6725ORDINANCE NO. 6725
AN ORDINANCE AMENDING ORDINANCE NO. 5952, AND FIXING THE RATE AND
DATE OF COLLECTION OF ASSESSMENT& IN STREET IMPROVEMENT DISTRICT
N0. 515.
s
WHEREAS, The Board of Improvement of Street Improvement District
No. 515 petitioned the City Council to enact an ordinance accelerating
the rate of collection of the assessed benefits from Five (5 %) per
cent to Six (6%)'per cent for the years 1945, 1946 and 1947 and from
Nine (9 %) per cent to Ten (10 %) per cent for the year 1948 and
thereafter, and represented that due to various causes set out in
said Petition, the District is not now and cannot in the future
meet its annual and semi - annual bonded debt on the basis of the
present annual levy, and by reason of such failure must be called
on to pay interest on matured bonds and coupons and expend,sums
from the assessments collected which, mere not originally Calculated _.v
,
.,..to be required, and
WHEREAS, The Council is of the opinion, on the basis of,the
facts submitted, that it would be to the best interest of the pro-
perty owners of the Distri,et to accelerate the rate of collection
so as to preserve its financial standing and save expenditures for
-interest in excess of the amount originally provided for;
NOW; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF LITTLE ROCS, ARKANSAS,
SECTION 1. That Section 1 of Ordinance No. 5952 be and the same
is amended to read as follows:
ItSection 1. That the said several lots, blocks"' parcels,
and tracts of real property in Street Improvement Dis-
trict No. 515 of the City of Little Rock, Arkansas, be j
and the .same are hereby assessed according to the assess-
ment list for said improvement district as the same now. '
remains in.the office of the City Clerk of the City of--
A
Ordinance, page 2
"Little Rock, and as it may hereafter from time
to time be revised or re- adjusted by the Board
of Assessors, and the said assessment shall be
levied and collected as follows: 6% of said
assessment of benefits to each of said lots,
blocks, parcels and tracts of land on or before
February 1st of the years 194531946 and 1947,
and 10% on.or before February lst of the years
1948 to 1953 inclusive, and 2% on or before
February 1st of the year 1954."
Section 2. That all ordinances or parts of ordinances in conflict
hereto are repealed.
Section 3. In as much as some of the bonds heretofore issued
by the District are now past due and if not paid immediately the
property in the District stands a risk of being foreclosed and sold,
this Ordinance is necessary for the immediate preservation of the
public peace, health and safety, and an emergency is hereby declared
to exist and this ordinance shall be in full force and effect from
and after its passage.
Passed: peasUbgr
Attest:
ity Clerk
Approved:
yor
I