Sec. 2. (a) Bonds issued under section 1 of this chapter: (1) are free from state tax; and (2) may not be issued for a period longer than the life of the charter of the society or fair. (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.]
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