If the board of improvement of any municipal improvement district established pursuant to §§ 14-88-203, 14-88-205 -- 14-88-207, fails or refuses to file, or cause to be filed, the annual financial report required by this subchapter, such failure shall, in addition to any other penalty prescribed by law, constitute misfeasance in office and shall be grounds for removal of the members of the board from office.
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