Tennessee Code Title 7. Consolidated Governments and Local Governmental Functions and Entities § 7-6-102

(a) It is hereby declared that metropolitan celebration authorities created pursuant to this chapter shall be public and governmental bodies acting as agencies and instrumentalities of the creating municipality, and that the acquisition, construction, operation and financing of improvements by such authorities are hereby declared to be a public and governmental purpose and a matter of public necessity.

(b) The property and revenues of the authority or any interests in property and revenues shall be exempt from all state, county and municipal taxation.

(c) The authorities shall be created for the purpose of implementing projects to commemorate and celebrate the bicentennial anniversary of the principal city of any county adopting a metropolitan form of government.