6783ORDINANCE NO. 6783
AN ORDINANCE LEVYING AN ANNUAL COLLECTION
ON THE ASSESSMENT OF BENEFITS IN CURB AND
GUTTER IMPROVEMENT DISTRICT NO. 472 OF THE
CITY OF LITTLE ROCK.
WHEREAS, Curb and Gutter Improvement District No. 472
defaulted in the payment of its original bond issue and interest
:thateon, and through an ,arrangement with its bondholders, has
issued refunding bonds dated January 1, 1945, all payable on
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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 the 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 statute under which the District is pro-
ceeding authorizes the Board of Commissioners to adopt a resolution
providing that the assessment of benefits shall draw interest at
the rate of six per centum (6j) per annum from the date of the
refunding bonds until paid, and the Commissioners have provided
that this assessment of benefits shall draw interest from January 1,
1945, until paid at the rate of six per centum (6 %) per annum; 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 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, THEREBORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK, ARKANSAS:
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Section 1. That the said several lots, blocks and
parcels of real property in said Curb and Gutter Improvement
District No. 472 be assessed according to the assessment list for
said improvement district prepared and filed for the purpose of
issuing refunding bonds, as thesame 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, beginning September 1, 1945, and continuing for the
years 1946 to and including 1950, after which the annual levy
shall be eigitper centum (8I0) per year, and each collection shall
be credited first upon the interest due upon the assessment
of benefits, computed 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 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. Allordinances 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.
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APPROVED:
'64"
Acting' Mayor
ATTEST:
City Clerk