§ 8. Special tax levy; authority to borrow money; title to property.

The county court of such counties may, at the July term of the 1923 court, and of each year thereafter, levy a tax upon all taxable property of the county of not more than two-tenths of a mill; to be known as the "fair tax," for the purpose of maintaining and operating a divisional fair. Said funds derived from the levy of this tax shall be expended under the direction of the board of fair commissioners. Said board shall have control of the disbursement of all funds collected by taxation, received from the State of Tennessee, or collected from gate receipts, concessions, or leases of the said fair property for educational or amusement purposes, for the operation, maintenance or improvement of the fair property.

Said board of fair commissioners is hereby vested with the power and authority to borrow money for the purpose of making permanent improvements in and on any property held and owned by the county for fair purposes, to purchase additional property for fair purposes, and to secure the payment of money so borrowed by mortgages or deeds of trust on the whole or any part of said fair property. Provided, that before buying any additional property or borrowing any money, or executing any such mortgages or deeds of trust, said board of fair commissioners shall first obtain the approval of the county court of the county, which approval shall be in the form of a resolution duly and legally adopted by said county court, authorizing the purchase of said additional property, designating the officers of said board of fair commissioners who shall sign and execute the evidences of any such indebtedness and the mortgages or deeds of trust securing the payment of same, and fixing the amounts to be borrowed and the maximum rate of interest to be paid therefor. And provided further, that any such obligations created in conformity with this provision, shall not be held or considered as the general obligation of the county, but shall be repaid only from the proceeds of the tax levy herein provided, and funds collected from gate receipts, concessions, or leases of said fair property for educational or amusement purposes. And provided further, that not more than two hundred fifty thousand dollars ($250,000.00) shall be so borrowed, and when borrowed, shall mature in annual installments not more than six (6) years from date. And provided further, that until said loan is discharged, the tax levy of two-tenths (2/10) of a mill heretofore authorized shall be mandatory and shall be levied each and every year until said loan is liquidated or paid. And provided further, that the title to any property purchased under the provisions of this Act shall be taken in the name of Davidson County. Provided, however, that all funds received by the board of state fair commissioners shall rotate through the county trustee's office, for the more efficient and accurate accounting thereof.

(Pr. Acts 1925, ch. 235, § 1; Pr. Acts 1927, ch. 203, § 1.)