§ 16-5-301 — Voidness of excessive indebtedness; liability of officer and sureties

Any indebtedness created by any county, city, town or other
subdivision of the state in any current year in excess of that
authorized by the constitution of the state and for which there
are no revenues available for payment during the current year,
shall as against the county, city, town or other subdivision of
the state, be void and of no effect. Any officer who
participates in creating the indebtedness, and the sureties on
his official bond, is personally liable to the holder, or
holders, of the indebtedness as fully as if the indebtedness had
been contracted for his individual benefit. As used in this
section, "current year" means from the first Monday in January
of a year to the first Monday in January of the next year.