Authority to issue first mortgage bonds

Ind. Code § 15-14-8-1
in effect
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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 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/15Fetched: 10/17/2026

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