(a) A person or agency may not:
(1) fail to perform duties required under this subtitle;
(2) fail to pay the principal of and interest on any bonds, notes, or other evidence of indebtedness as required by this subtitle; or
(3) use the money from bonds, notes, or other evidence of indebtedness for any purpose other than the purpose specified under this subtitle.
(b) A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 3 years or a fine not exceeding $1,000 or both.