Power to borrow; interest; mortgages; bond issue

Sec. 11. (a) A corporation incorporated under this chapter may do the following: (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) Mortgage its property to secure the repayment of the loan. (3) Issue bonds for not more than two hundred thousand dollars ($200,000). (b) Bonds issued under subsection (a) must: (1) not exceed a duration of twenty (20) years; (2) have interest bearing coupons affixed; and (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.