Commission may determine. See Virginia Code 33.2-2200
- City: has the meaning assigned to it in § 1-208. See Virginia Code 33.2-100
- District: means the political subdivision of the Commonwealth known as the Chesapeake Bay Bridge and Tunnel District. See Virginia Code 33.2-2200
1956, c. 714; 2014, c. 805.