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ORDINANCE N0. 1024
AN ORDINANCE ASSESSING THE VALUE OF BENEFITS
TO BE RECEIVED BY THE OWNERS OF EACH OF THE
SEVERAL BLOCKS, LOTS AND PARCELS OF LAND WITHIN
WEST MEMPHIS, ARKANSAS, ROAD, WATER AND SEWER
IMPROVEMENT DISTRICT N0. 10.
WHEREAS, a majority in value of the property holders
owning property adjoining the locality to be affected and
situated near West Memphis, Arkansas, Road, Water, and Sewer
Improvement District No. 10, organized for the purpose of the
improvement and extension of South Avalon Street, the construction
of a waterline, and the construction of a sanitary sewer line,
as described by the Petition for the formation of the District,
have petitioned the City Council of the City of West Memphis,
Arkansas, for the construction of the improvements and that the
cost thereof shall be assessed upon the real property of the
District according to the benefits received; and,
WHEREAS, the assessments have been duly made by the
Board of Assessors of the District and filed in the office of
the City Clerk pursuant to law, and notice of such filing was
duly published in a newspaper published in and of general
circulation in the City and in Crittenden County, as required
by law; and,
WHEREAS, no protests of the assessment have been received;
and,
WHEREAS, the benefits received by each and every block,
lot and parcel of real property situated in the District equal
or exceed the assessment thereon; and,
WHEREAS, the total estimated cost of the improvements to
the District is $170,000.00; and,
WHEREAS, the assessed benefits amount to $790,735.93;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the
City of West Memphis, Arkansas:
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Section 1. That each of the blocks, lots and parcels
of real property in the District be assessed according to the
assessment list of the District as the same now remains in the
office of the City Clerk, and that 3.751 of the assessment of
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each of the blocks, lots and parcels shall be collected by the
County Collector annually, beginning with the first installment
of general taxes to become due in the year 1981 and thereafter,
with each installment of general taxes until the whole of the
local assessment shall be paid. Attached hereto as exhibit 1 is
a pro forma of the tax on each parcel in the district assuming
150% debt service coverage and a 10% interest rate, for a 20 year
bond issue.
Section 2. That all ordinances and resolutions and
parts thereof in conflict herewith are hereby repealed to the
extent of such conflict.
Section 3. It has been found and it is hereby declared
that the improvements to be accomplished by the District are
essential to the development of municipal port facilities for
the City and that it is necessary to the continued health and
welfare and the continued growth and development of the City
that the City and its inhabitants be served by adequate municipal
port facilities. It has been found and it is hereby declared
that the only feasible means of providing the City and its
inhabitants with such municipal port facilities is by the
implementation of this Ordinance. Therefore, an emergency is
declared to exist and this Ordinance, being necessary for the
preservation of the public peace, health and safety, shall be
enforced upon its passage and approval.
PASSED: AUGUST 21 1980
APPROVED:
Mayor
ATTEST:
CITY CLERK
(SEAL)