20760 1
2013058207 Received:8/7/2013 3:15:41 PM
Recorded: 08/07/2013 03:22:47 PM Filed&
Recorded in Official Records of Larry Crane,
ORDINANCE NO. 20,760 PULASKI COUNTY CIRCUIT/COUNTY CLERK
Fees$20.00
AN ORDINANCE TO REDUCE THE LEVY OF THE TAX ON THE
ASSESSMENT OF BENEFITS TO BE RECEIVED BY OWNERS OF
EACH OF THE SEVERAL BLOCKS, LOTS AND PARCELS OF LAND
WITHIN THE TWIN LAKES RECREATION IMPROVEMENT
DISTRICT NO. 1 OF LITTLE ROCK, ARKANSAS; TO DECLARE AN
EMERGENCY; AND FOR OTHER PURPOSES.
WHEREAS, the property holders owning a majority in assessed value of property situated in the
Twin Lakes Recreation Improvement District No. 1 of Little Rock, Arkansas (the "District"), petitioned
the Board of Directors of the City of Little Rock, Arkansas, to form an improvement district to be
organized for the purpose of constructing within the District the improvements described in such petition,
and to maintain and operate such new or existing facilities; said purposes to be accomplished in the
manner and of the materials that the Commissioners of the District shall deem to be in the best interest of
the District, and the cost thereof to be assessed upon the real property of the District according to the
benefits received; and,
WHEREAS, the Board of Directors of the City of Little Rock, Arkansas has established the District
to accomplish the above purposes by adopting Ordinance No. 13,086, enacted on September 2, 1975
("Original Ordinance"); and,
WHEREAS, pursuant to Ordinance No. 17,025, enacted November 21, 1995, by the Board of
Directors of the City of Little Rock, Arkansas (the "Amended Ordinance"), the Board of Directors of the
City amended the original ordinance to broaden the powers of the District, to increase the assessment of
benefits to be provided by the District, and to levy a tax on the Assessment of Benefits (the "Assessment
of Benefits") in order to provide funds to retire the District's bonded indebtedness and operate and
maintain all of the District's improvements in a manner consistent with the best interests of the property
owners in the District; and,
WHEREAS, the amended ordinance provided for the levy of an annual tax of 6.6667% of the
assessment of benefits of each block, lot and parcel in the District (the "Special Tax"), of which Special
Tax the annual amount of $21,000.00 was allocated to maintenance and operation of tkie∎�Di trict,',.
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improvements, and the remainder was allocated to retirement of the District's bonds; and,
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WHEREAS, the District's bonds have been paid in full and the District now desires to reduce the
amount of the Special Tax to an amount sufficient to pay the annual costs of maintenance and operation
of the District's improvements; and,
WHEREAS, the Board of Directors of the City now desires, at the request of the District, to reduce
the annual rate of levy of the Special Tax to reflect the retirement of the District's bonds and in order to
provide sufficient revenues to fully maintain and operate the original improvements in the District;
NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
OF LITTLE ROCK,ARKANSAS:
Section 1. From each of the blocks, lots and parcels of the land within the District, an annual tax in
the amount of 4.15% of the District's Assessment of Benefits shall be collected by the Pulaski County
Collector in the year 2014 and annually thereafter. The amounts collected shall be used by the District for
the annual maintenance and operation of the District's improvements.
Section 2. This ordinance shall have all the force of a judgment to be paid by the real property in the
District in proportion to the amount of the Assessed Benefits as established pursuant to the amended
ordinance, and to be paid in annual installments as set forth in Section 1 hereof, and the taxes so levied
shall be a lien upon the real property in the District from the time of the date of this ordinance and shall be
entitled to preference over all demands, executions, encumbrances or liens whatsoever created, and
continue until all such assessments, with any penalty or cost that may accrue thereon, shall have been
paid.
Section 3. It is hereby found and declared that an immediate need exists for the reduction of the
District's Special Tax in order to reduce the financial burden on the residents within the District. It is,
therefore, declared that an emergency exists. This ordinance, being necessary for the immediate
preservation of the public peace, health and safety, shall take effect and be in force from and after its
passage.
PASSED: August 6,2013
AT APPROVED:
.. a
us a : ey,City Clerk Marl Stodola,Mayor
AP;R• _ 1 AS TO LEGAL FORM:
VI/1 .
Thomas M. Carpenter, City Attorq
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