§ 15-14-1-11 — Power to borrow; interest; mortgages; bond issue

(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.]

Legislative History

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