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CM bearing interest at the rates of 4%, 4 1/4% and 4 1/2% per annum, which interest will be payable semi-annually on March 1 and September 1 of each year and which principal will mature on March 1 in each of the years 1962 to 1950, inclusive, all as hereinafter set forth in de- tail; and WHEREAS said conversion has been examined and it has been found that by conversion thereof the City will pay no more and receive no less than it would pay and receive if the bonds had not been con- verted and that the conversion is in accordance with the Notice of Sale and is proper; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. That there be, and there is hereby, authorized the following: (a) The acquisition of the fee simple title to the lands being leased to Batesville Rubber Company and which lands are des- cribed in the Trust Indenture hereinafter authorized; and (b) The constructing of the factory buildings and improve - meets on said lands and the purchase and installation of machinery and equipment therein pursuant to and in acco:,-e?ance with the provisions of the Lease Agreement dated the 24th day of October, 1960 wherein the City is Lessor and Batesville Rubber Company is Lessee, which Lease Agreement has been authorized by Ordinance No. i-- duly adopted and approved on the /4 V" day of September, 1960 and which is on file in the office of the City Clerk. Section 2. That to provide for the authorization of and to secure bonds of the City under Act No. 9, to finance a portion of the cost of the project, in the aggregate principal amount of Nine Hundred Twenty -Nine Thousand Dollars ($929,000), herein called the "bonds", and to prescribe the terms and conditions upon which the bonds are to be secured, executed, authenticated, accepted and held, the Mayor of the City is hereby authorized and directed to execute and acknowledge