Private Acts of 1949 Chapter 270

SECTION 1. That Lincoln County, acting by resolution of its Quarterly County Court, is hereby authorized to borrow up to, but not exceeding the principal sum of $204,000 on interest-bearing obligations or evidence of indebtness of said county for the purpose of providing funds to said county for the purpose of providing funds to pay the contribution of the county toward the construction and furnishing of a hospital to be built in Lincoln County. The Quarterly County Court of said count may by resolution direct either the issuance of shortterm bonds, warrants or notes bearing interest at not to exceed 2 1/2% per annum, interest payable semiannually. Said evidences of indebtness shall be in such form and denominations as the Quarterly County Court shall direct and shall be executed in the name of the county by the County Judge and the County Court and shall mature, not to exceed, as follows:

$8,000.00 on November 1, 1953,

$7,000.00 on April 1, 1954,

$93,000.00 on July 1, 1954,

$85,000.00 on April 1, 1955,

$8,000.00 on July 1, 1955,

$3,000.00 on December 1, 1955,

as provided in said evidence of debt.

The notes, bonds, or warrants, representing the aforesaid amount, shall be sold either at public or private sale by the County Judge and County Court Clerk and shall be executed by them as above provided; and when said obligations are fully paid this Act shall have no further effect.

SECTION 2. That when aforesaid obligations are issued and sold they shall by direct obligations of the county for the payment of which well and truly to be made according to the tenor and effect thereof the full faith and credit as well as the taxing power of the county shall be irrevocably pledged; and if it becomes necessary, the Quarterly County Court of the county shall levy and provide for the collection of a tax over and above all other taxes authorized or limited by law sufficient to pay said obligations with interest thereon as provided therein.

SECTION 3. That since Lincoln County has what is known as the "Lincoln County Savings Fund" in the form of investment in United States Bonds, as provided by Chapter 240, Private Acts of 1939, sufficient to pay the hospital obligations authorized by this Act, the Quarterly County Court of Lincoln County is hereby authorized by proper resolution to appropriate the said "Lincoln County Savings Fund" or so much thereof as may be necessary, so as to direct its application to the retirement of the hospital obligations authorized by this Act, it being the purpose of this Act to authorize the Quarterly County Court to use said Savings Fund to retire the obligations authorized herein so as to avoid the necessity, if possible, of levying and providing for the collection of an additional tax to provide for the contribution of the county to the erection and furnishing of the hospital.

SECTION 4. That the Quarterly County Court of Lincoln County is hereby authorized to designate a committee composed of not to exceed five members, to serve without pay, to co-operate with the proper authorities in the construction of said hospital and furnishing of same, said committee being clothed with full power and authority to employ architects to prepare plans and to contract for the hospital's construction and furnishing, all of which shall be done in cooperation with the Federal Government and the Department of Health of the State of Tennessee to the end that proper hospital facilities may be afforded the county.

SECTION 5. That if, due to unforeseen circumstances, there shall be any unexpended balance of the funds herein authorized to be borrowed, the same shall be subject to appropriation by the County Court to any of the purposes for which the County Court is presently authorized to appropriate money.

SECTION 6. That insofar as any provision of Chapter 240, Private Acts of 1939, is in conflict with this Act, the provisions of this Act shall control and shall supersede any conflicting provisions of Chapter 240, Private Acts of 1939.

SECTION 7. That the provisions of this Act are hereby declared to be severable. If any of its provisions be held unconstitutional or void, the remainder of this Act shall continue in full force and effect, it being the legislative intent that this Act would have been adopted even if such unconstitutional matter had not been included therein.

SECTION 8. That this Act shall take effect from and after ifs passage, the public welfare requiring it.

PASSED: February 25, 1949.