9303No. 9303
AN ORDINANCE INCREASING THE RATE OF COLLECTIONS IN STR'T IMYROM'ENT
DISTRICT NO. 585 OF THE CITY OF LITTLE ROCK, ARYINSASj A14MIDING ORDI-
NANCE NO. 8457; AND FOR OTHER PURPOSES.
WHEREAS, the rate of collections in Street Improvement District
No. 585 of the City of Little Rock, Arkansas, was established at six
per centum (6 %) per annum by Ordinance No. 8457, passed September 25,
1950; and
WHEREAS., the return on said rate of collection has proved insuffi-
cient to service bonds issued by said district, and unless said rate of
collection is increased there will be defaults occurring in the financ-
ing of said district;
N0W, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
LITTLE ROCK, ARKANSAS:
Section 1. That seven and one -half per centum N%) of the
L --ssed benefits on each block, lot, and parcel of real property in
f
said Street Improvement District No. 585 be levied on said assessment
of benefits as the same now remains in the office of the City Clerk and
shall be collected by the County 'Collector on or before the first day
of April 1954, and seven and one -half per centum (7) per annum for the
years 1955 to 1960, inclusive.
Section 2. Ordinance No. 8157 is hereby amended to conform to
the provisions of this ordinance.
Section 3. This ordinance shall be in full force and effect from
and after its passage.
PASSED: August 31, 1953
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