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
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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