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the property, Independence County, Arkansas Industrial Development <br />Corporation; <br />B. The acceptance of an assignment from Independence <br />County, Arkansas Industrial Development Corporation of all con- <br />struction, architectural and engineering contracts pertaining to <br />the design and constructing of manufacturing improvements and <br />facilities and the assumption by the City of the obligations of <br />the owner under said contracts, with the City to receive the benefit <br />of all credits and moneys theretofore paid by Independence County, <br />Arkansas Industrial Development Corporation under and pursuant <br />to said contracts; <br />C. The payment to Independence County, Arkansas In- <br />dustrial Development Corporation of the amount necessary to reimburse <br />it for moneys expended by it up to that time in the acquisition of <br />the lands acquired by the City under the authorization in sub- <br />paragraph "A" hereof and under the construction, architectural and <br />engineering contracts assigned to the City and referred to in <br />sub -paragraph "B" hereof; and <br />D. After said assignment of said contracts referred to <br />in sub -paragraph "B'' hereof, the construction of the Project in <br />accordance with said contracts and in accordance with the Agreement <br />between Independence County, Arkansas Industrial Development Cor - <br />7 <br />poration and White -Rodgers dated January _�_% , 1961, covering <br />the construction of the Project (as will be hereinafter set forth, <br />the said Independence County, Arkansas Industrial Development Cor- <br />poration has assigned or will assign its interest therein to the <br />city). <br />Section 2. That to provide for the authorization of <br />and to secure bonds of the City in the aggregate principal amount of <br />