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Page 3 The bonds shall be sold at public sale and may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest with any such conversion to be upon such terms that the City receive no less and pay no more than it would receive and pay if the bonds were not converted and with the conversion to be subject to the approval of the City Council. Section 2. That said question shall be placed on the ballot for the special election in substantially the following form: Vote on measure by placing an "X" in the square above the measure either for or against: For the issuance of Revenue Bonds in an amount not to exceed $1,000,000 . . . . . . . Against the issuance of Revenue Bonds in an amount not to exceed $1,000,000 . . . . . C1 It is proposed to issue City of Batesville Revenue Bonds under Act No. 9 of the First Extraordinary Session of the 62nd General Assembly of the State of Arkansas, approved January 21, 1960, in an amount not to exceed $1,000,000, maturing serially on March 1 in each of the years 1961 to 1980, inclusive, for the purpose of paying a portion of the cost of securing and developing industry within or near Batesville, Arkansas. The particular project is a manufacturing plant to be operated by Seiberling Rubber Company, Inc., or an Arkansas subsidiary, and the Project property and improvements will be leased to Seiberling Rubber Company, Inc., or an Arkansas subsidiary, and if the latter, the lease will be guaranteed by Seiberling Rubber Company, Inc. The said revenue bonds will finance a portion of the cost of the project and it is proposed to finance the remaining portion by the issuance by Independence County of General Obligation Bonds under Amendment 49 to the Arkansas Constitution in an amount not to exceed $500,000. The bonds may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest. The Revenue Bonds will have a first lien on the revenues to be derived from the lease, but any surplus lease rentals over and above the amount needed to insure the payment of the principal of and interest on the revenue bonds and the paying agent's fees, and to establish a reserve for contingencies, will be used for the payment of the principal of and interest on bonds issued under Amendment 49 in advance of maturity until all of said General Obligation Bonds, with interest, are fully paid and retired.