1. (a) A corporation incorporated under this chapter may do the following:

   1. (1) Borrow not more than two hundred thousand dollars ($200,000) at a rate of interest not to exceed six percent (6%) per annum.
   2. (2) Mortgage its property to secure the repayment of the loan.
   3. (3) Issue bonds for not more than two hundred thousand dollars ($200,000).

2. (b) Bonds issued under subsection (a) must:

   1. (1) not exceed a duration of twenty (20) years;
   2. (2) have interest bearing coupons affixed; and

   3. (3) be secured by mortgage on the property of the corporation.

      [Pre-2008 Recodification Citation: 15-1-2-11.]

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