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