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ORDINANCE N0. 5456.
AN ORDINANCE FIRING THE ANNUAL RATE AND
DATE OF COLLECTION OF ASSESSMENTS OF BENEFITS
IN STREET IMPROVEMENT DISTRICT NO. 449 AND
PROVIDING FOR INTEREST ON SAID ANNUAL
INSTALLMENTS OF BENEFITS.
WHEREAS, Street Improvement District No. 449 of the
City of Little Rock, Arkansas, has entered into an agreement
with the holders of its outstanding bonds whereby it will issue
refunding bonds to be exchanged for the present outstanding bonds
of said District, said refunding bonds to have the interest rate
reduced to four per centum per annum and 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 I
is the District to pay the refunding bonds over a period of yWar
and
WHEREAS, the statute permitting refunding bonds provides
for interest at the rate not to exceed six per centum per annum
from-the date of the refunding bonds, said interest to be collected
on each annual installment of the assessments of benefits;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Little Rock, Arkansas;
Section 1. That the said several lots, blocks, parcels
emd'.the tracts of real property in Street Improvement District
449_,o;f the City of Little Rock, Arkansas, be and
hereby assessed according to the assessment list for said Street
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 Assessors, and that nine and nine- hundredths per centum (9.090
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
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District, beginning with October 1, 1937, to be paid annually,
on or before the first day of October of each year, until the
whole of said assessments have been paid. The assessments shall
interest from the first day, of October 1936 until paid, aV-=
the rate of two per centum per annum, but interest shall be
collected upon each annual installment separately.
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in conflict herewith are hereby repealed, and this ordinance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+ �l, , 1937.
APPROVED:
3 yd mayor
ATTEST: