5331ORDINANCE NO. 5331
SyN ORDINANCE FIXING THE ANNUAL RATE AND DATE
OF COLLECTION OF ASSESSi,,_ENTS OF BENEFITS IN
S - EWER LMPROVE ENT DISTRICT No. 113 AND I'ROVID-
ING FOR INTEREST ON SAID ANNUAL INSTALLMENT
OF BENEFITS.
WHEREAS, Sewer Improvement District No. 113 of the
City of Little Rock has entered into tn agreement with the
holders of its outstanding bonded indebtedness whereby it
will issue refunding bonds to be exchanged for the present
outstanding bonds of said district, said refunding bonds to
provide for more time in which to pay the outstanding bonded
indebtedness, thus decreasing tre annual payments to be
collected from the property owners in the district; and
W'HEREAS, it will be much easier for the property
owners in the district to ppy the refunding bonds over a
longer period of years; and
,VHEREAS, the statute permitting refunding bonds pro-
vides for interest et six per centum per annum from the date
of the refunding bonds, to be collected on each annual in-
stellment of the assessment of benefits;
THEREFORE, be it ordained by the City Council of
the City of Little Rock, Arkansas.
Section 1. That the said several lots, blocks, per-
cels and tracts of real property in Sewer Improvemient District
No. 113 of the City of Little Rock, Arkansas, be and the same
are hereby assessed according to tre assessment list for said
improve; -ent district as the same nov, remains in the office of
the City Clerk of the City of Little Roc1, Arkansas, and as it
may hereafter from time to time be revised or readjusted by the
Board of Assessors, and that there shall be collected annual
assessments on said assessments of the value of the benefits
on each of said lots, blocks, parcels and tracts of real
property in said district as follows, to -wit: In each of the
yews 1936 to 1940, both inclusive, five per centum (5%);
in each of the years 1941 to 1945, both inclusive, four and
one —half per centu:ii (42,o); in each of t -pie ye2vrs 1946 to 1950,
both inclusive, four ner cent - _m (�F %) ; in each of the years
1951 to 1959, both inclusive, three per centum Mof) . Said
assessments shall be due on January 1st of each of to respec-
tive years and shall bear interest frolr► the 1st day of October,
1935 until paid at the rate of six per centum per annum, and
interest shall be collected on each and every annual install -
ment beginning with the installment due in the year 1936,
unless and until the trustee designated in the pledge of said
assessments, or its successor, shall order in writing the
discontinuvmce of t =Ie collection of interest.
Section 2. That all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 3. WHEREAS, the refunding of these bonds
will be of material benefit to all of t e property omier.s in
said district a_nd will result in a saving thereto, and it is
necessary in order to take advantage thereof that t.is
Ordinance be effective im iediately an e-- nergency is hereby
declared to exist -Imd this ordinance is found to be necessary
for the irfi- ::edit =.te preservation of t ,e public peace, health
and safety and the same shall therefore be in full force and
effect from and after its passage and approval.
Passed: April 13ti, 1936
Attest:
City Clerk.
Approv d_:
1.1ayor .