(a) There is hereby created a special agency account in the state general fund known as the historic property land acquisition fund. Expenditures from such fund shall be made only to implement and carry out the purposes set forth in subsection (b). Funds deposited in such fund shall not revert at the end of any fiscal year, and all interest accruing on investments and deposits of the fund not otherwise expended shall be returned to and made a part of the fund.
Terms Used In Tennessee Code 4-11-113
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The historical commission shall expend the funds which are deposited in the historic property land acquisition fund only for the acquisition of land for any area designated as an historic place as evidenced by its inclusion on the national register of historic places or the Tennessee register of historic places, or any other area of historic significance as approved by majority vote of the entire membership of the commission, and for the acquisition of easements to protect the historic areas. Such funds may also be used for capital projects, including improvements and maintenance, of properties previously acquired, and for capital grants to other historic properties not owned or operated by the state.(c) No funds deposited in the historic property land acquisition fund shall be obligated or expended to acquire any interest in real property through condemnation or the power of eminent domain.
