15202ORDINANCE NO. 15,202
AN ORDINANCE REDUCING THE RATE OF COLLECTION
OF THE ASSESSMENT OF BENEFITS TO BE RECEIVED
BY THE OWNERS OF EACH OF THE SEVERAL BLOCKS,
LOTS AND PARCELS OF LAND WITHIN THE
MABELVALE- ALEXANDER SEWER IMPROVEMENT
DISTRICT NO. 142 OF LITTLE ROCK, ARKANSAS;
AND FOR OTHER PURPOSES.
WHEREAS, on January 6, 1981, the Board of Directors of the
City of Little Rock, Arkansas, (the "City ") adopted Ordinance
No. 13,965 ( "Ordinance 13,965 ") assessing the value of benefits
to be received by the owners of the several blocks, lots and
parcels within Mabelvale- Alexander Sewer Improvement District
No. 142 of the City of Little Rock, Arkansas (the "District ");
and
WHEREAS, Ordinance 13,965 extended a levy of tax-..on the
assessment of benefits to be collected at the annual rate of
five percent (5 %) of the assessment of benefits until the total
amount of the assessment of benefits was paid in full; and
WHEREAS, the Board of Directors of the City adopted
Ordinance No. 15,043 ( "Ordinance 15,043 ") on January 7, 1986,
reassessing the value of benefits to be received by the owners
of certain of the several blocks, lots and parcels within the
District,and continuing the annual rate of collection of five
percent (5 %); and
WHEREAS, the District now proposes to refund the
outstanding portion of its $8,000,000 Sewer Improvement Bonds,
dated February 1, 1981, (the "1981 Bonds ") and pursuant to the
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dontemplated refunding, the annual rate of collection of the
assessment of benefits may be reduced thereby providing relief
to the owners of land within the District.
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. That the annual rate of collection of five
percent (5 %) of the assessment benefits established by Ordinance
No. 13,965, and continued by Ordinance No. 15,043, of the City
of Little Rock, Arkansas, be, and the same is hereby, reduced to
a rate of four and one -half percent (4 1/2 %) per annum,
commencing in the year 1987, and continuing in each year until
the entire assessment of benefits has been collected in full,
unless subsequently reduced by duly adopted ordinance of the
City.
Section 2. That, notwithstanding the foregoing Section 1,
in the event the District does not deliver its proposed
$7,400,000 Sewer Refunding Bonds, to be dated November 1, 1986,
and the 1981 Bonds remain outstanding, the annual rate of
collection of the assessment of benefits shall remain at five
percent (5 %) until the entire assessment of benefits has been
collected in full.
PASSED: November 4, 1986.
APPROVED:
t
ACTING MAYOR TOM MILTON
ATTEST:
CIT CLERK JANE #CZECH
(SEAL)
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