15-14-8-1. Authority to issue first mortgage bonds

IN Code § 15-14-8-1 (2019) (N/A)
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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.

[Pre-2008 Recodification Citation: 15-1-7-1.]

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