7-7-121. Misconduct in relation to bond funds. (1) (a) Except as provided in subsection (1)(b), when any officer or officers or board or body of officers of any county, city, or other municipal or public corporation of the state are or shall be required by law to provide by a levy of taxes or by certifying the amount of money required or otherwise a sinking fund or fund required to pay at maturity any bonds hereafter issued or created, such officer or officers and the members of such board or body of officers shall be jointly and severally liable to the county, city, or other municipal or public corporation which they represent if they shall fail to perform any such duties required by law, as specified in this section, in an amount equal to the sum which would have been added to such fund had they performed such duty.
(b) When any such board shall fail or neglect to perform any such duty, no minority member of said board who shall have moved said board or voted in favor of a performance of such duty shall be held liable.
(2) Any person or persons who shall take, use, or appropriate or permit to be taken, used, or appropriated any portion of any such fund as herein specified for any purpose other than that permitted by law shall be jointly and severally liable to the county, city, or other municipal or public corporation to which said fund shall belong for the portion of such fund so unlawfully taken, used, or appropriated.
History: (1)En. Sec. 1, Ch. 5, L. 1923; re-en. Sec. 463.1, R.C.M. 1935; Sec. 59-534, R.C.M. 1947; (2)En. Sec. 2, Ch. 5, L. 1923; re-en. Sec. 463.2, R.C.M. 1935; Sec. 59-535, R.C.M. 1947; R.C.M. 1947, 59-534(part), 59-535(part).
Structure Montana Code Annotated
Part 1. General Provisions Related to Local Governments
7-7-104. Limitation on action to test bond validity
7-7-105. Challenges to local government bond elections
7-7-106. Hearing and determination on challenge
7-7-107. Limitation on amount of bonds for city-county consolidated units
7-7-108. Authorization for additional indebtedness for water or sewer systems
7-7-110. Authorization of bonds
7-7-111. through 7-7-120 reserved
7-7-121. Misconduct in relation to bond funds
7-7-122. Prosecution for misconduct
7-7-123. Investment of sinking funds of local governments
7-7-124. Limitation on investment of sinking funds
7-7-125. through 7-7-130 reserved
7-7-131. Bankruptcy -- definitions
7-7-132. Procedure to declare bankruptcy
7-7-133. Power to comply with court decrees related to bankruptcy
7-7-134. Role of state and state agencies in relation to bankruptcy
7-7-135. through 7-7-139 reserved
7-7-140. Recovery zone economic development bonds and recovery zone facility bonds