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ORDINANCE NO.
<br />AN ORDINANCE AUTHORIZING A SECOND AMENDMENT
<br />OF AND SUPPLEMENT TO LEASE BY AND BETWEEN THE
<br />CITY OF BATESVILLE, ARKANSAS, AS ASSIGNEE OF
<br />INDEPENDENCE COUNTY, ARKANSAS INDUSTRIAL
<br />DEVELOPMENT CORPORATION, AS LESSOR, AND
<br />EMERSON ELECTRIC CO., AS ASSIGNEE OF WHITE-
<br />RODGERS COMPANY, AS LESSEE, DATED JANUARY 1,
<br />1961, AS AMENDED AND SUPPLEMENTED;
<br />AUTHORIZING A WARRANTY DEED AND BILL OF SALE
<br />FROM THE CITY OF BATESVILLE, ARKANSAS TO
<br />EMERSON ELECTRIC CO.; PRESCRIBING OTHER
<br />MATTERS RELATING THERETO; AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, under date of January 27, 1961, Independence
<br />County, Arkansas Industrial Development Corporation, an Arkansas
<br />corporation (the "Corporation"), as lessor, entered into a lease
<br />with White -Rodgers Company, a Delaware corporation ("White -
<br />Rodgers"), as lessee, which lease is recorded in Lease and
<br />Contract Book 15, pages 316 to 365, of the records of the Circuit
<br />Clerk and Ex -Officio Recorder of Independence County, Arkansas
<br />(the "Lease"); and
<br />WHEREAS, the City of Batesville, Arkansas (the "City"),
<br />pursuant to the authority granted under the provisions of Act No.
<br />9 of the First Extraordinary Session of the Sixty -Second General
<br />Assembly of the State of Arkansas, approved January 21, 1960, as
<br />amended ( the "Act") , did take from the Corporation a conveyance of
<br />the properties demised by the Lease and an assignment of the
<br />Corporation's rights, duties and obligations under the Lease,
<br />both dated March 1, 1961; and
<br />WHEREAS, pursuant to the authority granted under the
<br />provisions of the Act, the City issued its Industrial Development
<br />Revenue Bonds, dated February 1, 1961, in the aggregate principal
<br />amount of $1,500,000 (the "Bonds") to provide permanent financing
<br />of the costs of acquiring, constructing and equipping a
<br />manufacturing plant for use by White -Rodgers, as lessee under the
<br />Lease; and
<br />WHEREAS, White -Rodgers assigned all of its right, title
<br />and interest in and to the Lease to Emerson Electric Co., a
<br />Missouri corporation ("Emerson"), pursuant to an Amendment of and
<br />Supplement to Lease and Assignment Thereof, by and among the City,
<br />Emerson and White -Rodgers; and
<br />WHEREAS, the principal of, premium, if any, and
<br />interest on the Bonds has been paid in full by the City or
<br />
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