Ark. Code § 14-184-118

Current with legislation from 2024 Fiscal and Special Sessions.
Section 14-184-118 - Supplemental annual assessments
(a)
(1) In order to effectuate the plan of improvement and to maintain the improvements constructed under it, it may be desirable to provide additional funds for operation, maintenance, repairs, and replacements, and to levy a supplemental annual assessment upon the property owners within a central business improvement district in order to provide funds for these purposes.
(2) Supplemental annual assessment for operation, maintenance, repairs, and replacements shall be in addition to that levied and collected upon the assessment of benefits which has been, or may be, pledged and mortgaged to retire bonded indebtedness of the district as authorized in this subchapter.
(b)
(1) The petition requesting the creation of the district and the ordinances creating the district and levying the tax on the assessment of benefits to provide for the retirement of bonded indebtedness may also provide for a continuing supplemental annual levy of an assessment which shall be designated for the purposes of operation, maintenance, repairs, and replacements of the improvements.
(2)
(A) If the petition requesting the creation of the district does not contain a provision requesting the levy of a supplemental annual assessment for operation, maintenance, repairs, and replacements, a majority in value of the owners of real property within the district at any time may petition the governing body for the adoption of an ordinance levying such supplemental assessment.
(B) If the petition is later filed, it shall be the duty of the governing body to adopt the requested ordinance upon inquiry only as to the sufficiency of the petition.
(c)
(1) The levy and collection of the supplemental annual assessment for operation, maintenance, repairs, and replacements shall not operate to reduce the total of the assessed benefits which may be, or may have been, mortgaged and pledged to secure bonded indebtedness of the district.
(2) Upon request of the board of commissioners, the annual supplemental assessment may be adjusted no more frequently than annually by the governing body.
(3)
(A) Collection of the supplemental assessment for operation, maintenance, repairs, and replacements shall be in the same manner as for the collection of assessment of benefits pledged to retire indebtedness of the district.
(B) The failure to pay the supplemental assessments shall be enforced by proceedings in the same manner as other delinquent assessments.

Ark. Code § 14-184-118

Acts 1973, No. 162, § 17; A.S.A. 1947, § 20-1616.