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5570ORDINANCE NO. 5570 AN ORDINANCE FIXING THE ANNUAL RATE AND DATE OF COLLECTION OF ASSESSMENT OF BENEFITS IN STREET IMPROVEMENT DISTRICT NO. 447 OF THE CITY OF LITTLE ROCK, ARKANSAS, AND PROVIDING FOR INTEREST ON SAID ANNUAL INST jA LMM _.-_,. WHEREAS, Street Improvement District No. 447 of the City of Little Rock, Arkansas, has entered into an agreement with the holders of its outstanding bonded indebtedness whereby it will issue refunding bonds to be exchanged for the present outstanding bonds of the district, said refunding bonds to provide more time in which to pay said outstanding bonded Indebtedness thus decreasing the annual payments to be collected from the property owners in the district; and WHEREAS, it will be much easier for the property owners in the district to gay the` refunding bonds over d longer psr�94 of years; and WHEREAS, the statute• permitting refunding bonds authorizes interest at not more than six per eentum (6 %) per annum from the date of the refunding bonds, to be collected on each annual installment of the assessment of benefits; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Little Rock, Arkansas: r Section 1. That the said several lots, blacks and n. . parcels of real property in Sttsot Ieaaprovement District Nei 447 @f tht! City of''Little +fit Ar�aasao be and than some arse h� ail assessed according to the assessment list for said improvement I district as the list now remains in the office of the City 41 of the City of Little R©ok, Arkansas, and as It may hereafter from time to time be revised or readjusted by the Board of Assessors and that there shell be collected thereon annual installments of assessments for the respective years at the following rate: .k f - v For the years 1938 and 1939, 10% per year; for the year 1940, 9jf; for the year 1941, 9%; for the year 1942, 8 ; for the year 1943, 8 %; for the year 1944, 7; for the years 1945 and 1946, 7% per year; for the year 1947, 6j%; for the years 1948 and 1,949, 6% per 'j ag; ail4 fog NOW The above described annual installments shall be due on August 1st of each year beginning with August 1, 1938, and the assessment of benefits shall bear interest at the rate of 6% per annum from February 1, 1938, the date of the refunding bonds of the district, until paid and interest shall be collected on each and every annual installment, computed from February 1, 1938 to the due date of the installment, and shall be collected with the installment. Section 2. That all ordinances or parts of ordinances In conflict herewith are hereby repealed. Passed: Xareh 21st, 1938 ATTEST: City Clerk Approved . - -- Mayor i f I l i