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lands, buildings and manufacturing facilities and to construct or complete the construction thereon of buildings and manufacturing facilities, and to purchase and install therein equipment and machinery, which, after completion, will be utilized in securing and developing substantial industry in or near the City which will employ substantial numbers of persons from the City and In- dependence County, with a resulting alleviation of unemployment, increased employment, substantial payrolls and other public benefits flowing from the conducting of substantial manufacturing operations; and WHEREAS the said lands, buildings, manufacturing facilities and equipment and machinery so acquired, constructed and installed (all of which will be hereinafter sometimes referred to as the "Project") have been leased to White -Rodgers Company, a Delaware corporation (which will be hereinafter sometimes referred to as "White -Rodgers"), and will be operated by White -Rodgers or a sub- sidiary thereof; and WHEREAS in order to locate the said industry, Independence County, Arkansas Industrial Development Corporation, an Arkansas corporation organized and existing under and by virtue of Act No. 404 of the Acts of Arkansas of 1955, as amended, has entered into -th an Agreement and a Lease with White -Rodgers dated as of the I day of January, 1961, and has undertaken the construction and equipping of a manufacturing buildings and facilities pursuant to the terms of said Agreement between it and White -Rodgers; and WHEREAS it is proposed that the City furnish the permanent financing for the Project by the issuance of Industrial Development Revenue Bonds under Act No. 9, it being contemplated that the City will acquire the lands and the improvements constructed thereon and