1598r
ORDINANCE NO. /Sgg
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 PETRO ROAD
IMPROVEMENT DISTRICT NO. 1; AND DECLARING AN
EMERGENCY
WHEREAS, a majority in value of the owners of real
property adjoining the locality to be affected and situated in West
Memphis, Arkansas Petro Road Improvement District No. 1 (the
"District") organized for the purpose of constructing and financing
road and street improvements, as more fully described in the
Petition for the formation of the District, have petitioned the
City Council of the City 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 of general circulation in the City not less than ten
(10) days prior to the date of consideration of this Ordinance; and
and
WHEREAS, any protests of assessments have been decided;
WHEREAS, the benefits received by each block, lot and
parcel for real property situated in the District equal or exceed
the local assessment thereon; and
WHEREAS, the estimated cost of the improvements
(including costs of financing and of the funding of necessary
reserves) to the District is $1,000,000 and the assessed benefits
amount to $2,174,925.
NOW THEREFORE, BE IT ORDAINED by the City Council of the
City of West Memphis, Arkansas:
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 6.67% of the assessment of each
of the blocks, lots and parcels shall be collected annually by the
County Collector of Crittenden County, Arkansas. The first annual
installment shall be collected on or before October 10, 1994 and
subsequent installments shall be collected in the year 1995 and
thereafter, with installments of general taxes, until the whole of
the local assessment shall be paid or until the bonds of the
District have been retired or provision for their payment has been
made, whichever is earlier.
RECEIVED
CITY CLERK OFFICE
DATE ~jZ?)~t ~ ~~ /~tODa.tc_%
Section 2. That all ordinances and resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict. "
Section 3. That this Ordinance shall be in full force
and effect from and after its passage.
Section 4. That the improvements are essential to the
continued growth and well-being of the City and can be accomplished
only by the assessment effected hereby. Therefore, an emergency is
declared to exist and this Ordinance, being necessary for the
preservation of the public peace, health and safety, shall be in
force upon its passage and approval.
PASSED: F_R a , 1993.
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APP OVED:
Mayor
RECEIVED
CITY CLERK OFFICE
DATE ~ Z 7I `1 ~ ~0~ do ~~
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