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ORDINANCE NO.
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AN ORDINANCE LEVYING AN ANNUAL COLLECTION
OF THE ASSESSMENT OF BENEFITS IN STREET
IMPROVEMENT DISTRICT NO. 473 OF THE CITY
OF LITTLE ROCK
WHEREAS, Street Improvement District No. 473 defaulted in
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the payment of its original bond issue and interest thereon, and
through an arrangement with its bondholders has issued refunding
bonds dated January 1, 1945, all payable on January 1, 1960; 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 interest thereon the entire balance unpaid
on the first day of January, 1945, of the respective assessment of
benefits against each lot, block and parcel of land in said District;
and
WHEREAS, the Board of Commissioners of said District,
proceeding under authority granted them by the statute under which
the refunding is being carried out, have adopted a resolution pro-
viding that the assessment of benefits shall draw int4rest at the
rate of six per centum (6,0;) per annum from January 1, 1945, the
date of the refunding bonds, until paid; and
WHEREAS, by virtue of this 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 instalments; and
WHEREAS, the City Clerk has given due notice a -s 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
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any revision of said assessment;
NOW, THEREFORE, BE IT ORDAINED BY T?'.E CITY COUNCIL OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1, That the said several lots, blocks and
parcels of real property in said Street Improvement District No.
473 be assessed according to the assessment list for said improve-
ment 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 four per centum (4 %) of the assessment
of benefits on each of said lots, blocks and parcels shall be paid
annually on or before the first day of September of each year, t
beginning September 1, 1945, and continuing for the years 1946 to
and including 1950, after which the annual levy shall be eight per
centum (8%) per year,' �` each collection shall be credited first.,.r
upon the interest due upon the assessment of benefits, c6mputed at
the rate of six per centum (6%) per annum from January 1; 1945,
until paid, and any balance of said payment after the payment of
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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 the lien 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 January 1, 1945, until paid, on which he shall be given credit
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
-January 1, 1945, 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.
Passed 18th day of June , 1945.
APPROVED:
Acting Mayor
ATTEST:
City Clerk