There are many different water festivals around the world so there could be a lot of firsts. In terms of the oldest, that would belong to the Cambodian people who started the tradition in the 12th Century.
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in 1947 ------------------------------------------------ Typically the second week in August.
water buffalo
The first Merrie Monarch Festival was held in 1962. You can read more about it, at the official website: http://www.merriemonarchfestival.org/about_merrie_monarch_festival.html
Don't drive in deep water. It means you got the electronics wet. Once they dry out it will start.
Dave Matthews