1. (a) Bonds issued under section 1 of this chapter:

   1. (1) are free from state tax; and
   2. (2) may not be issued for a period longer than the life of the charter of the society or fair.

2. (b) The bonds may be sold at a price less than the par value if the action is endorsed by a full meeting of the board of directors of the society or fair.

   [Pre-2008 Recodification Citation: 15-1-7-2.]

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