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.