1. (a) In anticipation of the money to be received from any source, a board may borrow money by issuing notes. The notes:

   1. (1) must mature in not more than two (2) years; and
   2. (2) may be renewed for periods of not more than two (2) years.

2. (b) The borrowing may be by direct negotiation with any of the following:

   1. (1) A bank or savings association licensed to do business in Indiana.

   2. (2) An agent of the state or federal government.

      [Pre-1995 Recodification Citation: 13-3-3-70.]

As added by P.L.1-1995, SEC.26.