§ 1. Bonds—Authority to issue; limitation on amount; term; manner of sale; approval by resolution and by voters.

The City of Nashville, acting through its city council as its governing body, is hereby authorized to issue its Municipal Auditorium Bonds in such amount not greater than five million dollars ($5,000,000.00) and having such maturities not longer than forty years, interest rates and other details as may be fixed by resolution or resolutions to be adopted by its city council. The bonds so issued shall be the direct and general obligations of the City of Nashville, for the prompt payment of principal of and interest on which as they respectively become due, the full faith, credit and resources of the City of Nashville shall be pledged, and for such purpose taxes on all taxable property in said city shall be levied without limitation as to rate or amount. The bonds so authorized shall be sold at one time or in blocks from time to time, in such manner and for such price or prices as may be recommended to the city council by the Nashville Municipal Auditorium Commission created in Section 3 hereof, but in no event at a price which will result in an interest cost to the city of more than five percent per annum computed according to standard tables of bond values. The bonds herein authorized may not be issued until a proposition stating the maximum amount, maximum interest rate, and the purpose thereof shall have been approved by a majority of the qualified electors of the City of Nashville voting on the proposition at a special election to be held in said city on May 5, 1949. The Election Commissioners of Davidson County are hereby instructed to do all things necessary to the calling and holding of such election, including the appointment of election officials, the qualifications of voters, the conduct of the election and the certification of the results thereof to the City Council of the City of Nashville shall be governed by the general laws of the State of Tennessee pertaining to elections. The city council shall enter on its records a finding of the results of such election and such findings shall be conclusive for all purposes.