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AN ORDINANCE ESTABLISHING THE METHOD OF PAYMENT OF ASSESSED BENEFITS AND OTHER MATTERS FOR FARM CREEK SUBDIVISION ROAD IMPROVEMENT DISTRICT NO. 5
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WHEREAS, The City of Jonesboro established by Ordinance No 2492, the Farm Creek Subdivision Road Improvement District No. 5; and
WHEREAS, the Board of Commissioners has determined the amount of assessed benefits for each lot or parcel of real property contained within the boundaries of said improvement district (which have been filed in the offices of the City and County Clerk as required by law); and
WHEREAS, the Board of Commissioners has determined how such assessments should be paid.
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: That the property owners involved herein shall have the option of paying the amount of assessed benefits in one (1) lump sum payment or over a period of time as set forth herein.
SECTION 2: If property owners choose to make the payment in a lump sum, such payment should be made within fourteen (14) days of the passage of this ordinance. If such payment is made within this fourteen (14) day period, no interest shall accrue.
SECTION 3: If full payment is not made within such fourteen (14) day period, then the assessments shall be payable in equal installments over a period of five (5) years with interest accruing thereon at the maximum rate allowed by law.
SECTION 4: The first annual installment shall be due to the collector on the 20th day of October, 1993 and the second and subsequent installments shall be paid at the time provided by law for the payment of general taxes.
SECTION 5: This Ordinance shall take effect and be in force immediately after its passage.
PASSED AND ADOPTED this 20th day of September, 1993.