Sec. 2. (a) Bonds issued under section 1 of this chapter:

(1) are free from state tax; and

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(2) may not be issued for a period longer than the life of the charter of the society or fair.

     (b) The bonds may be sold at a price less than the par value if the action is endorsed by a full meeting of the board of directors of the society or fair.

[Pre-2008 Recodification Citation: 15-1-7-2.]

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

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