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ORDINANCE NO. 755 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 COST OF SECURING AND DEVELOP- ING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DES- CRIBED 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. s WHEREAS the City of Batesville, Arkansas (called "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 (called "Act No. 9") , to acquire lands, construct and equip manufacturing build- ings, improvements and facilities and to incur other costs and expenses and make other expenditures incidental to and for the implementing and accomplishing of 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 Indus- trial Project so acquired and constructed and secured by a lien thereon; and WHEREAS the necessary arrangements have been made with Emerson Electric Co. , a Missouri corporation (called "Emerson"), for a substantial expansion of Emerson operations (the existing facilities as expanded) con- sisting of lands, buildings, improvements, machinery, equipment and facilities for an industrial plant which will be utilized for the manufacturing of such products as Emerson shall elect to manufacture (called the "Project"), and to lease the Project to Emerson pursuant to the tc-rms of a Lease and Agreement subsequently identified herein and referred to as the "Lease Agreement"; and