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HomeMy WebLinkAbout5523ORDINANCE N0. 5523. ,N ORDINANCE FIXING TOE ANNUAL RATE AND DATE OF COLLECTION OF ASSESSMENTS OF BENE- FITS IN STREET INPROVEDtiENT DISTRICT NO. 3709 AND PROVIDING FOR INTEREST ON SAID ANNUAL INSTALLMENTS OF BENEFITS. Street Improvement District No. 370 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 bearing a lower rate of interest 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 indebtednesss, thus decreasing the annual re- quirements to be collected from the property owners in the dis- trict; and WHEREAS, it will be much easier for the property owners in the district to pay the refunding bonds over a period of years; and '00EREAS, the statute permitting refunding bonds provides I for interest at not in excess of six per centum (6 %) per annum. from the date of the refunding bonds to be collected on each annual installment of the assessment of benefits; N0W, THEREFORE, be it ordained by the City Council of the City of Little Rock, Arkansas: Section 1: and tracts of real pr t � ty, or Little assessed according to That the said several lots, blocks, parcels ©party in Street Improvement District No.''� 0 Rack, Arkansas„ be and the same are ;. the assessment list for said improvement dis- tract as the same now remains in the office of the City Clerk of j the City of LitAle• 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 per centum (6 -2/3 %) of the said assess- ment of the value of the benefits on each of said lots, blocks, ./ .° U. cs z parcels and tracts of real property in said district, beginning with January 1, 1938, be paid annually on or before the 1st day of January of each year, until the whole of said assessments have been paid_. The assessments shall bear interest .from, the 1$t; day of October, 1937, until paid at the rate of four per eentum (4 %) per annum, and each year's interest shall be collected with each annual installment. Section 2: That all ordinances or parts of ordinances in conflict herewith are hereby repealed, and this ordinance shall be in full force and effect from and after its passage. Passed - VECEM igg. Ito- , 1931 . F ATTEST e� City Clerk l t r