Laserfiche WebLink
construct on said lands factory buildings and manufacturing facilities <br />thereon and is to purchase and install necessary machinery and equip- <br />ment thereon, which, together with the lands, will be hereinafter <br />sometimes referred to as the "project"; and <br />WHEREAS in order to finance the cost of the project, neces- <br />sary expenses incidental thereto, the cost of the issuance of bonds, <br />and the payment of debt service during construction, the City sub- <br />mitted to the electors the question of issuing Revenue Bonds under <br />Act No. 9 in an amount not to exceed $1,000,000 to finance a portion <br />of said costs, and Independence County, Arkansas submitted to the <br />electors the question of issuing General Obligation Bonds under <br />Amendment No. 49 to the Constitution of the State of Arkansas, in an <br />amount not to exceed $500,000, for the purpose of financing the <br />remaining portion of said costs not paid by Batesville Rubber Company; <br />and <br />WHEREAS the electors of the City and the electors of the <br />County approved the issuance of said bonds for said purpose at special <br />elections held on the 15th day of March, 1960; and <br />WHEREAS the City and Independence County have agreed that <br />the proceeds of both bond issues will be used for the project and <br />other costs referred to above and that, pursuant to the terms of said <br />agreement, the City has entered into a Lease Agreement with Batesville <br />Rubber Company specifying the terms and conditions of the constrlietion <br />of the project and the leasing of the same to Batesville Rubber <br />Company, and Seiberling has agreed to unconditionally guarantee the <br />performance of all covenants and obligations of Batesville Rubber <br />Company, Lessee under said Lease Agreement, which Lease Agreement and <br />guarantee will be recorded in the office of the Circuit Clerk and Ex <br />Officio Recorder of Independence County, Arkansas; and <br />WHEREAS the execution and delivery of this Trust Indenture <br />thereinafter sometimes referred to as the "Indenture") and the issu- <br />ance of the Revenue Bonds under Act No. 9 have been in all respects <br />