If the board of directors:

1. (1) decides not to enter into a loan agreement with a federal agency by installment note or series of notes; and

2. (2) instead prepares a bond issue, in whole or in part;

   the board of directors may offer the bond issue for sale to a federal agency without a public offering or the securing of competitive bids on the bond offering.

   [Pre-1995 Recodification Citation: 13-2-29-1(d).]

As added by P.L.1-1995, SEC.20.