59-7-21 - Disposition of proceeds from bonds; penalty for diversion; guarantee of payment. - Mississippi Statutes

§ 59-7-21. Disposition of proceeds from bonds; penalty for diversion; guarantee of payment.
 

The proceeds of any bonds issued under the authority of this article shall be placed in the municipal treasury or depository, if there be one, as a special fund and shall be used for no other purpose than the purpose set forth in the original resolution of the corporate authorities of such municipality, and any officer diverting or assisting to divert any such funds to any other purpose than the purpose originally set forth in said resolution of the corporate authorities of said municipality shall be guilty of a misdemeanor and punishable accordingly, and shall be liable both personally and on his official bond for such diversion. Nothing in this article shall be construed as a guarantee on the part of the State of Mississippi to pay the interest or principal on any bonds issued under this article. 
 

Sources: Codes, 1942, § 7575; Laws,  1932, ch. 269.