21-27-65 - Penalty for failing to set aside trust funds.
§ 21-27-65. Penalty for failing to set aside trust funds.
If, after the governing authorities of any municipality have issued revenue bonds pursuant to the authority granted in Sections 21-27-23 and 21-27-51, said governing authorities fail or refuse to carry out their duties with reference to setting aside the trust funds, said officers shall be guilty of a misdemeanor and, upon trial and conviction, shall be removed from office.
Sources: Codes, 1942, § 3519-22; Laws, 1934, ch. 316; Laws, 1950, ch. 494, § 22, eff from and after July 1, 1950.