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ORDINANCE NO.
AN ORDINANCE LEVYING AN ANNUAL COLLECTION
ON THE ASSESSMENT OF BENEFITS IN SEWER
IMPROVEMENT DISTRICT NO. 113 OF THE CITY
OF LITTLE ROCK, ARKANSAS
WHEREAS, Sewer Improvement District No. 113 defaulted
in the payment of its original bond issue and interest thereon,
and through an arrangement with its bondholders has issued re-
funding bonds dated April 1, 1946, me.turing on October 1 of the
years 1947 to 1966, inclusive; and
WHEREAS, the Commissioners of said District, pursuant
to the statute authorizing the issuance of refunding bonds by
municipal improvement districts, have set up as benefits for the
payment of the refunding bonds and the interest thereon the
entire balance unpaid on the first day of April, 1946, of the
respective assessment of benefits against each lot, block and
parcel of land in said District; and
WHEREAS, the statute under which the District is pro- t
ceeding authorizes the Board of Commissioners to adopt a resolution
providing that the assessment of benefits shall draw interest at
the rate of six peri entum (6i%) per annum from the date of the
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refunding bonds until paid, and the Commissioners have provided
that this assessment of benefits shall draw interest from April 1,
1946, until paid at the rate of six per centum (6 %) per annum; and
WHEREAS, by virtue cf t hi s refunding the owners of the
delinquent properties in said District are given the opportunity
to pay the charges against their respective properties in convenient
annual inataliments; and
WHEREAS, the City Clerk has given due notice as required
- by law of the filing of said reassessment of benefits, and no one
has within the time allowed by law appealed to the City Council
for any revision of said assessment;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Little Rock, Arkansas:
SECTION 1. That the said several lots, blocks and
parcels of real property in said Sewer Improvement District No. 113
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be assessed according to the assessment list for said improvement
district prepared and filed for the purpose of issuing refunding
bonds, as the same now remains in the office of the City Clerk
of said City, and that six per centum (6%) of the assessment of
benefits on each of said lots , blocks and parcels shall be paid
annually on or before the first day of May of each year, beginning
y., 1947, and each collection shall be credited first upon the
interest due upon the assessment of benef its, computed at the
rate of six per centum (6 %) per annum from April 1, 1946, until
paid, and any balance of said payment after the payment of interest
shall be applied upon the principal of each respective assessment
of benefits, and the annual collection shall continue until the
• whole of said local assessment on each respective lot, block and
parcel of property shall have been paid in full.
SECTION 2. Any property owner in said District may at
any time discharge the assessment of benefits and thelien thereof
.against his property by paying the assessment against said property,
with accrued interest at the rate of six per centum (6 %) per annum
from April 1, 1946, until paid, on which he shall be givenc redit
for any payments previously made, or any property owner may
discharge the assessment against his property by delivering to
the District refunding bonds, accepted at par and accrued interest,
in an amount sufficient to pay the assessed benefits against his
property] plus interest thereon at the rate of six per centum (6,%)
per annum from April 1, 1946, after allowing him credit for all
payments made.
SECTION 3. All ordinances and parts of ordinances in
conflict herewith are hereby repealed, and this ordinance shall
be in full force and effect from and after its passage.
IMNO 8MUXXXXX
PASSED: January 27, 19+7 APPROVED:
ATTEST: yor
ity Clerk