1929 private laws – Ch.1 Sec.6

That the powers conferred by this act being for the purpose of granting to the commissioners of the City of Hendersonville authority to lend the credit and financial aid of said city to secure the completion of a hotel in Henderson County and outside the city limits and known as the Fleetwood Hotel, the commissioners of said city are hereby fully authorized and empowered to enter into a contract binding upon the City of Hendersonville with any corporation whiech_may now own, or may hereafter acquire the said hotel, whereby the said city may aid said corporation in the construction and completion of said Fleetwood Hotel, and they are further authorized and empowered to cause the said bonds, or any part of the same, which may be issued under this act, to be deposited with some responsible bank or trust company to be approved by the commissioners, as trustee, to be held as collateral security for the benefit of said hotel corporation in further securing an issue of first mortgage bonds to be issued by said corporation and secured by a mortgage or deed of trust on said hotel property. The said city bonds shall be deposited with said bank, as trustee, under a written trust agreement. which shall set forth the terms and conditions under which the said bonds are deposited, and to be approved by the said board of commissioners, and shall be approved as to legal form by the city attorney, and a copy thereof shall be recorded in the minutes of the proceedings of the said board, The said trust agreement when executed, shall be deemed to be a valid and binding instrument upon the City of Hendersonville, and the consent of a majority of the qualified voters at the election hereinbefore referred to shall be deemed to have been given not only to the issuance and delivery of said bonds, but to the execution and delivery of the said trust agreement according to the terms set forth therein, and any purchaser or holder of said bonds under the said trust agreement shall be deemed to be the legal holder of said bonds and the said bonds shall thereupon become the valid and binding obligations of the City of Hendersonville, and any purchaser or holder of said bonds, pursuant to said trust agreement, shall not be required to see that the provisions of this act or the terms of said trust agreement have been complied with. The trustee, under said agreement is fully authorized and empowered to make sale or delivery or other disposition of said bonds in accordance with the terms set forth in said agreement. The purposes for which the said bonds are issued under this act are hereby declared to be a purpose for which the City of Hendersonville may legally appropriate moneys. The said board of commissioners are also authorized and empowered to receive or accept from said corporation or corporations a deed in fee simple for lands to be used by said city as a public park or parks, or public golf course, whether said lands are situated within or without the corporate limits of the City of Hendersonville, and the commissioners of said city are authorized and empowered to operate and control said lands or lease the same to any person, firm or corporation, under such terms as in their opinion are best and proper.