12 BOARD OF AGRICULTUKE. 



CHAPTER XXVII. 



AX ACT to t'xonipt from taxntion the mortgages, notes and bonds here- 

 after issued by the Indiana State Board of Agi-iculture. 



(S. 115. Approved February 21, 1905.) 



Whereas, The Indiana State Board of Agriculture exists for the benefit 

 of the people of the State, in the property of which corporation there is 

 no private or individual interest, but the same is held entirely for the 

 public purpose of promoting agriculture, and 



Whereas. The said Indiana State Board of Agriculture finds it neces- 

 sary to boiTow money to pay off and discharge an existing debt on the 

 State Fair groinids and to make needed improvements on said gi'ounds 

 to enable said Board to better fulfill its duties, and 



Whereas. It is beneficial to the State and people that the Board shall 

 procure said loan at tlie lowest possible rate of interest, and in order to 

 do so it is necessary to exempt the notes, bonds, mortgages and other 

 evidences of the same from taxation, and 



Whereas, The property of said Board is not subject to taxation under 

 the Constitution and laws of the State of Indiana, and fts securities 

 issued thereon for the benefit of the people of the State as aforesaid 

 should lilvewise not be taxable, therefore, 



Section 1. Be it enacted by the General Assembly of the State of 

 Indiana. That any and all mortgages, notes, bonds and evidences of in- 

 debtedness hereafter issued by the Indiana State Board of Agriculture 

 and secured by mortgage upon its property, known as the State Fair 

 grounds, in Marion County and near to the city of Indianapolis, Indiana. 

 or otherwise, shall not be listed or assessed, but shall be exempt from 

 taxation in this State. 



