5298ORDINANCE NO. 5295
AN ORDINANCE FIXING THE ANNUAL RATE AND DATE
OF COLLECTION OF ASSESSMENTS OF BENEFITS IN
STRE.E:T IMPROVEMENT DISTRICT NO. 411 AND PRO-
VIDING FOR INTEREST ON SAID ANNUAL INSTALL -
M-ENTS OF BENEFITS.
WHEREAS, S, Street Imprav ement District No. 411 of the
City of Little Rock, Arkansas, has entered into an agreement with
the holders of its outstanding bonds whereby it will issue refund-
ing bonds to be exchanged for the present outstanding bonds of
said District, said refunding bonds to have the interest rate re-
end
duced to four per centum per annum /to provide for longer time in
which to pay the outstanding bonded indebtedness of said District,
thus decreasing the annual requirement to be collected on the
property in said District; and
'WHEREAS, it will be much easier for the property owners
in the District to pay the refunding bonds over a period of years;
a nd
WHEREAS, the statute permitting refunding bonds provides
for interest at the rate of six per c entum per annum from the date
of the refunding bonds, said interest to be collected on each
annual installment of the assessments of benefits;
N0 "d, therefore, be it ordained by the City Council of
the City of Little Rock, Arkansas;
Section 1. That the said several lots, blocks, parcels,
and the tracts of real property in Street Improvement District No.
411 of the City of Little Rock, Arkansas, be and the same are here-
by assessed according to the assessment list for said Street Im-
provement District as the same now remains in the office of the
City Clerk of the City of Little Rock, Arkansas, and as it may
hereafter from time to time be revised or readjusted by the Board
of Assessors, and that six and two - thirds (6 2/3) per centum per
annum of said assessment of the value of the benefits on each of
said lots, blocks, parcels, and tracts of real property in said
District, beginning with April 1, 1936, be paid annually, on or
before the first day of April of each year, until the whole of
said assessments have been paid. The assessments shall bear
interest from the f first day of iCarch, 1935, until paid, at the rate
of six per centum per annum, but interest shall be collected upon
each annual installment separately and shall not be collected un-
less and until it is ordered collected by the Board of Commission-
ers.
Section 2. That all ordinances or parts of ordinances
in conflict herewith are hereby repealed, and this ordinance shall
be in full f or ce and effect from and after its passage. Passed
ianut:ry 6t "r: 193',
1 ,
Mayor
Attest:
Ci y Clerk