The board of county commissioners of any county qualifying hereunder, may lease the grounds, buildings, equipment and facilities owned and acquired by said county for the purpose of conducting annual agricultural and industrial fairs and expositions to a Public Trust Authority which has been created pursuant to the laws of the State of Oklahoma as they relate to public trusts, for the purposes of managing the grounds, buildings, equipment and facilities as well as conducting annual agricultural and industrial fairs and expositions. Such Public Trust Authority shall have all rights, powers, authority, duties and responsibilities which are now or hereafter provided by general law for public trusts in Oklahoma (60 O.S. 1961 Sections 176 through 180.3, as amended, and the Oklahoma Trust Act, 60 O.S. 1961 Sections 175.1 through 175.53, as amended) which are not inconsistent with the provisions of this act. The Trust Authority, with the approval of the county commission, may issue revenue bonds for not to exceed twenty-five-year terms in accordance with trust laws of the State of Oklahoma. The trust may sublease any facilities, provided any lease in excess of two (2) years shall be approved by the board of county commissioners. Any capital expenditure in excess of One Hundred Thousand Dollars ($100,000.00) on any project shall not be made without prior approval of the board of county commissioners.

Laws 1970, c. 335, § 3, emerg. eff. April 23, 1970.