In order to provide for the additional interest requirement of refunding bonds and the expense incurred in connection with the issuance of refunding bonds, a municipal improvement district issuing refunding bonds may follow any one (1) of the alternative procedures hereinafter outlined and designated as subdivisions (1) and (2) of this section:
(1) A district issuing refunding bonds may provide by resolution of the board of commissioners, duly adopted, that the entire balance unpaid on the date of the refunding bonds of the assessment of benefits against each lot, block, and parcel of land and railroad track and right-of-way shall draw interest at any rate deemed advisable or necessary, as provided in the resolution of the commissioners authorizing the issuance of the refunding bonds, from the date of the refunding bonds until paid. However, the interest need not be collected until it is necessary to do so to avoid exceeding the total amount of benefits and, if collected, shall be collected on each installment or annual levy separately. After the date of the refunding bonds, the annual levies of assessment of benefits shall be collected on the balance unpaid on the date of said refunding bonds against each lot, block, and parcel of land and railroad track and right-of-way in the improvement district. A certified copy of the resolution shall be filed by the secretary of the district with the collector of the district; or
(2) A district issuing refunding bonds may provide by resolution of the board of commissioners duly adopted that the entire balance unpaid on the date of the refunding bonds, for the assessment of benefits against each lot, block, and parcel of land and railroad track and right-of-way shall be the assessment of benefits against each respective lot, block, and parcel of land and railroad track and right-of-way for the refunding issue of bonds and shall draw interest, as provided in the resolution of the commissioners authorizing the issuance of the refunding bonds, from the date of the refunding bonds until paid. However, the interest need not be collected until it is necessary to do so to avoid exceeding the total amount of benefits and, if collected, shall be collected on each installment, or annual levy separately. After the date of the refunding bonds, the annual levies of the assessment of benefits shall be collected on the respective assessments of benefits as thus fixed against each lot, block, and parcel of land and railroad track and right-of-way, with or without an interest charge thereon, as the commissioners may deem necessary. However, when such a resolution is adopted by the board, it shall be certified by the secretary of the district, and it shall be filed with the city clerk or town recorder who shall publish in some newspaper published in the city or town, if there be one, and if not then in some newspaper published in the county and having a bona fide circulation in the city or town, a notice which shall be in the following form:
“NOTICE TO OWNERS OF PROPERTY IN IMPROVEMENT DISTRICT NO. OF , ARKANSAS. NOTICE IS HEREBY GIVEN that the Commissioner(s) of Improvement District No. of , Arkansas, have filed with the undersigned a resolution fixing the assessment of benefits on each lot, block and parcel of land and railroad track and right-of-way in said improvement district, and the same is now subject to inspection. Any property owner in said district may appeal to the City (or Town) Council within ten (10) days from this date. GIVEN this day of , 19 . City Clerk (or Town Recorder) of
Click to view form.
Within ten (10) days after the publication of the notice, the district or any property owner may apply to the city or town council to revise the assessment so made, and the district or the property owner may within thirty (30) days apply to the chancery court of the county to have the assessment revised and corrected. If no application is made to the council within ten (10) days or to the court within thirty (30) days, the assessment shall become final and incontestable, subject only to annual revision as provided by law. On appeal to the city or town council, a hearing can be had as prescribed in § 14-90-501. When the assessment is filed, the city clerk or town recorder shall make the corrections upon the original assessment roll on file in red ink, and shall certify said assessment to the collector of the district.