Indiana Code 15-14-8-1. Authority to issue first mortgage bonds
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Sec. 1. All:
(2) county fairs having a state charter;
(1) agricultural or horticultural societies; or
Terms Used In Indiana Code 15-14-8-1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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.