State Codes and Statutes
Statutes > Mississippi > Title-59 > 15 > 59-15-13§ 59-15-13. Disposition of proceeds of bonds; penalties for diversion; guarantee of payment of bonds.
The proceeds from the sale of any bonds or other obligations issued pursuant to this chapter shall be placed to the credit of the municipality issuing such bonds in a bank or banks which are members of the Federal Reserve System and may be withdrawn therefrom in accordance with any agreement or agreements entered into between such municipality and the purchaser or purchasers of such bonds or other obligations and shall be used for no other purpose than the purpose or purposes set forth in the original resolution of the governing body of such municipality. Any officer or other person diverting or assisting to divert any such funds to any other purpose or purposes than the purpose or purposes originally set forth in said resolution of the governing body of such municipality shall be guilty of a felony and punishable accordingly, and shall be liable both personally and on official bond for such diversion. Nothing in this chapter shall be construed as a guarantee on the part of such city to pay the principal of or interest on any bonds or other obligations issued pursuant to this chapter.
Sources: Codes, 1942, § 7621; Laws, 1935, ch. 63.
