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ORDINANCE NO. 5368
AN ORDINANCE FIXING THE ANNUAL RATE AND
DATE OF COLLECTION OF ASSESS11E TS OF
BENEFITS IN STREET IRTFOVEMENT DISTRICT
NO. 509 of LITTLE ROCK, ARKANSAS, AND
PROVIDING FOR INTEREST ON SAID ANNUAL
INSTALLMr.',]T OF BMEFITS .
WHEREAS, Street Improvement District No. 509 of the
City of Little Rock has entered into an agreement with the holders
of its outstanding bonded 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 ray the outstanding bonded indebtedness, and to reduce
the interest on said bonds, thus decreasing the annual payments
to be collected from the property owners in the district; and
j°r'II PEAS, it will be much easier for the property o`mers
in the district to pay the refunding bonds over a longer period
of years; and
IVHEREAS, the statute permitting refunding bonds provides
for interest at not more than six per centum per annum from the
date of the refunding bonds, to be collected on each annual in-
stallment of the assessment of benefits;
NO1, THEREFORE, Be It Ordained by the City* Council of
the City of Little Rock, Arkansas.
Section 1. That the said several lots, blocks, parcels,
tracts of real property and railroad rights -of -way in Street
Improvement District No. 509 of the City of Little Rock, Arkanses,
be and the same are hereby assessed 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 Assessors, and that six and two - thirds per centum
(6 2/3 %) of said assessment of the value of benefits to each of
said blocks, parcels and tracts of land shall be collected on or
before September 1, 1936, and on or before the first day of
September of each of the years thereafter, until the whole of
said local assessment shall be paid.
Said assessment shall bear interest from the lst day of
June, 1936, until paid at the late of three and one -half per cen-
tum (3loo) per annum and interest shall be collected on each and
every annual installment beginning with the installment due in
the year 1936, unless and until the trustee designated in the
pledge of said assessments, or its successor, shall order in
writing the discontinuance or reduction of the collection of
interest.
Section 2. ghat all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 3. Inasmuch as the bonds heretofore issued by
this district are past due and suit has been threatened thereon,
and if said bonds are not paid immediately, the property included
in the district will be foreclosed and sold, this ordinance is
necessary for the irmlediate preservation of the public peace,
health and safety, and an ersergency is hereby declared to exist
and this ordinance stall be in full force and effect after its
passage.
Passed: Sap-rambr -it I'VE` /436 •
Approved: -
Mayor
ATTEST'
City Clerk