The board of directors may make the loan for any of the board's needs to cover the expenses for which the loan is sought and maintaining and operating the works of improvement that have been authorized by applicable governmental authority. The loan may also be used to refinance a prior loan whose proceeds have been used for any of the purposes described in section 2 of this chapter.[Pre-1995 Recodification Citation: 13-2-29-1(c).]As added by P.L.1-1995, SEC.20.
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