HomeMy WebLinkAbout17180'19 i?,
ORDINANCE NO. 17,180
AN ORDINANCE APPROVING THE DISSOLUTION OF MISSOURI STREET
IMPROVEMENT DISTRICT NO. 631 OF LITTLE ROCK, ARKANSAS; AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO.
WHEREAS, all bonds, notes or other evidences of indebtedness,
plus all interest due and payable thereon, of the Missouri Street
Improvement District No. 631 of Little Rock, Arkansas (the
"District ") have been paid in full, and the District is not
indebted to any person except as set forth hereinafter; and
WHEREAS, the District has fully accomplished the purposes for
which it was formed and has fully completed the construction of the
improvements which it has undertaken; and
WHEREAS, title to and control of the facilities constructed by
the District have been taken over and assumed by the City of Little
Rock, which formed the District; and
WHEREAS, Wright, Lindsey & Jennings, as attorneys to the
District, have made numerous and repeated attempts to counsel the
remaining Commissioner of the District to wind up the affairs of
the District and cause the District to be dissolved according to
the provisions of the laws of the State of Arkansas; and
WHEREAS, copies of the correspondence of Wright, Lindsey &
Jennings to the remaining Commissioner urging dissolution of the
District are attached hereto as Exhibit "A"; and
WHEREAS, the District currently has $3,759.31 on deposit in
its checking account, and the District owes, and the remaining
Commissioner has refused to pay, the sum of approximately $1,500.00
in accrued and unpaid legal fees to Wright, Lindsey & Jennings.
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of
the City of Little Rock, Arkansas, as follows:
Section 1: The Missouri Street Improvement District No. 631
of Little Rock, Arkansas is hereby dissolved.
Section 2: All future levies and assessments of the District
have been cancelled, and the remaining Commissioner and Wright,
Lindsey & Jennings are hereby relieved from any further duties in
connection with the District, except as hereinafter set forth.
Section 3: The law firm of Wright, Lindsey & Jennings,
attorneys to the District, is hereby authorized and directed to
convert all assets of the District into cash and thereafter to pay
all debts of the District from such funds including the accrued and
unpaid legal fees of Wright, Lindsey & Jennings plus a fee of
$1,500.00 to said firm for its services in closing the District.
Section 4: The remainder of such surplus funds shall be paid
over to the City for use by the City for any lawful purpose.
Section 5: The attorneys for the District are hereby
authorized and directed to file a final financial statement of the
District in the office of the City Clerk of the City of Little
Rock, Arkansas, within ninety (90) days of the date of final
distribution of the District's funds in accordance with the
provisions hereof.
PASSED:
ATTEST:
May 7, 1996.
By: (2L_ 4�jy�/1Q7
City ClerkRobbie Hancock
j:mhk3976.065
CITY OF LITTLE ROCK, ARKANSAS
By: gm�
May V Jim Dailey
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