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ORDINANCE NO. 18,176
AN ORDINANCE LEVYING A TAX ON THE ASSESSMENT OF
BENEFITS TO BE RECEIVED BY OWNERS OF EACH OF THE
SEVERAL BLOCKS, LOTS AND PARCELS OF LAND WITHIN THE ST.
CHARLES MUNICIPAL LIGHTING IMPROVEMENT DISTRICT NO. 1 OF
LITTLE ROCK, ARKANSAS; AND FOR OTHER PURPOSES
WHEREAS, the property holders owning a majority in assessed value of property
situated in the St. Charles Lighting Improvement District No. 1 of Little Rock, Arkansas (the
"District ") petitioned the Board of Directors of the City of Little Rock, Arkansas to form a
municipal improvement district to be organized for the purpose of constructing within the
District the improvements described in such petition, and to maintain, repair and operate such
new or existing facilities; said purposes to be accomplished in the manner and of the materials
that the Commissioners of the District shall deem to be in the best interest of the District, and
the cost thereof to be assessed upon the real property of the District according to the benefits
received; and
WHEREAS, the Board of Directors of the City of Little Rock, Arkansas has
established the District to accomplish the above purposes by adopting Ordinance No. 17,853,
enacted on October 20, 1998; and
WHEREAS, the Commissioners of the District made and filed plans for the
improvements with the City Clerk, containing an estimated cost of the improvements of
$200,000; and
WHEREAS, the Board of Directors of the City after publication of notice as required
by law, met as a board of equalization and heard all appeals against the assessments filed with
the City Clerk on October 27, 1998 (the "Assessment of Benefits "), and equalized and levied an
annual tax of 7.7% on the same, by adopting Ordinance No. 17,873 on November 17, 1998;
and
WHEREAS, the Board of Commissioners of the District has filed an amendment to its
original plan of improvement, increasing the estimated cost of the improvements to the District
to approximately $300,000 exclusive of capitalized interest, debt service reserve and costs of
financing; and
WHEREAS, the Board of Directors of the City now desires, at the request of the
District, to increase the annual rate of levy of the Assessment of Benefits in order to provide
sufficient revenues to fully retire the bonds proposed to be issued by the District.
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of
Little Rock, Arkansas:
Section 1. From each of the tracts 9.25% of the Assessment of Benefits shall be
collected in the year 2000 and annually thereafter.
Section 2. This Ordinance shall have all the force of a judgment to be paid by the
real property in the District in proportion to the amount of the Assessed Benefits as established
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pursuant to Ordinance No. 17,873, and to be paid in annual installments as set forth in Section
1 hereof, and the taxes so levied shall be a lien upon the real property in the District from the
time of the date of this Ordinance and shall be entitled to preference over all demands,
executions, encumbrances or liens whatsoever created, and continue until all such assessments,
with any penalty or cost that may accrue thereon, shall have been paid.
Section 3. This Ordinance shall be in full force and effect and after its entry.
PASSED: January 4, 2000.
APPROVED: �n
P�
Jim ail y, Mayor
ATTEST:
Robbie Hancock, ity Clerk
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