(1) shall be issued on the terms and conditions that the board of trustees of the issuing state educational institution determines; and

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(A) secured equally and ratably, without preference, priority, or distinction, with the original issue of bonds; or

(B) made junior to the original issue of bonds.

[Pre-2007 Higher Education Recodification Citation: 20-12-6-6(d).]

As added by P.L.2-2007, SEC.275.