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ORDINANCE NO. _ 5504
AN ORDINANCE FIXING THE ANNUAL RATE AND DATE OF
COLLECTION OF ASSE 7SM- "S OF BET=ITS- IN STREET
IMPROVE• %ANT DISTRICT NO. 418 LITTLE ROCK, ARXANSAS,
AND PROVIDING FOR INTEREST ON SAID ANITUAL
INSTALLIMNT OF BEY uFITS
WHMEAS, Street Improvement District No. 418 of the City of
Little Rock has entered into an agreement with the holders of its ry
outstanding valid 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, and to reduce the in-
terest on said bonds, thus decreasing the annual payments to be
collected from the ro ert owners in the district; and
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WHEREAS, it will be much easier for the property owners in the
district to pay the refunding bonds over a longer period of years;
NOW THER FORE, be it ordained by the City Council of the City
lof Little Rock, Arkansas: -i
Section 1. That the said several lots, blocks, parcels and
tracts of real property in `street Improvement District No. 418 of
the City of Little Rock, Arkansas, be and the same are hereby asses ed
according to the assessment list for said improvement 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 Assesso. .,s, and that ten per
centum (10%) of said assessment of the value of benefits to each of
said blocks, parcels and tracts of land shall be collected on or be`
for* November 1, 1937, and on or before the first day of August,
each of the years thereafter, until the whole of said local assess-
Iment shall be paid.
Section 2. That all ordinances or parts of ordinances in don-
I flict herewith are hereby repealed.
Section 3. In as much as the bonds heretofore issued by this
district are past due and suit, has been brought thereon, and if
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said bonds are not paid immediately, the property included in the
district will be foreclosed and sold, this ordinance is necessary
for immediate iediate preservation of the public peace, health and
or
safety, and an emergency is hereby declared to exist and this ordin
0 t Is t I ruli foro a an S �asaage.
Passed: October 11, 1237
Approved: �
Mayor
Date:
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