(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.
(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.
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