804aWHEREAS, the City executed a Trust Indenture with American Bank
and Trust Company, Baton Rouge, Louisiana, as Trustee, dated as of February 15,
1971, securing the bonds, which is recorded in t}ie office of the Circuit
Clerk and Ex-Officio Recorder of Crittenden County, Arkansas at Book 444 , Page
677 (the "1971 Indenture"); and
WHEREAS, at the time of the delivery of the Series A Bonds the City
and Gypsum-executed a Lease and Agreement covering the leased premises,
dated as of February 15, 1971, and recorded in the office of the Circuit Cler}:
and Ex-0fficio Recorder of Crittenden County, Arkansas at Book 444, Page 609
(the "1971 Lease Agreement"); and
WHEREAS, Gypsum was a subsidiary of Temple Industries, Inc. , a Texas
corporation ("Temple") and Temple guaranteed performance by the Lessee of its
obligations under the 1971 Lease Agreement by executing a .Guaranty Agreement
(the "1971 Temple Guaranty-Agreement"); and
WHEREAS, Gypsum has heretofore merged into Temple and Temple has become
the Lessee under the 1971 Lease Agreement; and
WHEREAS, conditions have developed whereby a substantial savings can be
realized by the issuance of refunding bonds under and as authorized by Act No.
9 at lower rates of interest than the rates borne by the Series A Bonds issued
in 1971, which will be in the best interests of the City and Temple and in
furtherance of the public purposes (obtaining, and insuring the continuance,
. of maximum employment and payrolls in the economy of the area served by the
City and its inhabitants) intended to be accomplished by Act No. 9; and
WHEREAS, in connection with the issuance of the refunding bonds it is
necessary that there be executed a new Lease Agreement adjusting the basic
rent and making other changes to accomodate to the refunding bonds, and a
new Trust Indenture securing the refunding bonds which, respectively, will
replace and supersede the 1971 Lease Agreement and the 1971 Trust Indenture;
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