2021 Indiana Code
Title 15. Agriculture and Animals
Article 14. Agricultural Fairs, Associations, and Societies
Chapter 1. Organization of Interstate Fairs
15-14-1-11. Power to Borrow; Interest; Mortgages; Bond Issue

Universal Citation: IN Code § 15-14-1-11 (2021)

Sec. 11. (a) A corporation incorporated under this chapter may do the following:

(1) Borrow not more than two hundred thousand dollars ($200,000) at a rate of interest not to exceed six percent (6%) per annum.

(2) Mortgage its property to secure the repayment of the loan.

(3) Issue bonds for not more than two hundred thousand dollars ($200,000).

(b) Bonds issued under subsection (a) must:

(1) not exceed a duration of twenty (20) years;

(2) have interest bearing coupons affixed; and

(3) be secured by mortgage on the property of the corporation.

[Pre-2008 Recodification Citation: 15-1-2-11.]

As added by P.L.2-2008, SEC.5.

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