IC 15-14-8
    Chapter 8. Issuance of Mortgage Bonds by County Agriculturalor Horticultural Societies

IC 15-14-8-1
Authority to issue first mortgage bonds
    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 issuefirst mortgage bonds in a maximum amount of seventy-five percent(75%) of the value of the real estate unimproved to pay off a currentincumbrance or make permanent improvements on the society's orfair's grounds.
As added by P.L.2-2008, SEC.5.

IC 15-14-8-2
Bonds; tax exemption; duration; sale price
    Sec. 2. (a) Bonds issued under section 1 of this chapter:
        (1) are free from state tax; and
        (2) may not be issued for a period longer than the life of thecharter of the society or fair.
    (b) The bonds may be sold at a price less than the par value if theaction is endorsed by a full meeting of the board of directors of thesociety or fair.
As added by P.L.2-2008, SEC.5.

IC 15-14-8-3
Surplus; use to retire bonds
    Sec. 3. If bonds have been issued under section 1 of this chapterand there is a surplus in the treasury of the society or fair, funds notneeded for improvements on the grounds must be used to retire thebonds. Bonds must be retired in the order of their seniority, and aclause stating this privilege must be inserted in all bonds.
As added by P.L.2-2008, SEC.5.