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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