59-7-121 - Disposition of proceeds of bond issues; penalties for diversion. - Mississippi Statutes

§ 59-7-121. Disposition of proceeds of bond issues; penalties for diversion.
 

The proceeds of any bonds issued by any county pursuant to the provisions of this article shall be placed in the county treasury or depository, if there be one, in a special fund and shall be expended by the board of supervisors of such county for the purpose or purposes for which the bonds were authorized to be issued, and for no other. If the board of supervisors of any such county or any member thereof or any other officer shall willfully divert or aid or assist in diverting any such fund, or any part thereof, to any purpose other than that for which such bonds were authorized to be issued, such person shall be guilty of a felony and, upon conviction, shall be punished by imprisonment in the state penitentiary for a term not exceeding five years and, in addition, shall be liable personally on his official bond for the amount so diverted. Any member of such board of supervisors may escape the penalty herein provided for by having his vote recorded in the negative on any illegal diversion of the proceeds of such bonds. 
 

Sources: Codes, 1942, § 7576-10; Laws,  1954, Ex. Sess. ch. 28, § 10.