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Y} 79
ORDINANCE NO 5276
AN ORDINANCE FIXING Ti AIN Ta 1UTE AIM DATE
CF COLLECTION OF ASSESSIMTTS OF Bev' =,FITS IN
STrR:',--T T I; IOVEItCih'T DISTRICT NO. 485, AND PRO*
VIDIP G FOR INT-�REST OY SAID ANNUAL INSTALL -
IMITS OF B-�TEFITS.
9IERFAS, Street Improvement District No. 485 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 pay the outstanding bonded indebtedness, thus dec-
reasing the annual requirements to be col'-ected from the property
owners in the district; and
W'H=, EAS, it will be much easier for the property
owners in the district to pay the refunding bonds over a period of
years; and
WIERE,AS, the statute permitting refunding bonds
provides for interest at six per cent per annum from the date of
the refunding bonds to be collected on each annual installment of
the assessment of benefits;
NOW, TIER YORE, BE IT ordained by the City Council
of the City of Little Rock, Arkansas;
i
i
:section 1; That the said several lots, blocks, per-
eels, end tracts of real property in Street Improvement District No. 485
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
Rock, Arkansas, and as it may hereafter fmia time to time be revised or
readjusted by the Btard of Assessors, and that /UiYlr(' per cent (9) of
the said assessment of the value of the benefits on each of s&id lots
blocks, parcels and tracts of real property in said district, beginning
with October 11 193b 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 assessr;lents shall bear interest from the first day of January, 1935,
until paid at the rate of six per cent per annum, but interest shall be
4 ,. v
. e .
collected upon each annual installment separately and shall not be
collected unless and until so oraered by the Board of Co*aissionerS.
Section 2; That ell ordinances or parts of ordin-
ances in conflict herewith are hereby repealed, and this ordinance
shall be in full force and affect from and after its passaEe.
ATTEST:
Passed : icy 1(Lj)�
APPRMED
Mayor
1 City Clerk