Indiana Code
Chapter 5. Levee Associations; Federal Loans
14-27-5-7. Court Approval of Loan

Sec. 7. If at the hearing the court finds that:
(1) the loan as proposed in the petition is necessary for the accomplishment of the purposes set forth in this chapter; and
(2) the terms and conditions are reasonable and probably are as beneficial to accomplish the purposes as would be obtainable in private competitive financial markets;
the court shall approve the petition and authorize the board of directors to enter into the loan agreement.
[Pre-1995 Recodification Citation: 13-2-29-1(b) part.]
As added by P.L.1-1995, SEC.20.

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