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duly recorded in the office of the Circuit Clerk and Ex Officio <br />Recorder of Independence County, Arkansas, and an executed copy of <br />which is on file in the office of the City Clerk, and will be herein <br />sometimes referred to as the "White -Rodgers Lease Agreement" and <br />reference may be made by any interested person to the White -Rodgers <br />Lease Agreement for the rental, terms, conditions and obligations <br />of the respective parties therein set forth; and <br />WHEREAS it has been determined that the estimated amount <br />necessary to finance the cost of the Project, necessary expenses <br />incidental thereto, to the payment of debt service and to the pay- <br />ment of the cost of the issuance of the bonds is $1,500,000 rather <br />than $1,750,000 (which was the total amount authorized at the <br />election), and that, therefore, bonds in the principal amount of <br />$1,500,000 should be issued; and <br />WHEREAS the City has contracted with T. J. Raney & Sons <br />of Little Rock, Arkansas for the sale of Industrial Development <br />Revenue Bonds in the principal amount of $1,500,000 to be dated <br />February 1, 1961, with interest thereon payable semi-annually on <br />February 1 and August 1 of each year commencing August 1, 1961, with <br />the bonds to bear interest at the rate of 5 3/8% per annum and with <br />the bonds to mature annually on February 1 in each of the years <br />1962 to 1981, inclusive, all as hereinafter set forth in detail; <br />NOW, THEREFORE, BE IT ORDAINED by the City Council of <br />the City of Batesville, Arkansas: <br />Section 1. That there be, and there is hereby, authorized <br />and directed the following: <br />A. The acquisition of the fee simple title to the lands <br />described in the Trust Indenture hereinafter authorized, including <br />all improvements thereon and under construction from the owner of <br />G- <br />