Loading...
16342ORDINANCE NO. 16,342 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 28 WHEREAS, on January 5, 1981, the Board of Directors of the City of Little Rock, Arkansas (the "City "), adopted Ordinance No. 13,965 ( "Ordinance 13,96511) 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 15,04311) 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 Board of Directors of the City adopted Ordinance No. 15,202 ( "Ordinance 15,20211) on November 4, 1986, reducing the annual rate of collection on the assessment of benefits to four and one -half (4h%) ; and WHEREAS, the District now proposes to refund the outstanding portion of its $7,400,000 Sewer Refunding Bonds, dated November 1, 1986 (the 111986 Bonds "), and pursuant to the 0—(Qi C-1 -VL 29 contemplated refunding, the annual rate of collection of the assessment of benefits may be reduced thereby providing relief to the owners of land within the District. NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. That the annual rate of collection of four and one -half percent (4k%) of the assessment of benefits established by Ordinance No. 15,202, of the City of Little Rock, Arkansas, be, and the same is hereby, reduced to a rate of three and one -half (3'k$) per annum, commencing in the year 1993, 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 $4,455,000 Sewer Refunding Bonds, to be dated January 1, 1993, and the 1986 Bonds remain outstanding, the annual rate of collection of the assessment of benefits shall remain at four and one -half percent (4k$) until the entire assessment of benefits has been collected in full. PASSED: January 19, 1993. APPR ED: ` JIM ILEY MAYOR ATTEST: CITY - CLERK OBB E HANCOCK (SEAL) tA CW1005.095