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*%w low ORDINANCE NO. 848 AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER ACT NO. 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF PROVIDING PERMA- NENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE CONSTRUCTING THEREOF AND THE FINANCING THEREOF; AND DECLARING AN EMERGENCY. WHEREAS, the City of Batesville, Arkansas (the "City") , is authorized by Act No. 9 of the First Extraordinary Session of the Sixty -Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended ("Act No. 9") , to acquire machinery, equipment and facilities and to incur other costs and expenses and make other expenditures incidental to and for implementing and accomplishing the conduct of manufacturing operations; and WHEREAS, the City is authorized by Act No. 9 to issue Industrial Development Revenue Bonds payable from revenues derived from the Industrial Project so acquired, constructed and equipped and secured by a lien thereon and security interest therein; and WHEREAS, the necessary arrangements have been made with The General Tire & Rubber Company, an Ohio corporation ("General Tire" or "Company"), whereby General Tire is acquiring, constructing and equipping an industrial plant, and certain machinery, equipment and facilities, necessary for the operation thereof (the "Project") is being acquired and installed therein and will be owned by the City and sold to General Tire pursuant to the terms of a Sale Agreement subsequently identified herein and referred to as the "Sale Agreement"; and