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WHEREAS, the substitution of Emerson for White - <br />Rodgers Company as the Lessee under said Lease is in <br />the best interests of the City as Lessor and for the <br />best interests of the holders of said City of Bates- <br />ville, Arkansas, 5-3/8% Industrial Development Revenue <br />Bonds dated February 1, 1961, in that Emerson is a <br />substantially larger corporation with a more diversi- <br />fied business, and upon consummation of said Plan and <br />Agreement of Reorganization, Emerson will be possessed <br />of the operating assets and business of White -Rodgers <br />Company. <br />NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL <br />OF THE CITY OF BATESVILLE, ARKANSAS: <br />Section 1. That to provide for the amendment of <br />and supplement to the Lease dated January 27, 1961, be- <br />tween the City and White -Rodgers Company, which Lease <br />is recorded in Lease and Contract Book 15, pages 315 <br />to 365, in the Office of the Circuit Clerk and Ex -Officio <br />Recorder of Independence County Arkansas, and to evidence <br />the fact that the City recognizes and acknowledges that <br />The Emerson Electric Manufacturing Company is entitled to <br />have the benefit not only of the leasehold estate under <br />said Lease but also the benefits under that Agreement dated <br />January 27, 1961, between the Independence County, Arkansas <br />Industrial Development Corporation and White -Rodgers Company, <br />relating to the construction and equipping of manufacturing <br />facilities for White -Rodgers Company (the obligations of <br />said Independence County Arkansas Industrial Development <br />Corporation having been heretofore taken over and assumed <br />by the City) the Mayor is hereby authorized and directed <br />MI: <br />