57-602. ENFORCEMENT OF LAWS RELATING TO SINKING FUND LEVIES AND INVESTMENT OF SINKING FUNDS. Whenever it shall come to the knowledge of the attorney general that any political subdivision in the state has failed to levy proper sinking fund taxes as provided by law or contract, or that any of the sinking funds of any such political subdivision shall have been used, applied or invested contrary to law, he shall begin promptly and prosecute diligently, in the name of the state, appropriate legal action to compel said tax levies for current and future years and full compliance with the law regarding use, application and investment of sinking funds. This section shall not be construed to limit or abridge in any way the rights of holders of any bond or bonds issued by any political subdivision in the state.
History:
[(57-602) 1925, ch. 140, sec. 1, p. 246; I.C.A., sec. 55-602.]