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i.. <br />Page 3 <br />la <br />refunding by the County and the purpose of this Supplemental Agree- <br />ment is to state the approval of the City; <br />NOW, THEREFORE, in consideration of the benefits to be <br />derived by the County and the City and the citizens and inhabitants <br />thereof by the proposed refunding and for other valuable con- <br />siderations, receipt of which is hereby acknowledged by each party <br />hereto, the CITY AND THE COUNTY AGREE AS FOLLOWS: <br />1. <br />The City hereby expressly approves the refunding of all <br />of the outstanding bonds of the County designated "Independence <br />County, Arkansas General Obligation Industrial Development Bonds" <br />dated March 1, 1960, upon the terms and conditions set forth in <br />the Refunding Order. <br />2. <br />It is agreed that all rights,obligations, covenants, agree- <br />ments and undertakings of the City and County in all documents and <br />agreements pertaining to the financing, construction, operation, <br />ownership and disposition of the industrial project and in the <br />handling, securing, disbursing and ownership of revenues and <br />lease rentals from the industrial project shall be applicable to <br />the "Independence County, Arkansas General Obligation Industrial <br />Development Refunding Bonds" dated March 1, 1963, to the same <br />extent and with the same force and effect as they were applicable <br />to the "Independence County, Arkansas General Obligation Industrial <br />Development Bonds" dated March 1, 1960. <br />3. <br />This Supplemental Agreement shall supplement the <br />Agreement heretofore entered into by and between the City and <br />