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.
Structure Mississippi Code
Title 59 - Ports, Harbors, Landings and Watercraft
Chapter 7 - County and Municipal Harbors
Article 1 - General Provisions
§ 59-7-5. Authorization of municipal harbor improvements
§ 59-7-7. Operation of improvements; disposition of revenues; annual report
§ 59-7-9. Expenditure of funds arising under article; bonds generally
§ 59-7-11. Authorization for issuance of bonds generally
§ 59-7-13. Details of bonds; supplemental powers and authorizations for issuance of bonds
§ 59-7-15. Conduct of bond issue election generally
§ 59-7-21. Disposition of proceeds from bonds; penalty for diversion; guarantee of payment