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of the issuance of bonds and the payment of debt service during con- struction, the City submitted to the electors the question of issuing Revenue Bonds under the provisions of Act No. 9 in an amount not to exceed $1,000,000 to finance a portion of said costs, and Independence County, Arkansas submitted to the electors the question of issuing General Obligation Bonds under Amendment No. 49 to the Constitution of the State of Arkansas, in an amount not to exceed $500,000 for the purpose of f nancing the remaining portion of said costs not paid by Batesville Rubber Company; and WHEREAS the electors of the City and the electors of the County approved the issuance of said bonds for said purpose at special elections held on the 15th day of march, 1960; and WHEREAS the City and Independence County have agreed that the proceeds of both bond issues will be used for the project and other costs above referred to and, pursuant to the terms of an agree- ment between the City and Independence County, the City will enter into a Lease Agreement with Batesville Rubber Company specifying the terms and conditions of the construction of the project and the leas- ing of the same to Batesville Rubber Company, which lease was author- ized by Ordinance No. of the City duly adopted and approved on the / cX day of September, 1960, and which lease will appear of record in the office of the Circuit Clerk and Ex Officio Recorder of Independence County, Arkansas, and to which reference may be made by any interested party for the rental, terms, conditions and obligations of the respective parties therein set forth, and Seiberling will un- conditionally guarantee the performance of all covenants and obliga- tions of Batesville Rubber Company, Lessee under said Lease Agreement, and said guaranty will appear of record in the office of the Circuit Clerk and Ex Officio Recorder of Independence County, Arkansas, and to which reference may be made by any interested party; and WHEREAS the rentals under said Lease will be pledged in the first instance to the Act No. 9 Revenue Bonds and the Revenue