A note or notes issued or renewed under this chapter must:

1. (1) mature not more than five (5) years from the date of issuance of the original note; and

2. (2) pledge for the payment of the principal and interest the proceeds of the grant or bonds.

   [Pre-1996 Recodification Citation: 13-9.5-9-7(c).]

As added by P.L.1-1996, SEC.11.