On September 22, 1996, at 1345 central daylight time (cdt), a Smith Innovation, N2982, operated and owned by an airline transport pilot, was substantially damaged following a loss of engine power while conducting a low pass to perform a ribbon cutting ceremony at the Hampton Municipal Airport, Hampton, Iowa. The airplane made a subsequent forced landing in an open field northwest of the Airport. The pilot reported minor injuries. Visual meteorological conditions prevailed at the time of the accident. The personal 14 CFR Part 91 flight was not operating on a flight plan. The flight departed Mason City Municipal Airport, Mason City, Iowa, at 1335 cdt. According to the pilot's written statement, while en route from Mason City Airport to Hampton Airport, he was asked by the airport manager (whose airplane would not start) to perform a ribbon cutting for the Hampton Municipal Airport grand opening ceremonies. The pilot performed an low approach to runway 18 then climbed out to re-enter for a straight in approach for runway 36. After successfully cutting the ribbon, the pilot experienced a total power loss while climbing out and turning crosswind for a full stop landing. The pilot turned into the wind and landed in a soybean field west of the airport. A Federal Aviation Administration Principal Maintenance Inspector (PMI) represented the NTSB on-scene. The PMI said the airplane's fuel gauge was a clear plastic line running from the top to the bottom of the tank, with the fuel level indicator being near the lower part of the tube. The fuel system had an ON/OFF selector valve on the right side of the cockpit, which was in the "OFF" position. The PMI took a fuel sample, which showed no indication of water or other contaminants, and the fuel was blue in color. The fuel tank filler was marked 19 gallons tank capacity and a visual inspection of the fuel capacity indicated only a small amount in the tank. The PMI inspected the powerplant which appeared to be in good condition. No oil leaks were noted and the oil quantity level was normal. The engine rotated by hand using the propeller with good compression indication on all four cylinders. In addition, the ignition leads showed sparking at the plugs during the rotations. All engine controls operated with no unusual binding noted and full travel was noted at the engine.