Section 11-50-102 Liability of Municipal Officials to Bondholders for Diversion, Misappropriation, Etc., of Funds for Payment of Bonds.

An official who collects assessments can be liable on the official bond for losses caused by diverting or misusing funds meant for bond-related payments. Governing body members who vote or otherwise help cause that diversion can also be jointly and severally liable to injured bondholders.

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Jurisdiction: United States — Alabama
Instrument: Act or statute
Version: Undated source snapshot
Language: en
Official source: View official record ↗

bond payments fund diversion official liability

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Provisions of Section 11-50-102 Liability of Municipal Officials to Bondholders for Diversion, Misappropriation, Etc., of Funds for Payment of Bonds.

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Section 11-50-102 Liability of Municipal Officials to Bondholders for Diversion, Misappropriation, Etc., of Funds for Payment of Bonds.
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AI-assisted research summary: An official who collects assessments can be liable on the official bond for losses caused by diverting or misusing funds meant for bond-related payments. Governing body members who vote or otherwise help cause that diversion can also be jointly and severally liable to injured bondholders.

The official charged with the duty of collecting assessments shall be liable on his official bond to any holder of the bonds authorized to be issued under this division for any loss or injury to such bondholder caused by the diversion by said officer of any funds or part thereof to the payment of any bonds or coupons or indebtedness of the city or town other than the bonds and interest coupons entitled and indebtedness authorized by this division to be paid out of said fund or by the use or misappropriation by said officer of any part of the funds out of which said bonds are required and contemplated in this division to be paid for any other purpose than provided for in this division or for the benefit of the city or town or others. All members of the governing body or bodies of the city or town who shall, by their vote or in any other manner, cause, aid, or encourage any such diversion, use or misappropriation of the funds out of which the bondholders are entitled to be paid for any other purpose than that authorized and required in this division whereby loss or injury to the bondholders or any of them is caused shall be jointly and severally liable to such bondholders injured to the extent of such loss or injury.

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Section 11-50-102 Liability of Municipal Officials to Bondholders for Diversion, Misappropriation, Etc., of Funds for Payment of Bonds.

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Provisions of Section 11-50-102 Liability of Municipal Officials to Bondholders for Diversion, Misappropriation, Etc., of Funds for Payment of Bonds.

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