5299ORDINANCE NO. 5299
AN ORDII?ANTCE FIXING THE ANNUAL RATE AND
DATE OF COLLECTION OF ASSESSi; ENTS OF BENE-
FITS IN STREET II- TROVE:.,]ENI ' DISTRICT NO.
438, AIM PROVIDING FOR INTEREST ON SAID
A` :LTAL iI STALLt ,I�'TS OF BENEFITS.
WHEREAS, Street Improvement District No. 438 of the
City of Little Rock has entered into an agreement with the
holders of its outstanding bonded indebtedness whereby it will
issue refunding bonds to be exchanged for the present outstand-
ing bonds of said district, said refunding bonds to provide for
more time in t ^lhich to pay the outstanding bonded indebtedness,
thus decreasing the annual requirements to be collected from the
property owners in the district; and
iHEILZEAS, it will be much easier for the property owners
in the district to Day the refunding bonds over a period of years;
and
'vIiEREAS, the statute permitting refunding bonds provides
for interest at six per cent per annum from the date of the refund-
ing bonds to be collected on each annual installment of the assess-
!gent of benefits;
NO —ii, TBIEREFORE, be it ordained by the City Council of the
City of Little Rock, Arkansas:
Section 1: That the said several lots, blocks, parcels,
and tracts of real property in Street Improvement - istrict Teo.
438, of the City of Little Frock, Arkansas, be and the same are
hereby assessed according to the assessment list for said improve-
ment district as the same now remains in the office of the City
Clerk of the City of Little Rock, Arkansas, and as it may here-
after from time to time be revised or readjusted by the Board
centum
of Assessors, and that six and two- thirds per /(6 2 /3 %):of the
said assessment of the value of the benefits on each of said
lots, blocks, parcels and tract of real property in said district,
beginning with iway 1, 1936 Iz be paid annually on or before the
1st day of lvay of each year, until the whole of said assessments
have been paid. The assessments shall bear interest from the
first day of September, 1935, until paid at the rate of six per
'j - , -..
M
cent Der annum, but interest shall be collected upon each annual
installment separately and shall not be collected unless and
until so ordered by the Board of Co;z,issioners.
erection.": That all ordinances or parts of ordinances
in conflict herewith are hereby repealed, and this ordinance
shall be in full force and effect from and after its passage.
Passed J- -:LU r 6th ,193 6 —.
ATTE
C ty C1 k.
APPROVED:
gay or .