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c Page 2 and the County submitted to the electors the question of issuing General Obligation Bonds under Amendment No. 49 to the Constitution of the State of Arkansas (herein called "Amendment No. 49") in an amount not to exceed $500,000; and WHEREAS, the electors of the City and the electors of the County approved the issuance of said bonds in special elections held March 15, 1960; and WHEREAS, the purpose of this Agreement is to state the re- spective interests, rights, responsibilities and obligations of these two parties in and pertaining to the project, and the manner in which their respective contributions to the project will be made: NOW, THEREFORE, in consideration of the mutual covenants and undertakings of the parties herein set forth and of the benefits to be derived from the project and other valuable considerations, re- ceipt of which is acknowledged by each party hereto, the City and the County agree as follows: 1. It has been determined that the estimated cost of the project, necessary expenses incidental thereto, the cost of the issu- ance of the bonds and the payment of debt service during construction, to be financed out of the proceeds of the Act No. 9 Revenue Bonds of the City and the Amendment No. 49 Bonds of the County is $1,400,000 and that $900,000 Act No. 9 Revenue Bonds should be sold and $500,000 Amendment No. 49 Bonds should be sold. In accordance therewith, the City and the County agree to proceed with the sale and issuance of said bonds and to make the proceeds thereof available for the con- struction of the project and the other costs referred to above. It is understood and agreed that the City's Act No. 9 Revenue Bonds will be issued under and secured by an ordinance of the City Council and by a Trust Indenture authorized by said ordinance and that the County's Amendment No, 49 Bonds will be issued under and secured by an order of