HomeMy WebLinkAbout5307ORDINANCE NO. 5307. -
AST ORDINANCE 'FIXING THE ANNUAL RATE AND DATE
OF COLLECTION OF ASSESS1MIMTS OF BENEFITS IN
SEWER IIv:PROVE :7M�-T DISTRICT No. 114 AND PROVID-
ING FOR INTEREST ON SAID AP�2,UAL INST.ALLI=T
OF BEI EFITS.
�,iHEREAS, Sewer Improvement District No. 114 of the
City of Little Rock has entered into an agreement with the
holders of its outstanding bonded indebtedness whereby it
will issue refunding bonas to be exchanged for the present
outstanding bonds of said district, said refunding bonds to pro.
vide for more time in which to pay the outstanding bonded
indebtedness, thus decreasing the annual payments to be collect-
ed from the property owners in the district; and
,'IiiEREAS, it will he much easier ror the property
owners in the district to pay the refunding bonds over a
longer period of years; and
iEREAS, the statute permitting refunding bonds pro-
vises for interest at six per centum per annum from the date
of the refunding bonds, to be collected on each annual install-
went of the assessment 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, par-
eels and tracts of real property in Sewer Improvement District
Igo. 114 of the City of Little Rock, Arkansas, 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 jock, Arkansas, and as it
may hereafter from time to time be revised or readjusted by the
Board of Assessors, and that there shall be collected annual
assessments on said assessments of the value of the benefits
on each of said lots, blocks, parcels and tracts of real
property in said district as follows, to -wit: In each of the
years 1936 to 1940, both inclusive, five per centum (5`a);
in each of the years 1941 to 1945, both inclusive, four and
one -halt' per centum (42 %); in each of the years 1946 to 1950,
both inclusive, four per centum (4%); in each of the years
1951 to 1959, both inclusive, three per centum (3). Said
assessments shall be due on January 1st of each of the respec-
tive years and shall bear interest from the 1st day of October,
1935 until paid at the rate of six per centum per annum, and
interest shall be collected on each and every annual install-
ment beginning with the installment due in the year 1936,
unless and until the trustee designaoed in the pledge of said
assessments, or its successor, shall order in writing the
discontinuance of the collection of interest.
Section 2. That all ordinances or parts of ordinances
in conrlict herewith are hereby repealed, and this ordinance
shall be in full force and effect from and after its passage.
Passed: February 10, 1936.
APPROVED: � 1'C> .
^ : yor.
ATTE T:
ty Clerk.