Section 59-3-13 - Disposition of proceeds of bonds; penalty for diversion

The proceeds of any bonds issued under authority of Sections 59-3-1 through 59-3-13, 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 such municipality shall be guilty of a misdemeanor and punishable accordingly, and shall be liable both personally and on his official bond for such diversion.Codes, 1942, § 7564; Laws, 1931, ch. 11.