ANNUAL MEETING. 11 



outstanding and to use the remainder of any sum so borrowed and other 

 sums hereafter borrowed from time to time, in erecting new buildings on 

 said fair groimds and in malving and maintaining improvements and 

 repairs. But the aggregate Indebtedness occasioned by such loans shall 

 not exceed the sum of eighty thousand dollars ($80,000) at any one time, 

 and the ^-ate of interest shall not exceed six per cent, per annum. 



Sec. 2. Any and all notes, bonds, mortgages given, issued or executed 

 by said Indiana State Board of Agriculture shall be authorized by a 

 majority of said Board in session and signed by its President and Secre- 

 tary and attested by its corporate seal. 



Sec. 3. The said Board shall have power from time to time to mort- 

 gage all or so much and such parts of said described Indiana State Pair 

 grounds as its Board of Directors may determine in manner and form as 

 described in Section 1. To secure such loans and if deemed best by such 

 Board, then the Indiana State Board of Agriculture is hereby given power 

 and authority under this act to issue bonds, as well as notes, in making 

 any loan or loans in such denominations and amounts as the said Board 

 may from time to time determine, Avith interest coupons attached in the 

 usual manner; such notes and bonds to be made payable at such times 

 and on such terms and conditions as may to the Board seem best; and to 

 secure such bonds as well as notes by a mortgage or mortgages upon all 

 or any part of said lands. Any and all notes and bonds so authorized, 

 bearing such rates of interest as may be determined not exceeding six 

 per cent, per annum and secured as aforesaid, the Board may sell from 

 time to time at such prices as the majority of the members of said Board 

 may authorize and direct at not less than par. 



Sec. 4. In case bonds are issued in series or otherwise from to time 

 and secured as aforesaid, no bond shall have any priority by reason of 

 the time or order of sale over any other bonds of the series secured by 

 any such mortgage; but each bond secured by any mortgage shall be 

 secured equally and ratably by such security. 



Sec. 5. It is further enacted that "An act for the relief of the State 

 Board of Agriculture, appropriating certain moneys for the use and 

 benefit of said Board and postponing the lien of the State of Indiana on 

 certain lands therein named and prohibiting said Board from further 

 encumbering their property," approved April 14, 1881 (Acts of 1881, page 

 84), and set forth in part as Sections 279G, 2797 and 2798 of Burns' Anno- 

 tated Indiana Statutes in the revision of 1901, and all other laws and 

 parts of laws in conflict with the provisions of this act are hereby re- 

 pealed. 



Sec. G. Whereas an emergency exists for the immediate taking effect 

 of this act, therefore, it shall be in force from and after its passage. 



