Queensland Numbered Acts Queensland Numbered Acts(1) This section applies if a local government borrows money--
(a) for a purpose that is not for the good rule and government of the local government area; or
(b) in contravention of this Act or the Statutory Bodies Financial Arrangements Act.
(2) The councillors who knowingly agree to borrow the money are jointly and severally liable to pay the local government--
(a) the amount borrowed; and
(b) interest on the amount borrowed, at the rate at which interest accrues on overdue rates, calculated from the day of the borrowing to the day of repayment; and
(c) any fees, charges, penalties or other expenses incurred by the local government in relation to the borrowing.
(3) Those amounts may be recovered as a debt payable to the local government.
(4) This section applies despite--
(a) the fact that a security was issued for the borrowing; or
(b) the Statutory Bodies Financial Arrangements Act.