2015 Indiana Code TITLE 15. AGRICULTURE AND ANIMALS ARTICLE 14. AGRICULTURAL FAIRS, ASSOCIATIONS, AND SOCIETIES CHAPTER 8. ISSUANCE OF MORTGAGE BONDS BY COUNTY AGRICULTURAL OR HORTICULTURAL SOCIETIES
Download as PDF
IC 15-14-8
Chapter 8. Issuance of Mortgage Bonds by County
Agricultural or Horticultural Societies
IC 15-14-8-1
Authority to issue first mortgage bonds
Sec. 1. All:
(1) agricultural or horticultural societies; or
(2) county fairs having a state charter;
owning at least fifty (50) acres of real estate in fee simple may issue
first mortgage bonds in a maximum amount of seventy-five percent
(75%) of the value of the real estate unimproved to pay off a current
incumbrance or make permanent improvements on the society's or
fair's grounds.
As added by P.L.2-2008, SEC.5.
IC 15-14-8-2
Bonds; tax exemption; duration; sale price
Sec. 2. (a) Bonds issued under section 1 of this chapter:
(1) are free from state tax; and
(2) may not be issued for a period longer than the life of the
charter of the society or fair.
(b) The bonds may be sold at a price less than the par value if the
action is endorsed by a full meeting of the board of directors of the
society or fair.
As added by P.L.2-2008, SEC.5.
IC 15-14-8-3
Surplus; use to retire bonds
Sec. 3. If bonds have been issued under section 1 of this chapter
and there is a surplus in the treasury of the society or fair, funds not
needed for improvements on the grounds must be used to retire the
bonds. Bonds must be retired in the order of their seniority, and a
clause stating this privilege must be inserted in all bonds.
As added by P.L.2-2008, SEC.5.
Indiana Code 2015
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
