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14-318-125. Misuse of bonds or money arising from sale of bonds — Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-318-125. Misuse of bonds or money arising from sale of bonds — Penalties.
(a) It shall not be lawful for the board of the district or any officer, member, or agent thereof to pledge or deposit any bond or coupon issued under the provisions of this chapter as security for payment of any borrowed money or any debt or obligation of the board or any person, firm, or corporation whatever; nor shall it be lawful for the board of the district or any officer, member, or agent thereof to appropriate or use any money arising from the sale of bonds authorized to be issued under this chapter to any use or purpose whatever other than is herein specified and expressly directed.
(b) Any officer, member, or agent of the board of the district who shall violate any of the provisions of this section shall be deemed guilty of a felony and upon conviction shall be punished by imprisonment in the penitentiary for not less than one (1) year nor more than five (5) years.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-318-125
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-318-125
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7f6106a61e2f024a57ef8000b7e1b33603df629fdab8aceb395d53d38196f4db
Source location: content.xml paragraph 57098
Stored source content
14-318-125. Misuse of bonds or money arising from sale of bonds — Penalties.
(a) It shall not be lawful for the board of the district or any officer, member, or agent thereof to pledge or deposit any bond or coupon issued under the provisions of this chapter as security for payment of any borrowed money or any debt or obligation of the board or any person, firm, or corporation whatever; nor shall it be lawful for the board of the district or any officer, member, or agent thereof to appropriate or use any money arising from the sale of bonds authorized to be issued under this chapter to any use or purpose whatever other than is herein specified and expressly directed.
(b) Any officer, member, or agent of the board of the district who shall violate any of the provisions of this section shall be deemed guilty of a felony and upon conviction shall be punished by imprisonment in the penitentiary for not less than one (1) year nor more than five (5) years.
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