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ORDINANCE NO. 18,424
E
AN ORDINANCE REASSESSING THE VALUE 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, I OF
LITTLE ROCK, ARKANSAS; ASSESSING TAXES THEREON; 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 have made and filed plans for the
improvements with the City Clerk containing the estimated cost of the improvements; and
WHEREAS, the assessments have been duly made by the Assessors for the District,
who were appointed by the Board of Directors of the City, and filed in the office of the City
Clerk pursuant to law, and notice of such filing was duly published in the Arkansas Democrat -
Gazette, a newspaper published in and of general circulation in the City of Little Rock,
Arkansas on the 19' day of January, 2001; and
WHEREAS, on this date, the Board of Directors of the City met at the place and at the
time named in said notice as a board of equalization and heard all appeals against the
assessments filed with the City Clerk, and equalized the same; and
WHEREAS, the benefits received by each and every block, lot and parcel of real estate
situated in the District equal or exceed the local assessment thereon; and
WHEREAS, the estimated cost of the improvements to the District is approximately
$200,000 exclusive of capitalized interest and costs of financing; and
WHEREAS, the assessed benefits (the "Assessed Benefits ") amount to $370,631.
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of
Little Rock, Arkansas:
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Section 1. That each of the blocks, lots and parcels of real property in the District
be assessed according to the assessment list of the District, as equalized, as the same now is of
record in the Office of the City Clerk and that the percentage prescribed in Section 2 hereof of
the Assessment of Benefits on each of the blocks, lots and parcels shall be collected by the
County Collector with the first installment of general taxes becoming due in the year 2001 and
annually thereafter, with the first installment of general taxes until the whole of the local
assessment with interest thereon at the rate per annum of ten percent (10 %) shall be paid.
Section 2. From each of the tracts 13.8815% of the Assessment of Benefits shall
be collected in the year 2001 and annually thereafter. Of the foregoing 13.8815% levy, 8.5%
shall constitute a debt service levy for retirement of the District's bonded indebtedness, and
5.38815% shall constitute a maintenance and operations levy for payment of the District's
ongoing maintenance and operations expenses.
Section 3. 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
herein and to be paid in annual installments as set forth in Section 2 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 4. This Ordinance shall be in full force and effect and after its entry.
PASSED: February 6, 2001.
APPROVED:
Jim Ibiley, mayor J�
ATTEST:
Nanc ood, Cj y Clerk
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